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Paul's Post

10 April 2017

'It takes a lot of courage to release the familiar and seemingly secure, to embrace the new. But there is no real security in what is no longer meaningful. 

There is more security in the adventurous and exciting, for in movement there is life, and in change there is power.'

- Alan Cohen

 

 

The new financial year has arrived

Year End Checklist

Year End Check List - More CA Limited | Chartered Accountants New Plymouth

In case you didn't notice the end of the financial year has now past. Here are a few things you can do to get your house in order fo?r us to prepare your 2017 financial statements.

  1. Stock take: If you carry trading stock, you are required to do a stock take to record the value of your stock on hand at 31 March. Stock is to be valued at the lesser of cost or realisable value (the amount that you'd likely get if you tried to sell it).  If this is your first year and your trading stock is less then $10,000 cost (excl GST) then you don't need to include it for tax purposes. If its not your first year, but your turnover has been less then $1.3 million per year, and your closing stock can reasonably be estimated to be less then $10,000, then you can value it at the opening stock value.
  2. Fixed assets: Review your fixed asset schedule from the previous year. Identify any assets that are missing or have been broken or disposed of
  3. Bad debts: Bad debts must be written off before 31 March to be claimed.
  4. Tax payments: Review your profit and ensure sufficient provisional tax has been paid. The  third and final provisional tax payment is due 7 May 2017.
  5. Trusts and trust distributions: For distributions to be classed as beneficiary income they must be made during the income year or within 6 months of balance date if the trust deed allows it.  Appropriate trustee resolutions must be completed within this timeframe for the distribution to be effective

 

Year End Questionnaires

To complete your annual accounting and tax work you will be required to provide us with your signed year end questionnaires. Our initial handover meeting is a valuable time to ensure your records are complete and for us to be acquainted with any changes in your business and investment.

Our 2017 Year End Questionnaires have now been posted onto our website -  http://www.enoka.co.nz/client_tools/annual_questionnaires. All clients should print these off now. Familarise yourself with the content you will be required to compile. Sign where indicated.

2017 Business Questionnaire  – to be completed by all businesses including rental property companies and owners.

2017 Personal Questionnaire  – to be completed by all individuals for whom we prepare a tax return

2017 Investment Property Annual Checklist  – to be completed by all individuals, companies, or trusts who own a rental property (Complete one checklist for each property).

 

9 Steps to help minimise accounting costs

1.     Provide all the information in the first instance.

2.     Summarise and reconcile as much as possible

3.     Explain any unusual events at your initial meeting

4.     Ask yourself the question "can I attend to this without contacting PECA?" i.e. sometimes you may contact us to email copies of documents, which you may already have in your possession. 

5.     Discuss with us areas that can be improved or work that you can do to present the job better.

6.     Use our support staff for the minor things and use the director only for the important things.

7.     Provide missing information quickly.

8.     Do most of the running around yourself e.g. calling banks / solicitors, collecting statements etc.

9.     Use email and our website to ask for answers to questions.

10. If you have business loans please ensure you have all bank statements as well as a loan summary from your bank.