Members Newsletter November 2024

Update from the Chair 

Update from the Chair.

I want to start by thanking Amie Lorenzen for acting as Chair during my absence last month and congratulations to Gary on another successful Workshop. We have received your feedback (thanks to those who participated) and the event was another success. At our next Board meeting we will be discussing how we can make it even better next year!

Now our focus shifts to our Conference and AGM in Christchurch on the 7th and 8th  March 2025. Most of the speakers have already been confirmed, but we continue to make tweaks based on the current needs of our members. We are looking forward to getting back to the South Island and hopefully you will support this event (especially if you live in the South Island).

We still have a few weeks of work before most of us close our offices for the holiday season. On behalf of the Board, we hope that you have a fantastic break and you are refreshed for 2025!

All the best, 

Richard Abel

Save the Date: 2025 Conference is Coming!

We’re excited to officially share the details of our upcoming conference on March 7th and 8th at the Chateau on the Park in Christchurch!

Make sure to mark your calendars and secure your spot — this is an event you won’t want to miss. With an exciting lineup of speakers and sessions, it's sure to be an incredible experience.

Secure your space today via our website.

The Only Constant in Life is Change

Generally it takes a long time to bring into effect, but in this particular instance Inland Revenue has listened, to us as well as others, and withdrawn from having Social Media "barons" chasing Tax debt.  The assurances provided regarding confidentiality in the information exchange process were just that – an assurance. While electronic media will sell product containing assurances they will also remove themselves from any liability [when] something goes wrong. 

We have a Tax System based on Voluntary Compliance. That proposition [principle], encourages people to provide information that will be held confidentially for the purposes of assessing their Tax Position.  Yes there are some specific circumstances where some information can be shared with other Government agencies but that is restricted and there are written agreements controlling how that is applied.

Long may Voluntary Compliance be the rock on which our tax system is built.

Inland Revenue - Snapshot of Recent Updates

Prescribed withholding rate - Non-compliance among contractors in the horticulture sector has raised concerns, particularly regarding unmet tax obligations. Implementing a prescribed withholding rate ensures contractors pay the correct amount of tax throughout the year, reducing the risk of accumulating tax debt.

Click here to read more.

Unfiled returns report - The Unfiled Returns Report is a valuable tool for managing Extensions of Time (EOT). With three distinct tabs, it provides a streamlined way to reconcile results with your EOT dashboard, ensuring easier and more efficient tracking.

Click here to read more.

Compliance focus presentation - On Wednesday, 6 November, Inland Revenue held a virtual presentation covering their increased compliance focus and audit activity. Resources are now available to ensure you’re up to speed.

Click here to read more.

Click here for the original source of truth.

Thriving During the Holiday Hustle

The festive season is a double-edged sword for Accountants and Tax Agents. While others are winding down, you're ramping up to close the year strong.

Here's how to navigate the holiday hustle:

Plan Like a Pro: Create a detailed schedule to prioritise urgent client work, and communicate early about deadlines to avoid last-minute surprises.

Set Boundaries: While it’s tempting to be the hero, protect your time by establishing clear work hours and sticking to them.

Leverage Tech Tools: Automate as much as possible — whether it's invoice reminders or compliance checks, technology is your ally.

Stay Festive, Stay Focused: It’s easy to get overwhelmed. Balance work with moments of holiday cheer to keep spirits high.

Remember, taking care of yourself means you're better equipped to take care of your clients.

Stay Ahead with Your CPD – Radar Reminder

Your CPD for the 2024 calendar year needs to be logged in Radar.

Here’s what you need to know:

Manual Entry Made Easy: You can log your CPD hours anytime manually through the system.

Automatic Tracking: Any CPD content viewed via Radar will automatically register the hours on the date you accessed it.

To make it even simpler, we’ve included a quick how-to video (thanks to Valerie Rowe-Mitchell!) showing you how to add your CPD content effortlessly.

Stay on top of your professional development — log your hours today!

Helping Clients Navigate Year-End Deadlines

The holiday season can be a whirlwind for your clients, and as their trusted advisor, your role is to guide them across the finish line with ease.

Here’s how to ensure their success while strengthening your partnership:

Simplify and Clarify: Break down tasks into manageable steps and provide clear instructions to prevent overwhelm. Proactively share a simple year-end prep guide, covering essentials like budget reviews, expense claims, and tax-deductible purchases.

Stay Persistent, Stay Personable: Regular follow-ups with a friendly tone show clients you’re invested in their success. Highlight how completing tasks now will help them enjoy the holidays stress-free.

Forecast for Confidence: Offer quick cash flow or tax projection reviews, helping clients make informed decisions for the new year while positioning yourself as their go-to expert.

Use Deadlines to Motivate: Frame compliance deadlines positively—remind clients that timely action avoids complications and sets them up for a strong start to the new year.

Be a Reassuring Presence: Let clients know you’re monitoring key deadlines so they can focus on their business. Offer limited-time support for urgent queries to balance your availability with self-care.

By combining strategic guidance with a personal touch, you’ll keep your clients’ goodwill intact while ensuring their books are ready for 2025.

P.O.Box 87475 Meadowbank Auckland 1742

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