Keep up-to-date with us and what's happening in the business world |
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- Welcome 2024 - The Year-End Review: Looking Back and Looking Ahead - Xero Tip of the Month: Utilising Xero Central - App Spotlight: Fergus - Job Management for Tradies
- Tax Question of the Month: Depreciation implications of inheriting a vehicle
- IRD Upcoming Tax Payment Dates |
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We hope everyone had a fantastic holiday and is now refreshed and eager to embark on an exciting new year ahead! While we thoroughly enjoyed the break, we are excited to be back in action, ready to tackle any business or tax queries you may have.
Whether your focus in 2024 is on achieving increased efficiency, strategic financial planning, or navigating the complexities of the ever-evolving regulatory landscape, rest assured that we're here to guide you and your business every step of the way.
If there's anything specific you'd like to discuss or explore further, please don't hesitate to reach out. Your goals are our goals, and we look forward to contributing to your continued success in 2024 and beyond. |
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The Year-End Review: Looking Back and Looking Ahead |
There is no bad time to review your financial situation, but the new year is an opportune moment to take stock of the year gone by, have a fresh look at your financial situation, and make resolutions for the coming year.
The review will help you see what you did right and what you can improve, setting the stage for a strong financial start in the new year. |
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To assist you in getting started with your planning and goal setting for 2024, we've put together some key questions and valuable advice below:
Your yearly business review: questions to consider Review your goals:
Review your goals in the new year, as some goals may no longer be relevant or may become less important.
Other short-term goals may have to be added to the list. Once you have your goals reaffirmed—make sure that the financial and investment plans are aligned to the goals; and you have clearly identified the financial steps necessary to reach those goals. This is also the stage at which you prioritize the goals: if your resources are not adequate to meet all your goals, ensure that the available resources go towards the more important ones. Wondering how we can help your business plan for the upcoming year?
While there are many metrics you could evaluate to track business performance, we’ve given you just a few ideas to inspire your business planning for 2024.
At All Accounted For we pride ourselves in offering our clients a progressive approach in all aspects of their business. Whether it's working through a financial model, providing support to execute your plans, or helping to identify your advantages - together, we can help you make headway to reach your business goals.
When you conduct a past-year review with one of our experienced advisors, we will: - Run through your current business plan
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Provide feedback on where you are heading and talk through the opportunities you might not see in your own business
- Provide valuable insights for this year's goal setting
- Implement a tailored business plan
Keen to learn more? We offer many business advisory services including: - Business Reporting: monthly, bi-monthly, or quarterly
- Cash Flow Forecasting
- Budgeting
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Business Valuations
- Software Systems & Apps: setups and assistance
If you’d like to chat about what you can do differently this year to enable your business to thrive, give Ben Duflou or Sarah Toner a call on 04-970-1182 to discuss how we can help. |
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XERO TIP OF THE MONTH: UTILISING XERO CENTRAL |
Have you explored the wealth of resources available on Xero Central?
Connect with fellow Xero customers in the Xero Community Forums and circles to seek or share advice, as well as vote for product ideas. The community is filled with friendly members, and there's even a dedicated section on the official Xero forum specifically tailored for questions and answers.
Additionally, find video tutorials and demonstrations for using Xero on YouTube. These can be especially useful for learning the basics of the software and becoming more familiar with the user interface. Access these resources by clicking on the 'Learning' tab in the top toolbar.
To access Xero Central, click the button below. |
APP SPOTLIGHT: FERGUS - JOB MANAGEMENT FOR TRADIES |
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Calling all tradies using Xero! Are you looking to streamline your workflow, slash admin time, efficiently schedule jobs, and concentrate on optimizing your trades business? Introducing Fergus, an app specifically tailored for those in the construction industry. Trusted by thousands of plumbers, electricians, and tradespeople worldwide, Fergus's job management software is designed to handle your projects from start to finish. Covering essential functions such as quoting, scheduling, job tracking, and invoicing, this app offers an end-to-end solution and integrates with Xero to give you a 360 view of how your business is performing.
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Manage your day-to-day operations in Fergus, and your job information will automatically sync to Xero for fast and simple reconciliations. The two-way sync also allows customer details, supplier invoices and payments to automatically appear where they need to be.
To learn more about Fergus and to download, click the button below. |
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TAX QUESTION OF THE MONTH: |
QUESTION: Bill is a self-employed builder who is registered for GST. He inherited a ute from his father, who also ran a building business. Bill would like to introduce the vehicle into his business at the current market valuation of $31,000 and claim the depreciation.
If you inherit a vehicle and introduce it to your business, can you claim depreciation? ANSWER:
A depreciation deduction is available for an asset if a person owns the asset and it is used (or available for use): - in deriving assessable income, or
- in carrying on a business that aims to generate assessable income.
The amount of a depreciation deduction is calculated with reference to the cost or adjusted tax value.
Sections FC 1 and FC 2 specify the cost for inherited items. Upon death, there are 2 transfers of property: - the transfer of the deceased person’s estate to an executor or administrator, and
- once the estate is distributed, the transfer of property to beneficiaries who are entitled to receive the property under the will or the rules governing intestacy.
The starting point is that both transfers are treated as occurring at market value. Rollover relief may apply on the second transfer that occurs on the distribution of the estate (effectively treating the distribution to the estate to be at market value at date of death as well).
In summary, the individual can depreciate the ute: - based on cost at market value on the date of his father's death if rollover relief applies; or
- based on cost at market value at the date of distribution from the estate if rollover relief does not apply.
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IRD UPCOMING TAX PAYMENT DATES |
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