ATAINZ Update April 2024

Members Newsletter April 2024

Update from the Chair - The Good, the Bad and the Ugly

The Good
Our conference last month was fantastic and how good was it having social events with our members, partners and exhibitors. We were pleased with the feedback from you and we have noted a couple of potential changes to the format that will make it even more beneficial for you in the future. Don’t forget about our one-day workshop in October and more information about the program will be sent out soon. Another bit of good news is that another year has rolled over and hopefully you have filed most (if not all) of your returns for 2023. Hopefully you can get off to a good start for 2024.

The Very Good

Exciting News for ATAINZ Members: Breaking News! Findex confirmed as a new Major Partner of ATAINZ. We are really pleased to have this relationship.

The Bad
The trust tax rate “de minimis” and the timing. For a start, we couldn’t believe that we were given so little notice of the changes to the trust rate and then we got hit with the (in my opinion - pathetic) $10,000 threshold. ATAINZ’s submission was a $50,000 threshold, which was half of what other industry bodies suggested as being fair and reasonable. None of the explanations from the FEC or IR made sense to me, it seems like nobody involved in the decision making process knows anything about the reason why people setup trusts or the administration costs of trusts, their reasoning for such a low amount (once again in my opinion) was flawed.

The Ugly
I know we are supposed to love tax because we are accountants. But the constant changes in tax especially over that last few years, have made our job as advisors so much more difficult. How can we be expected to give good advice to clients without having certainty that there will not be more changes to undermine that advice? Hopefully we can have a few years of consistency in tax law to make our jobs easier. I used to like tax, but it’s getting uglier as time goes by, sort of like me. I just have to get over it.

But wait, there’s more....
I am determined NOT to finish on a negative note. Even though sorting our clients tax obligations can be difficult (as well as very important), we need to spend more time as members focusing on helping our clients to develop and fine tune their businesses. Attending ATAINZ functions and your regional meetings will help you to do this. Make sure you talk to other members about how they assist their clients, ask about the add-on software they use, what works, what doesn’t. We are a community of like-minded business advisors, and we are here to help each other!

ATAINZ

ACCOUNTING STANDARD 1

As all members are aware, the following has been developed and approved for inclusion into all Compilation Reports issued by members from 1 April 2024. A summary of the reasons for developing this Standard is as follows:

The Board aimed to enhance the professionalism of ATAINZ by deciding to develop our own standard instead of relying on one issued by another organisation. The existing SES-2 issued by Chartered Accountants of NZ contains instances that are not relevant to ATAINZ, along with references to Chartered Accountants.

The standard is extensive and detailed to give members a better understanding of what is required in terms of their engagement with the client and the preparation of financial reporting. This standard has been developed to promote our organisation in terms of professionalism, and we expect members to amend their individual software programs to record the change to reporting under ATAINZ Standard 1 instead of SES-2. It's important to note that this standard is linked to the ATAINZ Code of Ethics, and reference to that fact is made in the document.

Members must understand the ramifications of including this statement with their financial statements, as it could lead to unforeseen consequences.

Notes for Statement Preparation

Ensuring clarity and compliance in your financial statements is paramount. As requested, we've crafted a succinct note to address this:

(The following note confirms that the financial statements are prepared to meet tax purposes and comply with Inland Revenue requirements)

Statement of Compliance and Basis of Preparation:

The financial statements have been prepared in accordance with taxation principles contained in the Income Tax Act 2007 and disclosure requirements contained in the Tax Administration (Financial Statements) Order 2014. The accounting principles recognised as appropriate for the measurement and reporting of the Statement of Financial Performance and Statement of Financial Position on a tax value basis are followed by the company, unless otherwise stated in the Specific Accounting Policies. The information is presented in New Zealand dollars. All values are rounded to the nearest $.

Recap: Reflecting on Our Epic Conference Experience

Wow, what a blast we had at our recent conference! We are still buzzing from all the energy and enthusiasm you brought to the event. From electrifying discussions to epic networking, you made it one for the books!

A massive shoutout to each and every one of you for making it happen. Your passion and engagement were the driving force behind the success of the conference. Give yourselves a round of applause – you rock!

Let's take a moment to high-five our incredible sponsors. Your support was like rocket fuel, propelling us to new heights. Together, we're unstoppable!

And how about our awesome exhibitors? You brought the magic with your innovative ideas and vibrant booths. Thanks for adding that extra spark to the event!

Now, who's already counting down the days until next year's conference? We sure are! Get ready for more mind-blowing sessions, epic networking opportunities, and unforgettable moments.

Without further ado, let's get the inside scoop from one of our exhibitors:

"Hey ATAINZ team - Vicki Campbell here, Partnership Manager at Thankyou Payroll. Just wanted to drop a quick note to say how AMAZING our experience was at the conference! The energy, the vibe – it was off the charts! From the engaging quiz to the fantastic networking opportunities, we had a blast. And don't even get me started on Friday night – casino, karaoke, and that stunning harbor view? Absolutely unforgettable! Thanks for an epic time, and we can't wait to do it all over again next year!"

Excited about the next conference? We sure are!

Stay tuned for details and updates about our next conference.

Get ready to spread the word and join us as we gear up to rock next year's conference like never before!

Insider Insights: Your Members Information Corner

TMNZ - Managing Imputation Credits

The TMNZ - Managing Imputation Credits webinar is now available in Radar! This webinar offers crucial insights into managing imputation credits effectively, helping members optimize their tax strategies and ensure compliance with regulations.

New IR Training Webinars in Radar

Exciting news! ATAINZ members now have access to specific recordings from IR on Radar:

Tax Changes for 1st April 2024

GST Changes for April 2024

Stay ahead of the game by checking out these valuable resources on our online platform.

Log in to Radar today to gain CPD points by watching the webinars and ensure you're up-to-date with the latest tax and GST updates.

Friendly Reminder: Set Up Your Radar Account for Access to ATAINZ Tools and Webinars

For those of you who may not be familiar with Radar, ATAINZ sent out communications about this last year.

You would have received an email in October asking you to set up your Radar account.

ATAINZ has partnered with Strategi to utilise its online learning platform, Radar, to deliver training and CPD modules to ATAINZ members.

If you haven't done this yet, we highly recommend you do so. Setting up your Radar account will grant you access to the online ATAINZ tools and webinars.

If you haven't received your password or have any questions, please email admin@atainz.co.nz.

Inland Revenue - Snapshot of Recent Updates

Law change for charity deregistration - Parliament has passed into law a change to the charity deregistration tax rules.

Read more here.

GST on listed services: Listing intermediary rules and transitional rule - A listing intermediary is a GST-registered person who lists short-stay and visitor accommodation on an online marketplace on behalf of the accommodation host.

Read more here.

Inland Revenue's Tax Toolbox campaign to help tradies - Between April and June IR running our ‘Tax toolbox’ campaign to engage and educate construction customers.

Read more here.

Residential rental income common errors - IR have advised they are finding income and losses from rental property have not been treated correctly in some non-individual income tax returns.

Unlocking Time: Creative Tips for Busy Accounting Professionals

Being a jack-of-all-trades in the accounting world means your time is stretched thin. But what if you could bend time to your will? Here are some unconventional time-saving tips to help you master the chaos of being a business owner, leader, manager, and client-facing professional all at once:

The Power of No: Learn to say no to non-essential tasks. Not every request needs your immediate attention. Prioritise what truly matters and politely decline or delegate tasks that can wait or aren't crucial.

The Pomodoro Technique's Cousin: Try the "Reverse Pomodoro" technique. Instead of working for 25 minutes and taking a 5-minute break, work intensely for 5 minutes, followed by a 25-minute break. This can help prevent burnout and keep your creativity flowing.

Time Travel: No, not literally. But imagine if you could go back in time to fix mistakes before they happen. Consider implementing regular "pre-mortems" where you anticipate potential problems in upcoming projects and address them before they become real issues.

The Power of Silence: Embrace silence. Designate "silent hours" in your office where interruptions are minimised, allowing you to focus deeply on complex tasks without distractions.

The Art of Outsourcing Creativity: Think about outsourcing tasks that require creative thinking. Hiring a freelance designer for your marketing materials or a virtual assistant to handle administrative tasks can free up mental space for you to focus on strategic initiatives.

AI for the Win: Explore the world of artificial intelligence. Tools like AI-powered chatbots can handle routine client inquiries, freeing up your time for more high-value interactions.

Hack Your Habits: Identify your peak productivity hours and reserve them for your most challenging tasks. Whether you're a morning lark or a night owl, structure your day around your natural rhythms for optimal performance.

The Power of Rituals: Create rituals that signal transitions between different roles. Whether it's a quick meditation session before diving into client meetings or a short walk around the block to shift from manager mode to business owner mode, rituals can help you mentally prepare for the next task.

By embracing these unconventional strategies, you can reclaim your time and thrive in the fast-paced world of accounting.

Discover the Power of Connection at Our Local Regional Meetings!

Looking for ways to expand your network, gain valuable insights, and stay ahead in the dynamic world of accounting and advisory? Look no further than our local regional meetings! These gatherings are more than just events; they are opportunities to forge meaningful connections with fellow professionals, share experiences, and exchange ideas that can elevate your practice.

From lively discussions on industry trends to practical tips for navigating regulatory changes, our meetings cover it all. Plus, you'll have the chance to explore upcoming events and resources on our website at ATAINZ Regional Meetings.

Don't miss out on the chance to connect, learn, and grow with your local ATAINZ community - mark your calendars and join us at the next meeting!

Click here to see the schedule

Who Do You Know...

Have talented professionals in your circle looking to elevate their careers? Encourage them to join ATAINZ! Our dynamic community of accounting and advisory experts offers exclusive resources and networking opportunities. Share our website to help them jumpstart their path to professional growth and success!

Click Here for Membership Information

P.O.Box 87475 Meadowbank Auckland 1742

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