Members Newsletter June 2024

Update from the Chair 

BUDGET 2024

Have you memorised the new income thresholds yet? They could have made it a little bit easier by rounding them up or down to the nearest $1,000 but we are supposed to be good with numbers so we should be able to handle it. It was nice that the government has given payroll software providers an extra month to sort out the changes, and hopefully they can! The only other item that I was slightly interested in, was the increase in funding for audit and investigations by IR. We back that approach and feel this has been lacking for sometime.

INLAND REVENUE

Have you been hit hard with requests for feedback around the trust disclosures? Just so you know, we did spend time with IR giving feedback around this so please don’t feel inclined to respond if you have better things to do. We try our best to represent you and your clients when discussing various items with IR and will continue to voice our concerns and suggestions for making the tax system better. One of these items was regarding the 2nd provisional tax date…would you and your clients prefer the 7th November rather than the current 15th January? Let me know your thoughts at the ATAINZ Workshop.

WORKSHOP 2024

Bookings for our Workshop on the 18th October in Auckland will open soon. You will get more information regarding the latest tax legislation changes and it will be a great opportunity to “compare notes” on whether you have seen any significant changes from the other proposed items in the Budget 2024. Hopefully we will see you there in person, otherwise don’t forget our LIVESTREAM option!

All the best, 

Richard Abel

Loom Educational Videos

Report Editing in MYOB - Check out this great video on how to edit report templates in MYOB Client Accounting. It's an informative and helpful resource that will guide you through the process.

Click here to watch the video.

Report Editing in Xero - This loom video shows how to update Xero templates to include the new ATAINZ compilation reports for compliance. It provides a step-by-step guide on accessing Xero HQ, navigating the reports tab, and editing the template layout.

Click here to watch the video.

Stay Connected with RADAR: Your Source for Essential Updates

Our Board Members are leading the charge with optimism and determination as we collaborate closely with Inland Revenue on the latest GST legislative changes.

While challenges abound and accounting processes are yet to be defined, we see this as an opportunity to shape the future together. Inland Revenue's commitment to progress is evident, and we're right there beside them, ensuring that the needs of accountants are not just met, but exceeded.

With every interaction, we are forging stronger bonds and clearer pathways forward. Rest assured, our optimism is unwavering, and together, we're paving the way for a brighter future in accounting! 

Right now, your best move? Stay connected and informed with the latest updates and resources on RADAR. Count on us to reach out whenever there's something crucial to share.

If you cannot log into your account, or have any questions, please email admin@atainz.co.nz.

Inland Revenue - Snapshot of Recent Updates

2025 Individual Income Tax - Early Returns - The budget announcements have led to a pause in the processing of early IR3, IR3NR, and automatic assessments for the 2025 tax year.

Click here to read more

Government Budget - Inland Revenue has provided a summary of the recently released budget. Find out more about the latest budget release. Click here to read more

Closed accounts for deceased customers - Inland Revenue has improved the management of accounts for deceased customers. Now, when an account is closed, credits will no longer be retained on the accounts as quickly. Click here to read more

Trust disclosures compliance costs survey - Inland Revenue introduced changes to disclosure requirements for trustees starting from the 2021-22 income year. They are now reviewing these disclosure rules and are seeking your help. Click here to read more

Click here for the original source of truth.

Prepare for AML/CFT changes effective 1st June

Attention!

New AML/CFT regulatory changes take effect on June 1, 2024. Strategi is here to support you with four essential resources: a guidance note, review service, CPD module, and New Zealand's first-ever NZQA-approved micro-credential qualification for AML/CFT Compliance Officers. Access these resources to navigate the changes smoothly and stay compliant.

Our friends from Strategi explain more about how these resources can assist you. Read more here.

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