September 2023 - Inside this issue

• Team Work Is Dream Work
• International Squash Superstar
• IRD Updates
• Online Training - Hubdoc
• Important Tax Dates
• Christmas Party - Save the date

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Team Work Is Dream Work

Aren't we a happy bunch! We got a new wall decal in the office and it's now our new motto.

Who doesn't love good feedback, and we would love your feedback good or bad, feel free to drop us your comments here.

International Squash Superstar

We are very proud to have our very own international squash superstar on the team. Many of you may know Chelsea Johnson as your accountant by day but she squashes her opponent on the squash courts regularly.

She has qualified to attend the Oceania Close Championships held in Nadi, Fiji in October 2023 and even though we will miss her in the office for just over a week, we are so incredibly proud of her.

Chelsea has been playing squash since 2009, she started playing with her family and got hooked on the challenge. She loves the high energy game and not only is it great for fitness, it's also lots of fun and brings out her competitive nature. "I was honoured to be selected to compete at the international level, feels great to be even considered, this is such an amazing opportunity I couldn't turn down!"

We will all be cheering for her in sunny Nadi in October!

Updates from IRD

Use of money interest

On 29 August 2023, interest rate for underpayments of tax increased to 10.91%.While the interest rate for overpayments of tax increased to 4.67%.These rates are the highest since 2009. Given the increase in rates, ensuring taxes are paid in full and on time has become more imperative.  If you are not able to pay for any taxes due, we recommend you get in contact with us so we can discuss your options as soon as possible.  Please get in contact here.

Household boarding service providers

Inland Revenue’s household boarding service providers rate for the 2023 income year is $222.00 (up from $207.00), as the weekly standard cost per boarder.

The rate covers standard expenses consisting of direct costs (e.g., food and household bills), cost of accommodation and use of motor vehicle in providing transport to the boarders. This rate provides a simple alternative calculation of deductions where taxpayers provide private boarding services in their home to no more than four boarders at any time during the income year.

Note, this can only be used for boarders. If you have flatmates in your home, then income is fully assessable and deductions can be claimed on a share of costs incurred.

Online training - Hubdoc

September's online training will focus on a Xero app - Hubdoc.

Hubdoc is a cloud-based document library system to keep all your bills and financial documents in one place. It allows you to load bills through Hubdoc and links into Xero to automatically create bills. It has a detailed document storage facility so for those of you who are looking for more functionality than Xero files, this will be a great training for you.

Hubdoc is available for Xero users with a Business Edition Xero plan (Starter, Standard and Premium). If you are on cashbook version Hubdoc is an additional fee.

Training will be online the 26th September. To register for the training click on the link below.

Register for training

Important Tax Dates

The Tael 2023 Tax Calendars are available from our website to download or you can collect one from the office (by appointment only).

Upcoming Tax Dates:

28 October -

• First instalment of 2024 Provisional Tax is due for payment (6 Monthly GST),
• 2 Monthly GST Return Filing and Payment date (Period Aug & Sept)
• 6 Monthly GST Return Filing and Payment date (Period April to Sept)

15 January -

• Second instalment of 2024 Provisional Tax is due for payment (non-GST registered & 2 Monthly GST)
• 2 Monthly GST Return Filing and Payment date (Period Oct & Nov)

‍28 February -

• 2 Monthly GST Return Filing and Payment date (Period Dec & Jan)

7 April -

• 2023 Terminal Tax is due for payment

7 May-

• Final instalment of 2024 Provisional Tax is due for payment (non-GST registered, 2 Monthly GST & 6 Monthly)
• 2 Monthly GST Return Filing and Payment date (Period Feb & Mar)
• 6 Monthly GST Return Filing and Payment date (Period Oct to March)

Christmas Party - Save the date

It's September already so Christmas planning is already on our radar.

It's been a tough year and we all deserve to celebrate our wins, big or small. We love to bring our clients together to thank them for their service but also to create a networking environment where clients can interact with other local businesses.

So, save the date in your diary ready for our client Christmas party - evening Thursday 30th November.

More details to follow in the next newsletter.

‍If you have any questions or concerns for us, please don’t hesitate to get in touch with us.

From

THE TAEL SOLUTIONS TEAM