Menu
June 2014                                                                                                                 Issue No 14

XERO

We had quite a bit of feedback from clients re being changed to Xero software. Apart from clients who have chosen to use Xero themselves only a few clients for whom we complete GST have been switched to this software so that we can evaluate it along with other similar software on the market. 

Remember if you do use Xero the preferred browsers are Google Chrome or Firefox .
   


KIWISAVER
It is time to check that you have paid the minimum amount to claim the Government Top Up of $500.

You need to have paid $1043 into your Kiwisaver Account from 1 July 2013 to 30 June 2014.  If you need to top up simply do it through online banking selecting the IRD Payments option. The code you need to select is KSS.

This should be done before 30th June to ensure it is processed in time.

CHANGES TO IRD PAYMENT OPTIONS

The IRD are pushing for all payment transactions to be done electronically by taxpayers so from the 1st October 2014 you will longer be able to make cheque payments or drop off returns and forms at Westpac. You can still make cash and eftpos payments at the bank.

This also means that we will no longer be able to accept payments on your behalf to deposit with the IRD, a service we have been happy to provide for our clients in the past. If you require help to do online banking we are more than happy to assist you with this. 

Cheque payments must arrive on time:

From 1 October 2014, cheque payments posted to the IRD must arrive on or before the due date to avoid interest and late payment penalties. 

This will also mean that if you plan to continue paying GST, PAYE etc by cheque you will not be able to leave it to the last minute. If you do you will run the risk of both the form and payment not reaching the IRD in time and incurring late filing and/or late payment fees.
 INDEPENDENT TRUSTEE
                  

Reluctantly we have made the decision that we will take on no new trusteeships and over time will look to resign the trusteeships we have. (Presently Accumulus Trustee companies act as independent trustee for over 60 client trusts.)

The main reason for this is that the potential risks and liabilities for an independent trustee just keep increasing.

 Banks will usually restrict the liability of an independent trustee to the assets of the underlying trust, but no such limitation of liability is given by other potential claimants on the assets of a trust which might include, IRD, trade and other creditors and beneficiaries.

 Having a trustee company as the trustee does not prevent considerable costs being imposed on the independent trustee, if as has happened on occasions, a creditor successfully petitions to wind up the trustee company.

 Possible changes to the Trustee Act also seek to make the directors of trustee companies personally liable for obligations of the trust, which could negate any protection offered to independent trustees by the trustee company structure.

 Accumulus will, in the meantime, continue with all existing trusteeships* but will look to resign as trustees when suitable occasions arise. This would be at a time of minimum cost or inconvenience to you, such as when the trust is undertaking some action that may anyway require the re-registration of some or all of its assets eg the purchase or sale of a property.

 Our recommendation in the circumstances of our resignation is that the "Dad and Mum" trustees continue as the only trustees. Accumulus can still be fully involved as an advisor, aware of the trusts activities and minuting decisions on your behalf etc but without actually being a trustee.

 *Where the trust has no operating activity and for example simply owns a residence Accumulus may be prepared to continue as independent trustee.

 If you have any questions regarding the above please don't hesitate to contact us.


 
 STAFF HOURS

Principals                                                                     Office Hours
 
Alan Dodwell                                                          
Monday to Friday  8.30am to 5pm

Janet Lacey                                                             Monday, Tuesday, Thursday 8.30am to 5pm
          
Paul Shanks                                                            Monday Wednesday, Thursday 8.30am to 1pm,
                                                                                         Friday 8.30 to 5pm

Bev Oswald                                                             Tuesday and Wednesday 9am to 5pm

Staff Members

Maree Brown                                                         Monday to Friday 8.30am to 5pm

Viv Proffitt                                                               Monday to Friday 8.30am to 5pm

Sheryl Sutton                                                         Monday to Friday 8.30am to 5pm   

Renae Mohi                                                             Monday to Friday 8.30am to 4pm

Lisa Robb                                                                  Monday to Friday 9am to 4.30pm

Sue Penny                                                                 Monday to Wednesday 8.30 am to 5pm

Yvette Williams                                                    Monday to Wednesday 10.30am to 3pm


Reception:
  
Carey Hume                                                           
Monday to Wednesday 9am to 5pm

Chris Hewlett                                                         Thursday and Friday 8.30am to 5pm

Melissa Western                                                   Monday to Friday 8am to 4.30pm