Blog

Can your manager take over from you as a business owner?

17/07/2017: Corporate firms use sophisticated transition plans to allow staff to get promoted, to leave and to retire. Does an SME business owner have the same options?

Monteck Carter knows a lot of “baby boomer” business owners are already working on planning their own retirement. Some won’t actually get to 65 for ten years but having a large number of firms come up for sale at the same time may mean prices get depressed.

No business is “ready for sale” overnight – it takes time, planning and careful management… Let Monteck help you reach your financial goals!

Donations

03/11/2017: When you run a business or own a company it is important to give back to the community you are in. Helping the community around you offers a huge benefit for you and for your community.

Difference between a successful and unsuccessful business

18/10/2017: “STICK TO YOUR KNITTING“ many business people do try to do too many things, wasting time and energy on areas of their business that they could pay others to do for them. This can give them more time to either increase their chargeable hours or to work on their business and improve their bottom line.

Contractor Pitfalls and Pluses

09/10/2017: What you should consider when you want to move from employee to self-employed contractor status.

Shareholders agreements

22/09/2017: A Shareholders’ Agreement is a contract between the shareholders of a company. Without one, you risk a dispute at some point down the track when each shareholder has a different idea of who can do what, when they can do it, how it is done, and what was agreed at the outset. You do not really need one until you need one (at which time it is too late).

10 Daily Habits of the Rich and Powerful

22/09/2017: It’s the little things that make up the big things. Here’s a list of ten traits of some of the movers and shakers in the world today (and from the past).

How to deal with late payments effectively

01/09/2017: Having a steady cash flow is a must for any startup as it keeps your business running.

Inheritance Trusts

30/08/2017: Most parents, at some stage in their lives, consider what provisions they would like to make for their children on their death, therefore some thought should be given in order to establish that there is some protection around those funds to ensure that they are not lost.

Is it worth setting up a Trust

31/07/2017: Everyone seems to have a family trust nowadays – do you have one (or if you have) how do you know if it’s still relevant and appropriate for your individual situation? The answer depends on your circumstances. Trusts are generally set up to protect assets and look after dependent people. They can have a valuable role to play, but they are not suitable for everyone.

2017 Budget has something for everyone

01/06/2017: Finance Minister Steven Joyce has unveiled his first Budget. We believe it continues the Government’s focus on maintaining surpluses, reducing debt, growing the economy and supporting the most vulnerable in society via targeted ‘social investment’ spending.

Email Scam – Millions of NZ dollars lost

19/05/2017: A complex and growing global fraud is targeting New Zealand businesses …..The email compromise scam sees an email sent to a company’s accounts department from a seemingly legitimate client or colleague. The emails ask the accounts department to update or process a normally regular payment with a new or amended bank account number.

Should I register for GST?

28/05/2017: The main items that are excluded from the GST regime are….

Three Ways an Accountant Can Save You Money

27/04/2017: Do you want to earn greater profits – and even find savings with vendors, staff and operating expenses?

Top tips to avoid being caught by fraudsters

21/04/2017: If you receive a call with an offer that sounds too good to be true, it probably is. Online scammers and fraudsters use all kinds of tricks to steal from businesses. By taking sensible precautions you and your business can avoid becoming victims.

Tax Reforms – effective 1 April 2017

30/03/2017: Understand how the new Tax Reforms affect Contractors – Effective 01 April 2017

Enduring Power of Attorney – Do I need it?

24/03/2017: Protecting vulnerable people – can they sign? A guest article by Murdoch Price Solicitors. A Power of Attorney is a document in which you ask someone you trust to act on your behalf as regards your personal affairs. The difference between an “enduring” power of attorney and an ordinary one is that the former continues even after..

What to keep when claiming expenses.

28/02/2017: Start your year fresh and be prepared for 2017! We suggest you keep thorough business records as you will have to provide accurate and complete records of your taxable business activity throughout the year. What should I keep?

Advantages of Digital Signing for Businesses

15/02/2017: Digital signing, versus the traditional “wet” signature, has become increasingly popular in recent years. It allows you to sign documents online directly from your PC, Smartphone or IPad. Hassle Free! More and more countries have endorsed….

Understanding your student loan

10/02/2017: With University starting soon the process can be rather overwhelming and when you need to apply for a student loan it can become even more daunting. Monteck Carter is all about making life easier…

Inventive ways to pay off your student loan

“Inventive ways to pay off your student loan – Impossible you say? Not really….

5 Costly Accounting Mistakes

Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to accounting mistakes that derail future growth. Protect your business and reduce your stress by avoiding these five costly accounting errors.

9 Things You Need to Remember While Negotiating Contracts

There are several aspects of business that can only be learnt through actual experience. One of them is negotiating contracts. Several people fear the negotiation process because it is an intrinsically uncomfortableRead More…

Accounting basics and compliance principles

We know that developing successful relationships helps make successful businesses. Meeting your needs is our top priority! Having a strong relationship with your accountant who has a deep understanding of your individual situation gives you the most robust financial advisory support. We take care of your business bookkeeping, accounting and financial advisory needs. Whether this is as simple as preparing your annual financial statements and tax returns or more complex assistance with financial planning, budgeting and forecasting, Monteck Carter has an experienced team who can help.

How to reduce your tax bill

Many of the business expenses you face can be deducted from your income when calculating your tax bill. Here are some steps you might be able to take to reduce the amount of tax you need to pay. File and pay on time. This avoids any risk of having to pay interest or penalties. Claim for Valid Expenses: At tax time, your total profit (the amount you need to pay tax on) is your income minus the expenses you can claim — so the more you can claim, the less tax you have to pay.

Xero Business Performance Dashboard

Monteck Carter is all about sharing information that will make your administration process easier for everyone and one of the software tools we utilise and recommend is Xero. They recently released the Business Performance Dashboard, a new way of giving you better visibility of how your business is performing.

Myths about health and safety reforms

Paper cuts don’t equal workplace hazards, and other myths around health and safety reforms debunked and demystified.

Myths about health and safety reforms

Paper cuts don’t equal workplace hazards, and other myths around health and safety reforms debunked and demystified. Myth one: The new health and safety (H&S) law won’t apply to small businesses.

Bruce Montgomery – Partner with Engineering Background

We want to lead our profession into the 21st Century – challenging outmoded norms and embracing new technologies and working practices without losing touch with our traditional values of personal relationships and high quality service. We believe our clients need to know who they deal with on a daily basis and we are delighted to introduce on of our Partners at Monteck Carter. Bruce Montgomery has been an Accountant for 20 years now, although his first introduction to Accounting was actually 24 years ago when he worked part time for his father, in his practice, while he was finishing his Engineering papers. After deciding he needed a career change he began working full time with his Dad and started his studies part- time.

Expenses incurred in Australia – Can I claim GST?

We recently had a very valid question from one of our clients about business expenses incurred in Australia and the question was asked if there any guidelines available / or rules for claiming Australian GST for business-related expenses incurred in Australia – for example, Training accreditation undertaken in Australia, as well as related accommodation, food, travel etc. expenses?

Retail Location : 5 Mistakes not to make

Daniel Djain from Creative Property Services has been advising the Retail sector for many years. Frequently he is searching for new sites for large retail operators and has learnt that wherever you establish your new shop/store there is no room for improvisation.

Benefits of buying a car through your business – Part 2

We recently wrote about the benefits of buying a car through your business. And one of the comments we made were that“FBT adjustment needs to be done annually – this is put through the books at year end as a book entry. No monies are payable to IRD”

So you are thinking of exporting?

Are you thinking about exporting for the first time, but not sure how to go about it? New Zealand Trade and Enterprise (NZTE) offers some general tips for companies starting to think about exports:
Preparation is key. Like any business development and growth plans, exporting needs to be carefully considered and managed. Plans and budgets should be prepared, objectives need to be set. For example:

Can we get you a Government grant for your business?

Every year the Government invests millions into companies that provide employment, increase exports and build wealth in New Zealand. Therefore Regional Business Partners have been set up by NZ Trade & Enterprise (NZTE) and Callaghan Innovation to be local hubs of business development know-how and research and development (R&D) expertise. Each partner works with local businesses in their

Health and Safety Law Changes – Advice

Changes to health and safety (H&S) laws are a step closer, with the select committee reporting its recommendations back to Parliament. The Bill is expected to be passed later this year and there will be some months before it comes into effect. During this time government will provide further guidance to help businesses understand what the new law means for them, so you will have plenty of time to prepare.

Multiply the value of your business BEFORE you sell!

As a business owner, there are no shortage of advisers who tell you what outcomes you need before selling your business. Unlike the others, Monteck Carter shows you how to do it! This is the 6th event in the Preparing Your Business For Sale Expert Seminar Series on the 11 August… And it’s the practical one. You must not miss this. Buy your tickets now.

Budget announcements

“The KiwiSaver scheme has been successful in attracting 2.5 million members. It also has considerable costs, with the Government spending over $850 million this year on two subsidies – the annual subsidy of up to $521, and the $1,000 kick-start payment for new members. To reduce this cost, the Government has decided to remove the kick-start payment, which has cost taxpayers a total of $2.5 billion since the scheme began.

This change is effective immediately, but I want to stress that it does not affect existing KiwiSaver members in any way.
The other incentives in the scheme – matching employer contributions and the annual government subsidy – will remain as they are. These incentives also provide a strong reason to join KiwiSaver. Removing the kick-start payment for future enrolments will save over $500 million over the next four years, with little or no effect on the number of people expected to join the scheme.”

We don’t just do tax returns

Allow Monteck Carter to quickly and easily complete your financial statements and income tax returns and we also offer a range of helpful services.

  • We will Assist to Maximise your refunds by advising you on tax benefits.
  • Let us deal with the lRD & Keep you up to date with all compliance issues
  • Ensure special tax code declaration
  • We will Advice on tax benefits
  • Cashflow Forecasts

Motivating Your Staff After Christmas

Many people kick start the New Year with a myriad of resolutions, from keeping fit to losing weight or achieving financial goals. However, many of those resolutions fail to embody anything remotely close to working life. The first week back is usually a slow one; clearing out the inbox (usually spam as most other people were also on break) dusting off the keyboard and restocking the cupboard with fresh new stationery. So when your employees hit the deck with the January blues, here are some ideas to instil excitement and motivation. Inspiring your team can start even before the New Year kicks off. If you give out Christmas gifts at the end of each year, do your research first. Find out about your team and ensure you’re getting each and every one of them something that is thoughtful and representative of how you see them as individuals. If specialised gifts are not within your budget, ensure you do something, whether it be a Christmas party or even a personalised card that lets each of your employees know how much you’ve appreciated their efforts throughout the year. By feeling this appreciation, they are more likely to come back to work in a positive frame of mind.

Get paid more for Parental Leave of Absence

We enjoy sharing this kind of information as this is good news for parents.
On 1 July 2014, the rates for paid parental leave increased. If you’re self-employed or an employee and eligible for paid parental leave, you may receive up to a maximum of $504.10 a week before tax. If you’re self-employed and make a loss or earn less than the minimum wage, for at least 10 hours work a week, the payment is $142.50 each week before tax (equivalent to 10 hours each week at the current minimum wage rate). If you’d like a fact sheet on your obligations as an employer or on paid parental leave for self-employed people, please contact us.

KiwiSaver Enrolments

As an employer, you play an important role in helping your employees save for their retirement. Employees who start a new job and meet the criteria for automatic enrolment must be enrolled in KiwiSaver, unless you offer an approved alternative superannuation scheme or have been granted exempt employer status. You must give all new employees, and any existing employees who ask for information, the “Your introduction to KiwiSaver”.To be eligible to join, your employee must be:

  • aged 18 or over, and under the age of 65 (currently the age of eligibility for NZ Superannuation)
  • living, or normally living, in NZ
  • entitled to stay in NZ indefinitely, this includes (but is not limited to) holders of NZ passports, Australian passports and residence visas
    an Australian or NZ citizen living in NZ

Glynis Carter – Real Estate Accounting and Investment Property Tax

Glynis first became a partner in a chartered accounting practice in 1993. Prior to that she worked for Ernst & Young, with a brief stint in the UK. She has a wealth of experience in advising the SME sector, with a focus on property developers and investors, the use of family trusts, and a holistic approach to assist her clients to achieve their business and private goals. She lives with her partner Rod, a dog, a cat and two goats (donated to her to eat the grass by one of her farming clients). When not maintaining the lifestyle block she will be boating, travelling or entertaining.

Access to student loans tightening up

If you have started or will start study after 1 January 2014, there is now a residency requirement of three years (previously two years) before you are eligible for a Student Loan which applies to those who are not New Zealand citizens, refugees, or protected persons. Age limits apply for Student Allowances. The amount of assistance people over 40 are eligible for is limited to 120 weeks and students aged 65 or over are no longer eligible for a Student Allowance for study starting after 1 January 2014. Repayment obligations – don’t be late. If you defaulted on your student loan repayments while living overseas, but returned to New Zealand, the Inland Revenue can now request an arrest warrant if you are about to leave New Zealand. Inland Revenue and the Department of Internal Affairs now have an information sharing agreement allowing them to share contact details for overseas-based student loan defaulters when they renew or apply for their passport. Inland Revenue will be able to contact individuals to discuss their outstanding arrears.

Are you compliant with new minimum wage rules?

After the government increased the minimum wage rates earlier this year, it made a further amendment to the Minimum Wage Order, issuing a new fortnightly rate. The fortnightly rate is $1,140 for adult employees and $912 for starting-out workers and trainees. If you’re an employer already fully compliant with minimum wage requirements and your employees’ hours don’t vary from week to week, stop reading here. For you, nothing has changed…. Some farmers have had difficulties with minimum wage compliance as farming hours vary considerably over busy periods such as lambing and calving through to quieter periods. Traditionally many have agreed with their employees to average wages out over quiet and busy periods so employees have some certainty about their income.

Consumer Guarantees Act (CGA) and the Fair Trading Act (FTA) changing

Some important laws that may affect your business, such as the Consumer Guarantees Act (CGA) and the Fair Trading Act (FTA), are changing. It’s important that you and your employees understand the changes to avoid penalties, give your customers peace of mind and build trust in your business. Why are these laws changing? Changing consumer laws will help consumers transact with confidence and support honest business practices. This will promote competition, innovation and sustained growth. The law changes aim to:

  • make consumer law more accessible and understandable for both consumers and businesses
  • simplify business compliance
  • strengthen consumers’ rights
  • create more effective and enforceable consumer laws
  • better align New Zealand and Australian consumer law.

Tax Specialist – Karen Tobeck

I am a partner in the firm of Monteck Carter and along with my Accounting qualifications I have a Masters degree in Taxation Studies. I have been a business owner myself now for many years and I also have been involved with hundreds of other small to medium sized businesses through my clients. The sorts of issues I can help with are :

  • What structure should I have my business in?
  • How do I be the most tax effective in my business?
  • How do I work out my breakeven point and other business KPI’s?
  • When can I afford to employ staff?
  • Cash flow improvement skills.
  • Software – which one to use for my accounting and GST
  • When do I need to be GST registered?
  • What the bank will need to give me an overdraft.
  • What is FBT and when am I liable for it?
  • How do I pay myself?

Should I be paying provisional tax?

Do you understand Provisional Tax, do you know when you need to pay and why you need to pay? Monteck Carter’s expert, Glynis Carter answers these questions for you. Provisional Tax is a way to pay personal and business income tax where you have not paid in full through the PAYE or Withholding Tax system. This only affects taxpayers that have more than $2,500 to pay in any one year.

Are you on the correct Resident Withholding tax rate?

It is important that you choose the RWT rate appropriate to your level of taxable income. This ensures that the correct amount of tax is deducted. If you choose a rate that is too low, you will have a tax bill to pay at the end of the income year and there is really no need for this. What is RWT? Resident withholding tax (RWT is a tax deducted from a New Zealand tax resident customer’s interest income before they receive it. Where it is identified that you are using a rate that is not consistent with your marginal tax rate you need to advise your interest payer (banks and other financial institutions) to change your rate. You also need to make sure your interest payer has your IRD number.

Forward thinking accounting

So here’s the thing if you look in the rear vision mirror what do you see? You see the past, the things you’ve passed the things that you don’t need to focus on. Not to say that they aren’t interesting, but that’s all they are, interesting.

How mixed is your message

I had the opportunity to engage with an employee of a business I visited recently and she described the business as a “Fruit Salad”. “That’s an interesting description” I said, “what does that mean” I asked.

What are the benefits of buying a car through my business?

We asked Karen Tobeck for her expert view and she gave us this advice. There are some benefits in putting the vehicles through the business.
To do this you need to:

New rules for property investors

New rules for property investors These rules were intended to: Firstly reign in the house price increases in the Auckland property market Secondly to give further assistance to IRD to collect taxRead More…

Work on your business – not in it!

You will have heard us say how important it is to work on your business, not in it. That may sound confusing – aren’t they the same thing? Monteck Carter helps clients “Bridge the Gap” with a Complimentary Business review designed to show you what you can do as a business owner or Director to improve the business while still working on your day to day job.

How to deal with late payments effectively

Having a steady cash flow is a must for any startup as it keeps your business running and in the long run, it’s going to become a healthy base for client/customer management. Whether it’s a startup or an established small business, there are always some folks who forget to pay on time. When I

Budget announcements

“The KiwiSaver scheme has been successful in attracting 2.5 million members. It also has considerable costs, with the Government spending over $850 million this year on two subsidies – the annual subsidy of up to $521, and the $1,000 kick-start payment for new members. To reduce this cost, the Government has decided to

Budget announcements

The KiwiSaver scheme has been successful in attracting 2.5 million members. It also has considerable costs, with the Government spending over $850 million this year on two subsidies – the annual subsidy of up to $521, and the $1,000 kick-start payment for new members. To reduce this cost,

How to value your business for sale

Selling your business can be a once-in-a-lifetime experience and everyone wants to get the best price. No business is “ready for sale” overnight – it takes time, planning and careful management. I know because I regularly advise clients on preparing their business for sale.
Monteck Carter knows a lot of “baby boomer” business owners are already working on planning their own retirement. Some won’t actually get to retirement age for ten years but having a large number of firms come up for sale at the same time will mean prices get depressed. That’s the downside of the ‘boom’ in people all the same age born after the War.

Why is a Business Manager important to your business?

Ambitious businesses must move with the times and adapt to suit new business trading situations. We’ve been growing our client base and the Partners can no longer manage all the day to day administration – it was clear we needed to change and move forward.

What is a CFO?

Among popular Three Letter Abbreviations is CFO – it sits along CEO, CMO, CTO and a heap of other “chief Something officers”. Do you even know what this means and how a chartered accounting firm can assist with this service? Let’s break it down and explain what a CFO is and what they do.

How important is cost control to a new business?

Everyone knows that for property the answer is location, location, location. For a new business the equivalent is cash, cash, cash. Cashflow is vital to help establish and grow a new business, especially in that critical early period. Established businesses also know the importance of cashflow to help keep everything running while you invest to grow the

Financial reporting for small businesses

The effect of the new Financial Reporting Act 2013 on your company depends largely on the size of your business because the changes will impact many small and medium businesses. We’ve summarised the main points of the Act below – contact us to make sure you know which apply to your business.

ACC Classifications are changing

ACC is currently undertaking reviews of the business classifications in some industries in order to confirm that your business is using the correct classification. A business industry classification is a way of classifying a business by the main activity it is involved in. Each classification consists of a description (the ‘business industry description’) and an associated code (the ‘BIC code’). ACC uses business industry descriptions and their related BIC codes to determine which of ACC’s classification units will apply for levy invoicing.

Important Tax dates for 2015

New Zealand’s laws require people and organisations to pay tax. The IRD collect taxes on behalf of the Government, who use the money to benefit everyone here in New Zealand. If people don’t pay their fair share, everyone misses out. There has been a lot of negative publicity recently about “tax avoidance” and the public sees businesses who don’t pay their fair share as bad citizens.

Are you keeping FBT records for your motor vehicles?

Do you know what FBT is and how it applies to your firm? Fringe Benefit Tax (FBT) is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer. As a general rule, as long as you have a vehicle available for an employee to use privately, you will have to pay FBT whether or not your employee actually uses the vehicle privately. But there are certain exemptions from FBT – general and daily. To meet the requirements for fringe benefit tax on motor vehicles, or claim a general exemption or daily exemption on them, you must keep adequate records. Karen Tobeck explains what records you need to keep:

How Cost of Sale & Overheads affect your profit

Being in business you realise the cost of sale and overheads affect your profit. Understanding how they inter-relate and keeping track of them can really have an impact on your business success.

Tax Specialist – Karen Tobeck

I am a partner in the firm of Monteck Carter and along with my Accounting qualifications I have a Masters degree in Taxation Studies. I have been a business owner myself now for many years and I also have been involved with hundreds of other small to medium sized businesses through my clients.

Tax Specialist – Karen Tobeck

I am a partner in the firm of Monteck Carter and along with my Accounting qualifications I have a Masters degree in Taxation Studies. I have been a business owner myself now for many years and I also have been involved with hundreds of other small to medium sized businesses through my clients.

Changes to the Health and Safety Act

It’s expected that the Health and Safety Reform Bill will be passed before the end of the year and that the resulting Health and Safety at Work Act will be implemented in stages, the first stage taking effect from 1 April 2015. The legislation itself is part of a major reform of health and safety practice in New Zealand.

Motivating Your Staff After Christmas

Many people kick start the New Year with a myriad of resolutions, from keeping fit to losing weight or achieving financial goals. However, many of those resolutions fail to embody anything remotely close to working life. The first week back is usually a slow one; clearing out the inbox (usually spam as mos

Are you as an employer fully compliant with minimum wage requirements

After the government increased the minimum wage rates earlier this year, it made a further amendment to the Minimum Wage Order, issuing a new fortnightly rate. The fortnightly rate is $1,140 for adult employees and $912 for starting-out workers and trainees. If you’re an employer already fully compliant with minimum wage requirements and your employees’ hours don’t vary from week to week, stop reading here. For you, nothing has changed….

Are you as an employer fully compliant with minimum wage requirements

After the government increased the minimum wage rates earlier this year, it made a further amendment to the Minimum Wage Order, issuing a new fortnightly rate. The fortnightly rate is $1,140 for adult employees and $912 for starting-out workers and trainees. If you’re an employer already fully compliant with minimum wage requirements and your employees’ hours don’t vary from week to week, stop reading here. For you, nothing has changed….

Happy New Year 2015

01/01/2015 by Team at Monteck Carter  

Merry Christmas 2015

25/12/2014 by Team at Monteck Carter Wouldn’t it be great to feel like it’s Christmas the whole year? Take the holiday challenge – keep love in your heart, kindness in your words,Read More…

Important Early 2015 Tax Dates To Remember

The IRD have changed their policy on when payments will be considered to have been received on time. Payments made by post are now treated as made on the day Inland Revenue receives them; the date of posting is irrelevant. It’s therefore up to you to make sure you post your cheques in good time to reach IRD on time. There’s no guarantee that a payment posted on the 18th will reach Inland Revenue by the 20th.

We don’t just do tax returns

Allow Monteck Carter to quickly and easily complete your financial statements and income tax returns and we also offer a range of helpful services.

Accounting basics and compliance principles

We know that developing successful relationships helps make successful businesses. Meeting your needs is our top priority! Having a strong relationship with your accountant who has a deep understanding of your individual situation gives you the most robust financial advisory support.

GST advice for a new Retail Business

I recently met with a client who is looking to set up a new retail business. They are quite well down the track with planning but needed some fine tuning with the accounting side of things. The main issues were around GST registration and the best method. As they

Series on Preparing your business for sale

“In the next decade 69 per cent of private businesses in NZ will be sold by their ageing owners. To maximise the selling price to a third party the business owner needed to present a compelling vision of

Changes to GST

A raft of amendments to GST came through in June and we want to clarify these grey areas and closing loopholes from some of the major changes of the last few years. In a broad brush, these include:

Accounting Fixed Fee

Research indicates that a lot of clients would rather pay some their professional fees on a monthly basis than pay it off as a single lump sum.
At Monteck Carter we listen to our clients and because we understand the needs of our clients, we knew something had to change. We offer clients an option to fund their professional fees over a six or twelve month period with Feesmart.

Student loan myths

Busted! Debunking a few more student loan myths. IRD realised there were a lot of “facts” that have been misunderstood, misinterpreted or just plain missed out on. Here are a few more myths that they feel need busting. 1. My New Zealand repayment obligations if I’m employed are based on the annual repayment threshold of $19,084

KiwiSaver Enrolments

As an employer, you play an important role in helping your employees save for their retirement. Employees who start a new job and meet the criteria for automatic enrolment must be enrolled in KiwiSaver, unless you offer an approved alternative superannuation scheme or have been granted exempt employer status.

Changes to donation tax credit claims

The time period for claiming donation tax credits has been reduced to four years, in line with other annual return filing periods. This means that a tax credit for a donation must be claimed within four years of the end of the year in which the donation was made.

What is Fringe benefit tax?

The low-down on fringe benefit tax. FBT are exactly that – the perks of the job that aren’t salary or wages. Things like using a work car out of hours and employer contributions to your Super. As an employer, you have a few options with FBT. FBT in a nutshell. This is a tax on benefits employees receive through their employment, including benefits provided by someone other than their employer. Cash benefits are treated as normal salary and wages, with PAYE deducted.

Tax Allowances for Meals and Accommodation

There is a new way for determining the extent to which accommodation expenses, meals etc can be claimed as tax deductible due to the recent Tax Bill.

Glynis Carter – Real Estate Accounting and Investment Property Tax

Glynis first became a partner in a chartered accounting practice in 1993. Prior to that she worked for Ernst & Young, with a brief stint in the UK. She has a wealth of experience in advising the SME sector, with a focus on property developers and investors, the use of family trusts, and a holistic approach to assist her clients to achieve their business and private goals.

Glynis Carter – Real Estate Accounting and Investment Property Tax

Glynis first became a partner in a chartered accounting practice in 1993. Prior to that she worked for Ernst & Young, with a brief stint in the UK. She has a wealth of experience in advising the SME sector, with a focus on property developers and investors, the use of family trusts, and a holistic approach to assist her clients to achieve their business and private goals.

Action for liquidators against directors

Glynis Carter, partner at Monteck Carter found a very interesting article from Gerry Rea Partners on ‘Why don’t liquidators sue the Directors?” and we thought this is a very insightful article.

What expenses can I claim?

Can I claim the cost of prescription glasses? One of the most frequent questions we get asked as accountants are “What expenses can I claim?“

Tax Relief – Extreme Weather

With extreme weather becoming more common in many parts of New Zealand it may be worth remembering that tax relief and income assistance are available to people affected by extreme weather events. IRD have a range of measures to help, depending on the individual circumstances and the particular event.

NZBN or New Zealand Business Number- Why is it needed?

Some of you will have been advised that your company has a NZBN. This is a new number that has been allocated to each company and is now showing on the Companies Office Register.

Simplified Financial Reporting

The Financial Reporting Act which came into force on 1 April 2014 changes financial reporting obligations for most companies. Medium sized companies between $2 million and $30 million will have reduced compliance and smaller companies will be able to prepare simplified statements.

Gold Medalist in making

At Monteck Carter, we know that your business is not just a bunch of numbers. We therefore not only celebrate ‘numerical’ success rather we celebrate any form of success that our clients experience!

Access to student loans tightening up

If you have started or will start study after 1 January 2014, there is now a residency requirement of three years (previously two years) before you are eligible for a Student Loan which applies to those who are not New Zealand citizens, refugees, or protected persons. Age limits apply for Student Allowances. The a

Where does Kilimanjaro fit in?

Our staff are a very varied lot, you will have seen from their profiles that they all have busy lives outside their work life. Karen Tobeck one of our partners is goingRead More…

Good news on Acc

Workers and employers will pay $387 million less in ACC levies in 2014/15 (subject to the regulation being passed). The cuts affect the Earners Account (paid by workers) and the Work Account (paid by employers).

Foreign Superannuation

If you have (or had) funds in foreign superannuation schemes,you need to let your accountant know. Recent changes to legislation and further impending changes may affect you!

Special Report from the Parliamant

“A (wafer-thin) surplus, more money for housing, education and exporters, a promise of tax cuts plus a sneaky tax surprise” were the Budget predictions.

Bruce Montgomery – Partner with Engineering Background

We want to lead our profession into the 21st Century – challenging outmoded norms and embracing new technologies and working practices without losing touch with our traditional values of personal relationships and high quality service. We believe our clients need to know who they deal with on a daily basis and we are delighted to introduce on of our Partners at Monteck Carter.

We can help with your business plan

During a typical investment negotiation process, the investor will conduct due diligence which will include reviewing the business plan,
intellectual property strategy, market research document, debtors, inventory levels, management team and employees.

Why is Cashflow so important?

Profit does not equate to cash and unless you understand the drivers behind your cashflow you are not going to be able to run your business effectively. These areas can affect your cashflow but not your profit and are mainly found outside the profit and loss statements ie in your Balance Sheet