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Makes Cents Newsletter 26 March 2024

Just another quick update to keep you in the loop of what is going on.

Audit Shield

The Audit Shield invoices have been emailed out for 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.  Inland Revenue are now a lot more proactive in reviewing returns & asking for more information on a lot more GST and income tax returns.  It is worth taking out to save you’re the pain of large costs if IRD do a review or audit.

2023 Terminal Tax Reminders

We are about to email out the reminders for the 2023 terminal tax payments which are due to be paid to Inland Revenue by Monday 8 April 2024. 

Some of you will not be aware of the amounts that are showing on these emails as you are having sign off this week or we are in the process of couriering your information to you.  If you have any questions regarding these the best thing is to email us, and we will respond to you as soon as possible.

Don’t forget to set up your payment on internet banking.

End of Financial Year Tasks - Don't forget to do your stock take

If your end of financial year is 31 March then don’t forget to do your stock take around that date.  If your turnover is less than $1.3 million and your stock is less than $10,000 then we can use the opening stock figure.  So, if your stock level is more than $10,000 you must do a stock take.  We need the cost price to you for accounting purposes.

Minimum Wage is Increasing from 1 April 2024

The minimum wage is increasing to $23.15 per hour for adults 16 years and over from 1 April 2023.  The Starting Out and Training wage rates are also increasing to $18.52 per hour.  For further information follow this link below.

The living wage rate is $26.00 per hour.

Have a good long weekend.

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