August 2022 Update
August 2022 - Inside this issue
- Xero Price Increase
- Cost of Living Payments
- Understanding your Financial Statements - August training
- September Xero training
Xero Price Increases
From 15 September 2022, the monthly retail price of all Xero business plans which include Xero Starter, Standard and Premium plans is increasing in New Zealand.
Starter plan : Current: $29 per month / New: $31per month / Change: +$2
Standard: Current: $62 per month / New: $66 per month / Change: +$4
Premium: Current: $78 per month / New: $84 per month / Change: +$6
All pricing is in NZD and excludes GST.
The increase in price will effect all those on the above plans, whether you pay for just your Xero software monthly or on a Monthly Instalment Arrange (MIA).
Clients who have a Xero business plan on their MIA, will be receiving a letter advising them of the increase in their monthly MIA fee which will be effective from 1 September 2022. If you have received a letter please sign and return via DocuSign.
If you are not on an MIA and receive a monthly invoice for your Xero software, the fee increase will automatically change from 1 September 2022.
If you have set up an automatic payment for the payment of these invoices, could you please adjust your payment to the new MIA monthly amount above to ensure the invoices are not short paid.
If you are on a Xero Cashbook plan, these will also be increasing in price, effective from 15 March 2023. Monthly Xero invoices will therefore increase 1 March 2023.
- Non-GST Cashbook plans increase by $1
- GST Cashbook plans increase by $2
If you are unsure what plan you are on and want to discuss changing plans, please email us at info@taelsolutions.co.nz
Cost of Living Payment
The Cost of Living Payment is a payment to help with the rising costs of inflation and you do not have to pay it back if you meet the eligibility criteria.
The income threshold is your individual income, not household income. For salary and wage earners, the $70,000 net income threshold is your gross income before tax, minus any expenses you can claim.
For IR3 filers, the net income threshold is your gross income after expenses, but before any losses from earlier years are included.
You do not need to apply for the payment
IRD will pay you the Cost of Living Payment automatically if you're eligible.
The total Cost of Living Payment is $350 which will be split into 3 monthly payments starting 1 August.
For most people the 3 main payment dates are:
- 1 August 2022 - $116.67
- 1 September 2022 - $116.67
- 3 October (the first business day of the month) - $116.66.
IRD will confirm your eligibility for the payment based on your income for the 2022 tax year. If we have not yet filed your 2022 Tax Return, you will be assessed once filed.
Your return may be filed after the payments have been made. To be eligible you must have your return filed by the final date, 31 March 2023.
Please do not file your own tax returns.
As your tax agents, we are responsible for filing your tax returns and verifying everything is correct. If you file your own Tax Return without all the correct information, this may increase the cost of your accounts or increase your tax you need to pay for 2022. We may also need to delink you from our agency as we cannot verify the information you have submitted is correct.
If you have received a letter from IRD and you are unsure what to do, please don't hesitate to get in contact with us on info@taelsolutions.co.nz
Understanding your Financial Statements - August Training
We have rescheduled June's training to 23rd August.
This training will be focusing on understanding your Financial Statements. Do you want to know how to read your accounts and understand what all the numbers means? We will be taking you through your Annual Financial Statements, Management Reports and how to better understand your figures for your business.
The training will be held at our Tael Offices Tuesday 23rd August at 10am. Training will last approximately an hour and a half.
Please re-register your interest to attend by clicking on the link below.
Xero Intermediate Training - September Training
Xero training is our most requested training by our clients so we will put on another Intermediate free Xero training.
In the intermediate training we focus on how you can get the best out of the Xero system for your business and let you know any time saving tricks, plus it is your opportunity to ask us any questions on coding and setting up invoices and bills.
As requested by many of you, we will schedule this training for after hours, 5.30pm on the 20th September, so you can attend after work. We would like your feedback to whether you would prefer the training face to face or online. When registering for the training please let us know your preference.
Please register by clicking on the link below for the Xero Intermediate training to be held on Tuesday 20th September at 5.30pm. Training will last approximately an hour and a half.
If you have any questions or concerns for us, please don’t hesitate to get in touch with us.
From
THE TAEL SOLUTIONS TEAM
Are you ready to elevate your business? Our team at Tael is here to help. Take the first step towards your business growth by scheduling your complimentary initial consultation today.
