Xero Cashflow Training and Tax Rate Changes
- August Xero Cashflow Training
- New Team Member
- Changes in Tax Rates
- Xero Beautiful Business Fund
- Important Tax dates
August Xero Cashflow Training
August online training will be focused on using Xero to manage your cashflow. We will be giving you some insights on Xero functionality and how to ensure you have the cash at the right time. This training will be held online using Microsoft Teams, Tuesday August 20th at 10am.
Please register below to attend. A link to the online meeting will be sent closer to the date.
Welcome Rachel to the team
We are very excited to introduce our new accountant, Rachel. Rachel comes with a wealth of accounting knowledge, and we are very excited to have her on the team.
"Hi! I’m Rachel, the newest member of Tael. My accounting journey started in 2013 and I haven’t looked back! I started in a small accounting firm, moved into foreign trusts for 6+ years and am now here. I enjoy working with numbers and adding value where I can. When not in the office, you can find me running around after our five kids, at the netball courts or supporting with my fiancé Ryan with his stunt motorbikes."
Please welcome her to the team!
Income Tax Rates
As announced by our new government, the individual tax banding will be changing effective from 31 July 2024.
New Income Tax rate
$0 – $14,000 - 10.50%
$14,001 – $15,600 - 12.82%
$15,601 – $48,000 - 17.50%
$48,001 – $53,500 - 21.64%
$53,501 – $70,000 - 30.00%
$70,001 – $78,100 - 30.99%
$78,101 – $180,000 - 33.00%
$180,001 upwards - 39.00%
As these changes in tax rates will take effect a third of the way into the year, a composite tax rate will apply for the year ended 31 March 2025.
For individuals who pay provisional tax, the standard uplift method calculation remains unchanged – but might result in over taxation if income levels do not change for the year. We wouldn't recommend paying less provisional tax as this comes at the risk of late payment penalties and use of money interest being charged.
If you have any questions on how these changes will impact you or your business, please get in touch.
Beautiful Business Fund
Last year Xero announced the Beautiful Business Fund which offers more than NZ$750,000 in funding to Xero customers across Australia, Canada, New Zealand, Singapore, South Africa, the UK and the US. Its back for 2024. Entries are now open, and they are inviting small business clients who use Xero to enter.
About the fund
There are four funding categories, and businesses can submit an entry in each category if they wish.
- Innovating for environmental sustainability: How is the business taking the next step on its environmental sustainability journey?
- Strengthening community connection: How is the business serving its community and making a positive impact?
- Trailblazing with technology: How is the business seeking to innovate and set pace using emerging technologies?
- Upskilling for the future: How is the business overcoming a skills gap and preparing for the future?
It’s simple to apply. For each category a business would like to enter, all they need to do is complete a short online form and record and upload a 90-second pitch video. This can be as simple as a self-recorded video on their phone.
For more details go to the Xero website.
Important Tax Dates
The Tael 2024 Tax Calendars are available to download from our website here or you can collect one from the office.
Upcoming Tax Dates:
28 August 2024 – The 1st Instalment of 2025 Provisional Tax is due for payment to the IRD & June/July Period GST payment
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.
