Get ready for the new financial year
- Scheduling March 2025
- Xero Training
- Getting Ready for the EOFY
- NZ Payroll Changes 2025
- Important Tax Dates
Scheduling March 2025
We are in the process of finalising the scheduling for the March 2025 accounts.
If you are on a Monthly Instalment Arrangement (MIA), a new MIA engagement letter for the March 2026 Financial Year has been sent for your review, please sign and return to us for processing. If you have any questions, please contact us to discuss. The engagement letter will also have the month your accounts are scheduled to be completed. If you are not currently on an MIA and wish to change to a monthly fee, please email here.
For our time and cost clients, we are in the process of sending out the engagement letters and if you have not yet received yours, you will receive it in the next few weeks.
If you have a preference to when your accounts are scheduled to be completed, due to busy periods, holidays, funding or anything else please contact us asap here.
For those who are scheduled for April and May, emails requesting your 2025 Financial Year records were sent last week. Those clients scheduled in June 2025 onwards, will get their email in the next few weeks.
Everyone will receive their annual checklist via a link in our secure client portal. Each client will have their own secure portal where you can upload your records, and we will be able to access them directly in the portal. Already saved in the portal, will be a Year-End Checklist to complete, which must be completed by all clients for each entity.
We will be sending detailed instructions on how to access and use the new portal with the link. We are also on hand if you have any questions or issues.
Xero Training
Want to get the most from Xero? Join us for our comprehensive Xero training. The training is designed to help you master this powerful cloud-based accounting software. Our training will provide you with the knowledge and tools you need to get the most of the accounting software.
In this program, you'll learn how to:
- Manage invoices and bills: Streamline your invoicing process and keep track of your expenses effortlessly.
- Reconcile bank transactions: Ensure your financial records are accurate and up-to-date with our step-by-step reconciliation guide.
- Utilize advanced features: Explore additional functionalities like contacts, files and additional app addon such payroll, inventory management, and more.
Join us for this exciting journey and become a Xero expert!
Date: Tuesday 15th April
Time: 10am
Duration: 1hrs 30mins
Location: Team Online Meeting (link will be sent once registered)
Getting Ready for the EOFY
Each year we request your records so we can complete your year-end accounts and income tax returns. It's important to keep accurate and complete records. Accurate records will help us to complete your tax returns faster and avoid possible penalties for incorrect returns or underpaid taxes.
Please note we are not accepting any paper records this year – everything is to be scanned and sent digitally via our online secure platform.
Here’s a step-by-step guide to help you navigate this critical period smoothly, and make sure you are prepared for the end of the financial year.
End of Year accounts Guide - 2025
NZ Payroll Changes 2025
As the financial year draws to a close, are you ready for the upcoming payroll and employment legislation changes? Staying informed not only ensures smooth payroll operations but also equips you to confidently handle employee inquiries.
Minimum Wage Increase
From 1 April 2025, there will be the following increases:
- Adult minimum wage will go up from $23.15 to $23.50 per hour.
- Starting out and training minimum wage will go up from $18.52 to $18.80 per hour.
If you have employees affected by these changes, you'll need identify them and update their pay rates prior to 1 April 2025.ACC Earner Levy Rates The ACC earners levy will increase from 1.60% to 1.67% (GST inclusive) with maximum earnings increasing from $142,283 to $152,790 and the maximum levy increasing from $2,276.52 to $2,551.59. If employees receive the same gross amount every pay run, they may receive a slightly lower net amount after 1 April 2025. This is because for every $100 they earn, they will pay an additional 7 cents in ACC levy.Employer superannuation contribution tax (ESCT) thresholds increaseAn example of ESCT is an employer's contribution to an employee's KiwiSaver scheme. ESCT is the tax that is deducted from this contribution.Income thresholds for the various ESCT rates will change on 1 April 2025. They have increased by between $2,000 and $10,000 with no change for those earning over $216,001. For further information on rate thresholds visit the IRD website. New tax calculation method for extra pays on termination of employment
Effective 1 April 2025, when handling extra payments due to employment termination, calculate the tax as follows:
- Consider the amount of the extra pay.
- Use the annualised value of the PAYE income from the last two pay periods before the extra pay.
If the employee hasn't received pay for at least two periods, they can inform to their employer of their tax rate based on their expected annual taxable income. The amount of tax deducted from an employee’s extra pay on termination may be different than before.
Important Tax Dates
The Tael 2025 Tax Calendars are available from our website here or you can collect one from the office.
Upcoming Tax Dates:
7 April 2025 – 2024 Terminal Tax is due for payment to the IRD.
7 May 2025 – 3rd Instalment of 2025 Provisional Tax is due for payment to the IRD plus 31 March 2025 GST payable.
If you have any questions or concerns for us, please don’t hesitate to get in touch with us.
From
THE TAEL 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.
