Tag Archive for: Savage & Savage

Changes in GST record keeping

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Good news for the trees, the planet and your storage cupboard!! IRD are introducing changes in GST record keeping in two stages that will reduce the amount of paper storage required for businesses.

There have been some smaller changes regarding GST effective 30.3.22

Buyers of goods had to keep a physical tax invoice to be able to claim GST for anything over $50. With the changes, a bank statement, contract, supplier agreement or electronic tax invoice is sufficient for expense claims.

Sellers still need to produce tax invoices over $50.

There are also changes to Buyer-created invoices (where the buyer determines the price perhaps by weight of the goods etc.) and also shared tax invoices. These are more detailed, and do not apply to many, so if this applies to you, click on the link above.

More changes are coming….

Many more changes are coming in April 2023, these changes mean no more invoices for purchases under $200. You can use a bank statement line to show who you paid and when. However, remember to note on your payment what it was for.

For purchases between $200 – $1000 you will need to keep a record as before, but an electronic record is sufficient. For those who use Xero, there is already provision to store your invoices in Xero. No more printing out! The buyers details are not required.

Over $1000 a full copy of the supply with all details are needed. No paper required.

Of course these are all proposals. IRD have yet to fully explain all the changes, so we will keep you up to date as changes are finalised.

These changes in GST record keeping are a step in the right direction in reducing paperwork and compliance. Let’s face it, the trees on the planet can be used for better things than tax invoices.

Covid-19 Short-Term Absence Payment

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Financial support for businesses to pay people in situations where they cannot work from home and need to stay at home while waiting for a COVID-19 test result.

What is it?

The Payment is a one-off amount of $350 for each eligible worker (full or part time) that is unable to work from home while they are staying home waiting for Covid-19 test results.

Who is it for?

  • For a person, employee or self-employed, that is staying home while waiting for their own Covid-19 test result.
  • Can also be for a parent or caregiver of a dependant that needs to stay home while waiting for a Covid-19 test result
  • A household member or secondary contact of someone who is a close contact to a person with Covid-19, and the worker has been advised to stay home while waiting for the close contact’s test results

Criteria

Test must have been taken on or after 9 February 2021. The payment can be applied for up to 8 weeks after the test, but not retrospectively if the test was taken before 9 February 2021.

Payment cannot be paid for workers who:

  • Doesn’t have Covid-19 symptoms and involved in routine testing or not been notified through contact tracing to stay home
  • Are returning international air crew
  • Are currently overseas
  • Are staying in managed isolation facilities
  • Are an employee of a State Sector organisation or SOE

Business can’t apply if receiving other Covid -19 wage subsidy or leave support scheme payment for the same worker.

Applications

Application must be completed by the business, not the worker. The self-employed or contractors can apply directly.

Payment can be applied for once in a 30 day period (for each eligible worker)

Apply online using MSD online form https://www.workandincome.govt.nz/covid-19/short-term-absence-payment/how-to-apply.html#null

Sari Hodgson Awarded FCA Status

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Each year the Council of Chartered Accountants Australia and New Zealand recognises outstanding achievement in the profession of accountancy by awarding Fellowships to its members.

Fellowships, are awarded to members who are nominated by their peers for outstanding career achievement or contribution to the profession.

The 2019 awards are to be formally announced in a few days but we are able to share some fantastic news with you – Sari Hodgson, Director of Savage & Savage Limited, has been made a Fellow of CA ANZ this year.

The founder of Savage & Savage Chartered Accountants, Mr Noel Savage, was himself an FCA and Sari says she is proud to follow in her father’s footsteps. “I am also delighted to be able to help our clients succeed in business as well as contributing to our community whenever I can.”

Sari is a Past President of the Nelson Tasman Chamber of Commerce, was the Chair of the Bishop Suter Art Gallery Trust and guided the organisation through the process of changing from a private trust to a Council Controlled Organisation. Sari has been the Chair of the School of Business Advisory Committee at NMIT for more than fifteen years. She has also written several books aimed at helping small to medium businesses. She is a Rotary Paul Harris Fellow. She also supports many community organisations through Savage & Savage.

 

FELLOWSHIP CRITERIA
The member must have demonstrated excellence through:

1. Outstanding achievement in the profession of accountancy through his
or her career
And/or
2. Outstanding contribution to the profession of accountancy through
a. Service and participation with distinction to CA ANZ, ICAA or NZICA
or other organisations within the profession; and/or
b. Services to the community or business; and/or
c. Teaching, research and or writing within the field of accounting that
reflects positively on the profession.
The member may be nominated under criteria one, any part of criteria
two or a combination of these criteria.