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).

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.

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.

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..

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.

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.

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.

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.

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,

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.

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.

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:

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.

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.

Getting the best out of your accountant

Do you ask friends, colleagues, IRD or do you call your accountant for tax advice? We are surprised by the number of people I talk to that use IRD as a resource for tax advice. Your accountant should be your first port of call for tax advice and if you don’t feel that you are getting good advice at a reasonable price then you should change accountants.

Karen Tobeck – Partner at Monteck Carter

Karen’s background is initially in industry working as a corporate and management accountant. Since 1997 she worked in the public accounting arena. She was a partner in Monteck Group until our merger this year with Glynis Carter from Corbett Carter. Experience in industry helps her to assist our clients within their businesses. Growing their business at the same time as

What have we been up to?

The team at Monteck Group had a change to their business structure from the 1st January 2013. Monteck Group and an associate accounting business Corbett Carter joined forces and formed a new merged business. For our clients and associates things have not change significantly. We may call ourselves something differently but the staff structure and current service levels was maintained. The benefits are that as a new business we will incorporate additional skill levels through the new staff and ownership structure.

Client Advisory Board

What do your customers think about you? And where do they want your business to take them? Do you realise that customers are evaluating your business every time they buy from you, use your services, or receive an email, phone call or even an invoice? Do they speak positively about your business? Do they talk about you at all? Or even worse, do they bag you to other potential clients?

Kiwi $aver

About 15,000 kiwis are joining the scheme per month and total funds have eclipsed $12b. However the government has pulled an expected U turn with regards to auto-enrolment. Previously this was scheduled for 2014/2015 but public consultation has now been deferred to beyond 2012 due to the expected additional costs of kick-start and member tax credit contributions.

Who do you call for tax advice?

Getting the best out of your accountant. Who do you call for tax advice? Do you ask friends, colleagues, IRD or do you call your accountant? If you ask friends, colleagues or IRD then you may not be getting the best advice. If you are too scared to ring your accountant because they will charge you then you need to ask them these questions:

EZI Accounting online for contractors, real estate agents and property investors

If you are a small business owner, real estate agent or contractor, keeping your accounts in order can be onerous and expensive. That’s why Ezi Accounts was born, the brainchild of the Monteck Group, Ezi Accounts offers a quick, professional and affordable solution to your accounting needs all via their simple online system. The principle behind Ezi Accounts is to make it easy to do your accounting online,

Contact EZI Accounts for your Accounting Requirements

EZI Accounts as part of the Monteck Group Limited
Level 1, Building 2
Eastside Business Park
15 Accent Drive
Botany

Welcome to EZI Accounts … so you think you can’t afford an accountant?

It has never been easier or more affordable to do your New Zealand accounting online. EZI Accounts has the backing of chartered accountants Karen Tobeck and Bruce Montgomery. Karen Tobeck and Bruce Montgomery are proud of owning a family business because this translates to a more personalised service than many Accounting firms can offer.