CENT$IBLE NEWS
CONNECTING CLIENTS TO MAKE THE MOST OF THEIR CENTS
Makes Cents Newsletter 31 March 2022- READ ME IMPORTANT INFORMATION
It is still full on at Makes Cents as you would expect with the end of the financial year. Susan and Maurice are still piling through the work and working all hours of the day and night, but they can breathe a little easier and only work half the night since Inland Revenue extended the time to file returns to 31 May 2022.
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Stocktake
For most of you end of the financial year and balance date is today so you need to do your stock take. But if your turnover is less than $1.3 million and it can be estimated that your trading stock on hand is less than $10,000 it can be valued at the same level as opening stock. Any questions on this then get in touch.
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Minimum Wage is Increasing from 1 April 2022
The minimum wage is increasing to $21.20 per hour for adults 16 years and over from 1 April 2022.
The Starting Out and Training wage rates are also increasing to $16.96 per hour.
The living wage rate is $22.75 per hour.
For further information click the button below:
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Audit Shield
The Audit Shield invoices have been emailed out this year. This insurance covers you up to $13,000 in fees if Inland Revenue review any of your tax returns including income, GST and PAYE. It also covers up to $13,000 if IRD do an audit on your business and your returns. The time involved can be substantial and so can the fee for these audits and reviews.
As predicted we have noted increased activity from Inland Revenue in reviewing returns & asking for more information since their last system upgrade in October 2021. It is worth taking out to save you’re the pain of large costs if IRD do a review or audit.
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Covid19 Omicron Outbreak – Financial Support
Don’t forget that there is support if you or your staff are affected by Covid. If you need help with any of this, give us a call.
For further information click the button below:
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Workflow
As already stated IRD have given all Accountants and tax agents and extra 2 months to file income tax returns because of Covid so we have until 31 May 2022 instead of the usual 31 March.
We cannot do any 2022 work until the start of May as Inland Revenue need to get all the income in from employers, banks, Maori Authorities and the like before they open up the tax system and enable us to file returns.
So don’t rush to get your work for 2022 into us.
We will send out the usual checklists after Easter so that you know what we need.
We really like as much of your information as possible sent to us electronically if possible.
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Big Welcomes to the Makes Cents Team
Bernice is getting into the swing of things after a month with us and we welcome Lyzette van Niekerk to the team as Office Administrator. Lyzette started last week and already Maurice is dumping some of his workload onto her which is great news for him and you!
On Friday 1 April Courtney starts back in the office 2 days a week as our Workflow Manager to kick butt and make sure all work including financial statements and income tax returns and completed in a timely manner. And no this is not an April Fools joke!!
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