As it gets closer to the end of the year, we’re excited to share a handpicked collection of resources and updates to brighten up your day.
Just in case you missed it, our recent webinar about personal budgeting is now just a click away. Dive in whenever you have a moment, soak in some valuable insights, and explore a whole new level of financial clarity at your own pace. And hey, don’t forget to download your free personal budget template – it’s like a sidekick for boosting your financial know-how.
Stay ahead of the curve by syncing your calendar with our lineup of important Tax dates – we’ve got your back so you never miss a thing. Here’s to a quarter filled with progress, learning, and celebrating achievements together!
Take care,
Hazel, Katrina, and Linelle
Your Personal Budget Webinar
A couple of weeks back, Hazel and Katrina hosted a webinar that really shed light on the concept of financial freedom through crafting a personal budget. The response we received from the webinar was overwhelmingly positive. However, we realise that not everyone who registered had the chance to join us that day.
The good news is, we’ve gone ahead and uploaded the webinar onto our website. And as an added bonus, we’ve included a link for you to download your very own personal budget template. So, whether you couldn’t make it to the live session or just want a refresher, you can catch the webinar and download the template at your convenience.
Here’s a sneak peek at what the webinar covers:
- Discover why creating and keeping tabs on your personal budget is crucial.
- Boost your confidence in analysing your spending patterns.
- Unearth where your hard-earned cash tends to wander off and master better control.
- Learn how to set and achieve your wealth goals.
Head over to our website by clicking here – you’ll also be able to download your personal budget template there also!
See our insights and recommendations related to taxation and payment strategies
Tax Planning:
Effective tax planning can significantly impact your financial position. We recommend regular tax planning reviews to identify potential opportunities for tax minimisation. By aligning your business activities and financial decisions with the most favourable tax strategies, you can optimise your tax liability.
Payment Schedule Optimisation:
Maintaining a well-structured payment schedule can help you manage your cash flow efficiently. By strategically timing your payments, you can maintain liquidity while also taking advantage of discounts and avoiding late payment penalties. We suggest developing a payment calendar that aligns with your revenue inflows and ensures timely settlements.
Record Keeping:
Maintaining organised records of income, expenses, deductions, and credits will not only simplify your tax reporting but also support your position in case of any tax audits. We highly recommend leveraging software like Xero to facilitate your record keeping and streamline the process of uploading receipts. We are fully equipped to provide you with training on accurate Xero usage, enabling you to harness the software’s capabilities to save you valuable time.
We recommend scheduling a meeting to discuss these recommendations in more detail and to address any questions or concerns you may have. Our team is dedicated to assisting you in implementing these strategies effectively and ensuring that your tax-related processes are well-managed.
Northland Inc Grants
Please know that these grants are taxable and they also have GST on them.
2023 End of Year Checklist
In case you haven’t yet submitted your 2023 financial records, we strongly encourage you to do so now. To make the process smoother for you, we’ve provided a link to the checklist below that will guide you in gathering the necessary information.
We recognise that assembling this data might feel overwhelming, and we’re here to help. Feel free to reach out to us, and we’ll gladly offer our assistance.
Please keep in mind that your 2024 provisional tax payments are determined by adding 10% to your 2022 RIT (Residual Income Tax). Therefore, if there have been any changes in your 2023 income, it’s highly advisable that we complete your 2023 financials sooner than later as this will ensure that your tax payments for 2024 are calculated accurately based on your 2023 actual figures
Download our 2023 EOY Rental Checklist
Download our 2023 EOY Business Checklist
Download our 2023 EOY Trust Checklist
Why your accountant is the mentor you didn’t know you needed
A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by providing advice and feedback on what steps to take to reach the pinnacle of success.
But have you ever thought of your accountant as a mentor?
Why your accountant is the ideal mentor
Having someone who understands your business journey is incredibly important. You might see an accountant as someone who files your tax returns. But, in fact, we’re experienced business owners, with access to a significant network of other business professionals.
An accountant can be the mentor you didn’t know you needed. No-one knows your business better than us, so we’re perfectly placed to offer you advice, guide your business journey and help you push your skills and capabilities as a business owner.
As a mentor, an accountant will:
- Expand your knowledge as an entrepreneur – as business owners, we have the knowledge and experience to help you move your business forward. And we can work with you to expand your leadership skills, business thinking and entrepreneurial ideas.
- Be a shoulder to lean on – we’ll offer 1-2-1 mentoring sessions where we can listen to your unique worries and concerns as a business owner. Having someone on the same page to listen and empathise is vital for your business and your own mental health.
- Guide the important elements of your business – we’ll help you manage and improve your business strategy, planning and decision-making skills. We’ll also provide the management information systems you need to guide your finances and planning.
- Keep your finances on track – we’ll show you how to maximise profits, reduce costs, and make better financial decisions. We’ll also help you plan your own personal wealth and tax strategies, so you can achieve your own entrepreneurial goals and lifestyle.
- Introduce you to a broader business network – we work with hundreds of other business owners across a range of industries. This means we can link you up with other entrepreneurs and founders, so you have a network of other like-minded individuals to connect with. This can be vital when brainstorming and benchmarking, or if you need to talk to someone who understands the specific pain points you’re experiencing.
Having someone to guide your business journey can be invaluable. A business owner must grow and evolve along with their business, and having regular mentoring catch-ups is the ideal way to progress, offload your concerns and look for new inspiration.
If you want to grow as an entrepreneur, please come and talk to us about our mentoring services and how we can guide your business future.
Key Upcoming Tax Dates
28th August
- Your GST Return and payment is due for the taxable period ending 31 July
- Interim student loan repayments are due. They count towards your end-of-year repayment obligation
- Provisional tax payments are due if you have a March balance date and use the standard estimation or ratio options
20th September
- Employer deductions payment due for August for small to medium employers
28th September
- Your GST Return and payment is due for the taxable period ending 31 August
First Aid Certificates – Is your business up to date?
Katrina and Hazel recently completed their first aid refresher course, equipping them with vital life-saving skills. Accidents can strike at anytime, but having trained personnel ensures quick action and prevents further harm.
Katrina and Hazel completed this refresher course through Simon Townsend at ProMed, visit their Facebook page by clicking here. Don’t put it off, book now!
Donations vs School Fees
If your payment includes GST, it is not considered a donation. GST is tax applied to goods and services, and it cannot be claimed in your next GST return
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By following us on Facebook, you’ll be among the first to catch wind of our newest releases, insightful content, and upcoming events. It’s the perfect way to stay connected and engaged with all things Coastal Accounting!
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