May Newsletter

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• Investments
• Xero Online Training (Intermediate Level)

• Understanding your Financial Statements Training
• Pink Ribbon Event

Investments

In the last decade, more and more people are investing in cryptoassets and other foreign investments.

Any source of income, including investments, needs to be declared to the IRD when completing your tax returns. Declaring investments into your accounts creates additional work for us and if we were unaware of the investments, we need to ensure there are no other accounting fees associated.  

We recommend you advise us as soon as you make these investments so we can not only provide you with more information on how to keep records for these investments but we can also update any additional costs to completing your accounts.

With the rise in popularity on Cryptoassets, the IRD are clamping down more on declaring these sources of income.

IRD treats Cryptoassets as a form of property for tax purposes. While there are different types of cryptoassets, the tax treatment depends on the characteristics and use of the cryptoassets. It does not depend on what they are called.

In most cases, the amounts you get from selling, trading or exchanging cryptoassets are taxable (this includes when you exchange one type of cryptoasset for another).

You may have to pay tax because you’re:

• acquiring cryptoassets for the purpose of disposal (for example to sell or exchange)
• trading in cryptoassets
• using cryptoassets for a profit-making scheme.

For more information on IRD treatment of Cryptoassets visit their website here we have also put a information page for your reference.Please get in touch with us here if you do have any additional investments that we were not aware of so we can factor any additional work into completing your accounts.

Xero Online Training

We are rescheduling the Xero Intermediate online training Webinar for Wednesday 25th May at 10am

We will be focusing on those who already use Xero and want to get more from their system. We will be looking at tracking codes, how to use Xero to track your cashflow and even more great Xero tips to save time and to get the best out of the accounting package.

The training will be held online using Microsoft Teams, Wednesday 25th May at 10am. Training will last approximately an hour and a half.

Please register your interest to attend by clicking on the link below.

You will then be sent an online meeting link the week of the training.

Register here

Understanding your Financial Statements - June Training

Now we are back in the office and the world is moving back to normality, we have scheduled an onsite training session for June.

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 28th June at 10am. Training will last approximately an hour and a half.

Please register your interest to attend by clicking on the link below.

Register here

Pink Ribbon Event

We are hosting a Pink Ribbon event in collaboration with Family Action and we would love your support.

Pink Ribbon Breakfast is Breast Cancer Foundation NZ’s annual campaign to raise vital funds for breast cancer research, patient support, education and awareness. Each year more than 3,500 people are diagnosed with breast cancer and it is the leading cause of death for NZ women under 65.

The event will be held on the 17th June at 10.30am at the Family Action office, 13 Edsel Street, Henderson.

There is a $10 entry free which gives you a raffle ticket and you can enjoy a lovely selection of food. We will be auctioning off prizes to loosen your wallets and donate to this great cause.

Even if you can't attend the event, there are other ways to support us:

1. Donate online! Here is a link to our Donation page. Any donation big or small will be greatly appreciated.
2. Donate a gift for our Raffle. Either one of your products or you can purchase items we can use in our raffles. Think vouchers if you don't sell physical items too.

For those who wish to attend please register your interest on the link below, we cannot wait to see you there!Register here‍If you have any questions or concerns for us, please don’t hesitate to get in touch with us.

From

THE TAEL SOLUTIONS TEAM