Edition Number 2.
Welcome back - we trust that the information in this newsletter will prove helpful. Your comments would be appreciated.
IN THIS ISSUE:
- Some Reminders
- New Staff
- Limited Partnerships
- Insurance Needs
- Accounting Software
- Dates to Remember
SOME REMINDERS:
- If your business is a charitable organisation and you have not yet registered with the Charities Commission, you must do so before 1 July 2008!
- From 1/4/08, there are changes to the GST/Provisional Tax rules - please look at our December newsletter for details, or contact us.
- If you are an employer and you have staff contributing towards KiwiSaver, then, from 1/4/08 you will have to contribute 1% of those employees earnings (and you may also claim a tax credit of up to $20-00 per week per employee) - more details will become available at a later date.
WE ARE GROWING:
Carin Jameson is joining us on 25th February. She will be assisting us with accounting and taxation work, companies office administration and other general tasks. So, you may be hearing a new voice on the phone! It'll be great having her on board. Carin will initially be working between 9 am and 1 pm Monday to Friday.
LIMITED PARTNERSHIPS:
It is envisaged that these will come into effect on 1 April 2008, once the bill has been enacted. It is designed to help encourage the flow of venture capital into New Zealand.
- WHAT IS A LIMITED PARTNERSHIP?
It is composed of 'general' partners who are liable for the debts and obligations of the partnership and 'limited' partners whose liability is limited to the amount of their investment.
- WHAT IF A LIMITED PARTNER BECOMES INVOLVED IN MANAGEMENT?
If this happens, then the partner looses the 'limited' partner status and becomes a 'general' partner.
- DOES THE LIMITED PARTNERSHIP REQUIRE REGISTRATION?
It must have 1 or more general partners AND 1 or more limited partners and must have a partnership agreement. It must be registered with the Registrar of Companies and the words "Limited Partnership" or the initials "LP" must appear in its name.
- WHAT IS THE PARTNERSHIPS TAX STATUS?
It will have to submit a tax return, but tax will be paid on the income by the limited partners in proportion to their investment (known as 'flow through' tax).
As the bill has not yet been enacted we will keep you informed as to progress.
INSURANCE NEEDS:
In your own business? What happens if you are injured or become seriously ill and unable to work for an extended period? Where does the money come from? Who will pay your mortgage? Is your ACC cover adequate?
These are questions you should be asking yourself. But, what about the answers? Please speak to us about your concerns, because we can put you in contact with someone who can help - assess your needs, put together a package to suit your situation and affordability. Just give us a call and we can set it up!
ACCOUNTING SOFTWARE:
If you are thinking of purchasing an accounting package to assist in recording your financial information please talk to us first!
Because of the work we do for you, we understand your business and the software needs you have. We are able to assess the best package for you.
Then, we can arrange for the purchase of the software and assist with the installation, and offer some basic training.
Don't forget - talk to us first!
SOME DATES TO REMEMBER:
- 7th March - Third 2008 provisional tax payment due.
- 31st March - Final date for submission of 2007 Income Tax Returns.
- 7th April - Due date for any 2007 terminal tax payments.
- 28th February - Dec - Jan GST Return Due.
And to finish ......
You pretend to work, and we'll pretend to pay you.
At work I always go the extra mile, but my boss keeps finding me and bringng me back!
Have a succesful year!