Welcome to the June 2025 Update
Hello to all our Clients,
It is hard to believe that we are half way through the year already!!
We trust that you are all had a relaxing and enjoyable King’s birthday weekend.
This month we have some information from the KTS office, including a revision of the terms and conditions to enable KTS to act on behalf of clients, some news about Xero subscriptions, and interesting information for changes coming that may impact our clients.
And of course the Government has just released the 2025 budget.
Here’s a link for those who have not yet had a chance to see it.
Budget 2025
We trust you will find this update interesting and informative.
Information from the KTS office
Terms and conditions of engagement and authority to act
When you first joined KTS Chartered Accountants, you would have received a set of onboarding documents, including our terms and conditions of engagement and an authority to act, which we submit to Inland Revenue on your behalf to authorise us as your nominated tax agent.
Please note that these guidelines have recently been updated. As a result, we have revised our onboarding documents.
The updated versions will be sent to you once your annual accounts have been completed.
We kindly ask that you review, sign, and return these documents to us at your earliest convenience.
The updated versions will be sent to you once your annual accounts have been completed.
We kindly ask that you review, sign, and return these documents to us at your earliest convenience.
Xero subscriptions
As you may be aware, our firm has transitioned from MYOB to Xero for our accounting platform. Throughout this process, we have received a significant number of requests from clients to also migrate to Xero, and the feedback so far has been overwhelmingly positive.
We are frequently asked about Xero’s pricing structure and how subscription management is handled.
For all current subscriptions there are no changes.
If you wish to upgrade your subscription or require access, please contact our Office Manager, Jasmine to discuss this further.
Phone: 09 4129902 ext. 8
Other updates of interest to clients
Tax due dates
Due on the 28th June 2025
GST for the period ending May 2025
It’s a good idea to schedule these payments to ensure they are paid on time.
Late payment may attract penalties, – Don’t pay the IRD any more than you need to!
Using a Company to bypass paying trust tax at 39 percent
There are ways to reduce the 39% tax on trust income, but careful planning is essential.
Inland Revenue has released GA 24/01, which says setting up a company to hold income-earning assets – mainly to take advantage of lower tax rates – is generally not considered tax avoidance.
Claim expenses to lower your tax bill
To help reduce your tax bill, you can offset many of your business expenses against your business income.
You’ll need to keep good records and hold on to your receipts but it’s worth it to save on tax.
Travel between home and work
In general, you can’t claim tax deductions for travel between home and work.
However, there are some exceptions:
Read about the exemptions below:
