Welcome to the May 2025 Update
Hi Clients,
With the public holidays of Easter and Anzac Day now behind us, there are no more Public holidays until Kings Birthday on the 2nd June and Labour weekend on the 27th of October.
We now move into the less interrupted business part of the year.
Moving on Electronically – important information
We now have two new services available to enable Clients to both sign their completed accounts electronically and also to send their bank statements to us digitally.
Signing your accounts electronically
To enable clients to easily and effectively sign their completed accounts electronically, we are using a programme called ‘Fusesign’
Fusesign is safe and easy to use, many of our Clients have started using this process successfully, just follow the below step-by step instructions, and video:
Sending your Bank Statements to us digitally
When we receive your information at the end of the financial year, together with the questionnaire we also require the Bank statements for your accounts to be sent to us.
If your bank account is linked to Xero or MYOB and has current bank feeds, the requirement has not changed. We only require a copy of the bank statement showing the balance at the year end.
In most cases, there is now a way of getting your bank statements to us electronically instead of having to print them off, scan them or copy them into a PDF.
Below are the step-by step instructions on digitally sending Bank Statements:
Public Holidays
Did you pay your staff correctly over the recent Public holidays?
Are you familiar with all the requirements for public holidays?
Are you up to date on Public Holidays?
The ministry of Business Innovation and Employment have released a handy guide with everything you need to know about Employees Public Holidays.
Tax due dates
Due on the 7th May 2025.
3rd provisional Tax for 2025
GST for the period ending April 2025
31st May 2025 – Deadline for Fringe
Benefits Tax returns.
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!
Small Business Cashflow Loans
Most small businesses who have this loan took it out between May & July 2020.
If you have a Small Business Cashflow Loan, it’s likely that the five-year term is expiring this year.
You now need to pay the outstanding loan balance before the final repayment date to avoid unnecessary default interest.
Tax payable on rewards for buying from a supplier
Gift cards and rewards given for buying from a supplier are considered taxable income by the Inland Revenue Department.
Just before Christmas, IRD shared its view on how these incentives should be taxed.
Record keeping and Personnel files
Record keeping is a key part of running a business – but many employers get it wrong.
You need detailed personnel files for every employee – and you must keep them for at least six years.
For more information on Personnel files, including why do you need to keep them and what should be included in them, click here or below
