Accounting, Tax, Audit & Business Development

Helping You Achieve the Freedoms of Time, Money and Peace of Mind

 
 

24.The New Way to Pay Tax

May 28th, 2020

Michelle Thompson, CA

The ways tax is being payed are changing. When you make payments at a Westpac branch or Smart ATM, you now need to have a barcode to ensure the payment goes to the right place.

23. Lessons from the lock down

May 28th, 2020

Camelia Petrus, Head of Business Development

Lockdown has been tough and continues to impact businesses. For some, it uncovered new priorities though. What lessons did you learn from this enforced period of business shutdown? And what will you be continuing in the 'new normal'?

22. Small business loans to ease cashflow

May 21st, 2020

Errol Burn, CA, Director, Lynch & Associates Limited

To help eligible small-to-medium businesses adversely affected by COVID-19, the Government has launched the Small Business Cashflow Loan Scheme (SBCS). For more about the eligibility criteria and terms of the loan read this article for you that highlights:

21. Discounting in the post Covid-19 world

May 20th, 2020

Chris Lynch CA, Managing Director, LAAL

According to Research New Zealand, in a new poll, taken online just one week before we entered Alert Level 2 restrictions (New Zealand moved to Alert Level 2 at 11:59 pm on Wednesday 13 May) respondents gave a clear message that they were looking forward to regaining their freedom.

20. The 'Rebuilding Together' 2020 Budget

May 15, 2020

Chris Lynch CA, Managing Director, LAAL

Finance Minister Grant Robertson is also Sports Minister and I have noticed he likes using rugby analogies in his finance and budgeting strategies.  The rolling maul remains one of the most devastating weapons that can be used on a rugby field, a coordinated collective of....

19. NZ Govt announces the 2020 Drought Recovery Advice Fund  

May 14th, 2020

Chris Lynch, Managing Director

The 2020 Drought Recovery Advice Fund is to help farmers recover from the 2020 drought, and plan for future droughts. The fund is open for applications between 11 May and 12 June 2020. Talk to us about your business.

18.  Getting Business Ready for Level 2

May 11th, 2020

Chris Lynch, CA, Managing Director

Camelia Petrus, Head of Business Development

Often we focus on things that don't matter and things that don’t matter and things that are beyond our control which results in wasted time and wasted opportunities. Knowing which things to focus on is key to getting what we want.

17. How to create a cash flow forecast for your business

May 5th, 2020

Chris Lynch, Managing Director

A good cash flow forecast will show you how long your business can weather a storm. Once you have the data in one place it will also help with every business decision. Get in touch to create a cash flow plan today.

16. Wage Subsidy – are you wondering what to do?

May 4th, 2020

Chris Lynch, Managing Director

We would like to bring some light over the subsidy criteria and rules as there had been some confusion.

Here are four out of many questions I have been asked:

15. More Business Support Fact Sheet

April 29th, 2020

Chris Lynch, Managing Director

Michelle Thompson, CA

New relief measures announced to boost confidence and help small and medium-sized businesses get through. Talk to us about how these changes could support your business recovery.

14. Requesting payment of overdue accounts in a crisis

April 22nd, 2020

Chris Lynch, Managing Director

Camelia Petrus, Head of Business Development

Cash must continue to flow and you must continue enforcing your Terms of Trade. Triage customers and offer options for those severely impacted. A change of approach is needed; empathy and flexibility now will pay off later.

13. Getting your Business Ready for Level 3

April 21st, 2020

Chris Lynch, Managing Director

Camelia Petrus, Head of Business Development

At 11.59pm on Monday 27th April our nation moves from Alert Level 4 to Alert Level 3.

We want to keep you alert and invite you to utilise this time to get ready, so have prepared the following for you, business owners:

12. Provisional Tax – how does it work?

April 21st, 2020

Chris Lynch, Managing Director

Michelle Thompson, CA

Provisional tax is like paying progress payments on next year’s income tax. Some of the rules have changed to lower compliance costs for small businesses. Talk to us about your tax plan.

11. Wage Subsidy – Your obligations as an employer

April 20th, 2020

Chris Lynch, Managing Director

The wage subsidy comes with specific conditions. Make sure you are providing accurate information and meeting your obligations as an employer to keep your business afloat. Talk to us. We are here to help. 

10. Audits under COVID 19

April 17th, 2020

Chris Lynch, Managing Director

Chris Hickey, CA

The COVID-19 pandemic has just made our job a whole lot more complex because it will have many different effects on the profit and not for profit sectors. Revenue recognition is always a focus for us as Auditors as any misstatement will lead to an incorrect surplus or deficit being reported.

09. Latest Government announcement on COVID-19 support for businesses

April 14th, 2020

Chris Lynch, Managing Director

Michelle Thompson, CA

The Government has announced a suite of new measures to provide relief for businesses during the COVID-19 pandemic.
Chief among the action points announced is a tax loss carry-back scheme. A tax bill will be introduced later this month (April) to enable this.

08. COVID-19 wage subsidy: tax consequences

April 7th, 2020

Chris Lynch, Managing Director

The Government’s 12-week wage subsidy (available for both employees and the self-employed) is paid in one lump sum to the employer.

The tax treatment for the employer is as follows:

07. Wrap up: all you need to know about the Government’s COVID-19 wage subsidy scheme

April 7th, 2020

Chris Lynch, Managing Director 

The wages subsidy is available for businesses that have experienced a 30% decline in revenue (actual or predicted) that is related to COVID-19 for any four weeks between January and 9 June 2020 compared to the year before. To qualify for the subsidy, the business must:

06. Unite Against Covid-19 - Getting the help and support you need

April 1st, 2020

Chris Lynch, Managing Director 

We are pleased to forward these attachments to you as requested by Mark Goldsmith - Regional Commissioner for Social Development – Auckland/ Tāmaki Makaurau - Ministry of Social Development. 

05. Wage Subsidy guidance for first payroll

March 31st, 2020

Chris Lynch, Managing Director 

The wage subsidy guidelines are evolving daily.  Some employers are concerned about the potential implications of getting the application wrong particularly if you have based the application on a forecast position. 

04. Tax payments and employment law issues

March 26th, 2020

Chris Lynch, Managing Director 

Suggested wording to IRD for clients unable to meet tax payments. To protect clients and bring them within the new UOMI remission rules, Mark Keating – Tax Barrister has recommended any client who is going to default on a tax liability (including PAYE) should....

03. Bill Passes Through all Stages

March 26th, 2020

Chris Lynch, Managing Director 

The Government’s Bill introduced under urgency on Wednesday 25th March 2020, has now passed through all stages. The Bill, which is part of the Government’s economic response to the pandemic...

02. Q&A wage and leave subsidy payments Covid-19

March 23rd, 2020

Chris Lynch, Managing Director 

IRD has released the Government’s Covid-19 wage and leave subsidy payments.  As a result many of you have been asking questions.

These Q&As should be on the IRD’s website next week, at which time we will forward you all the link. 

01. Changes and Our Commitment to You

March 23rd, 2020

Chris Lynch, Managing Director 

Following very recent developments and advice issued by the New Zealand government, our team are now effectively working remotely from home.