September 2022 - Inside this issue

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• Xero Price Increases
• Cost of Living Payments
• Preferred Contact Type
• October GST Period
• September Xero Training

Xero Price Increases

Your Xero Business Edition plan has increased in price this month.

Starter plan:  Current $29/mo - New: $31/mo - Change: +$2              

‍Standard:  Current: $62/mo - New: $66/mo - Change: +$4

‍Premium:  Current: $78/mo -  New: $84/mo -  Change: +$6

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Please remember if you have set up an automatic payment for the payment of these invoices, could you please adjust your payment to the new monthly amount, whether you are on an MIA or pay for just the Xero fee, 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 (for those who can claim 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. Clients who think they should have received a payment but did not, can check by logging in to myIR and selecting ‘I want to…’ and then ‘Cost of Living Payment eligibility’.

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.

IRD will pay the amount to the bank account they hold for your Income tax account. Make sure they have the correct details in myIR. As your tax agent we do not have access to update the Cost of Living bank account number so you will need to update the bank account directly in MyIR.

They can only make the payment to a New Zealand bank account. This can be any bank account you choose to have the payment made to.

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.

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

Preferred contact type

As part of our commitment to provide you with the best customer service possible, we would like to know your preferred way to contact you.

Some prefer a chat over the phone, some prefer an email or even a text follow up if you know you will have your phone handy. By letting us know your preferences, we will update our system and we will endeavour to contact you on that method. Having said that, we do follow most calls with an email so it is confirmed in writing for both our records.

Can we ask you to take 30 seconds to complete the below contact preference request.

What is your preferred contact type?

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October GST Period

A reminder that in October we process both the 2 monthly August/September GST returns and 6 monthly April/September GST returns plus 6 monthly Provisional tax payments.

Please have your Xero coded (if you do your own coding) for all transactions up until the 30 September by the 5th October so we can process your GST returns as soon as possible and please provide us with any additional information if needed.

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.

Register here

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

From

THE TAEL SOLUTIONS TEAM