Mini-budget – families package

The Labour coalition made immediate changes when they were elected into government, starting with repealing National’s planned tax bracket changes. Labours new ‘mini-budget’ is intended to benefit low-income earners, middle-income families with children and lift children out of poverty.
 

The package entails:

  • Increasing the Family tax credit by between $575 to $1,400 per year.

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Internet of things

You may have heard the term ‘internet of things’ (IoT) bandied about recently, but what exactly is it? 
 
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Marketing is an ongoing process

Now is an excellent time to prepare your plans for the coming financial year. Your marketing plan should usually be your first consideration.
 
  • Can you sell more to your existing customers? Maybe all you have to do is a little staff training. Everyone should ask the classic upselling question: “Will you have fries with that?”
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Programs check grammar

Proofreading is a great example of how technology is replacing humans.
 
Programs such as Grammarly are being relied on to check not only grammar and spelling, but also plagiarism. Does it supersede professional proof-readers? Not yet, and maybe never.
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Attention landlords

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AIM could be helpful

If you have seasonal income or will pay more than $60,000 of tax in the year, the new Accounting Income Method (AIM) could be good for you.
 
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IRD seeking more data, quicker

Inland Revenue is aiming to get as much data from you, in electronic format, as it can. 
 
It also wants to get this data much more quickly so it can make regular adjustments to the tax rates to cater for the Working for Families tax credit etc. More and quicker data would also enable the Government to get rid of secondary tax. Most of these changes will occur on 1 April 2019 or 2020.
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Get organised for annual accounts

The 31st of March is rapidly approaching. Now is a good time to think about getting organised for your annual accounts to minimise hassles. 
 
The following comments are based on a 31 March balance date. If yours is different, please adjust accordingly.
 
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