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December 2015                                                                                                            Issue No 20

 

CHANGES AT ACCUMULUS


           

OUT

Sadly we are losing two team members:

LISA ROBB is leaving to take her family up to Auckland where her husband's work is based.

SUE PENNY is leaving initially to look after her sick father and also to look after their avocado orchard while her husband works on building their new house.

Both will be sadly missed Lisa for her bubbly personality and outrageous comments and Sue for her technical competence and calm good humour.


IN

Happily we are welcoming two new team members:

TRACEY BODY has already started to effect a handover from Lisa. Tracey and her family are long time residents of Katikati and she has plenty of experience having previously worked for Bev Oswald and Ingham Mora.

MATTHEW DAVIS is a newly qualified Chartered Accountant who is joining us having previously worked for Crowe Horwath in Queenstown. He will be joined by his wife and two young children who no doubt will enjoy the warmer climate.

In addition we will have some part time help from Karl Ward who has worked for Accumulus for a number of years in the past. He is having a break from the joys of working for a large accountancy firm in Wellington and visiting family for a couple of months.

We believe we have the transition of client work between people reasonably well sorted but please accept our apologises if the changes do give rise to any inconvenience for you.

                       


WEBSITE

The Accumulus website is now "responsive" so it adapts to read easily on smartphones

and small screen computers.


           

BANK ACCOUNTS IRD

Accumulus has in the past been reluctant give client bank account details to the IRD as this means the IRD issue refunds by cheque via Accumulus and we have the opportunity to check the refunds before they are received by clients.
However for the following reasons we are changing our policy:

 - Clients will receive refunds more quickly by direct credit from IRD without postal and administrative delays.

 - IRD are openly trying to minimise the number of cheque payments both that they receive and that they issue.

 - Receiving and then on sending or banking of client refunds to their bank accounts involves Accumulus in double handling for the relatively few refunds which are identified as in error.

We will endeavour to confirm with you the bank accounts which we are giving to IRD to ensure the correct accounts are used. This will happen over the next year for clients where IRD do not have their bank details.

The most common situation where wrong refunds occur is when a request has been made to transfer a refund from one taxpayer to settle the tax payable for another related taxpayer. If the transfer is not made by IRD and the refund is refunded and banked the IRD may then charge interest and penalties for the related taxpayer who has not paid their tax.
           
Please do check any refunds you receive from IRD as if they are received in error the IRD does allow a couple of weeks for the funds to be returned and dealt with correctly.


           

IRD MODERNISATION


SYSTEMS            

In June this year IRD selected Fast Enterprises an American company to develop the new software for its computer systems at a cost of $1 to $2 billion over the next ten years.

The IRD website is also now "responsive". The IRD expectation is that amongst other things "most people will interact through simple and secure services using digital devices, and spend significantly less time dealing with IRD".

IRD collects and distributes some 80% of core crown revenue approx $54 billion pa


           

IRD RETURN FILING

The IRD is presently trialling the filing of GST returns directly out of clients XERO and MYOB accounting software. The facility will be made available to all accounting software providers and the intention is that direct filing will be publicly available in late 2016.

Development work is also being carried out on the direct filing of payroll returns, though this is somewhat more problematic. The idea is that each time a payroll is run whether it be weekly or monthly, the data will feed directly through to IRD.

Apparently there are some 50 different payroll software providers in NZ.

The intention is also to link directly through to methods of payment so the filing and payment can be effected through the link to the IRD website via the taxpayers software.



FINALLY


From all of us at Accumulus - 
           

We wish you all the best for a Happy Christmas and a great and prosperous 2016.