Ascend Accounting + Advisory

01/08/2024

We're all brave and brilliant!

We have a genuine interest in your personal and business goals and a shared responsibility for achieving them. However, good business requires taking calculated risks. We know this after running our own and working with a broad range of clients. So, we'll guide you through your business development and planning at every step, supporting you to be brave and brilliant too.

www.ascend.net.nz

26/07/2024

Xero Small Business Insights data released yesterday that show the country's small businesses saw sales plummet 8.3% in June compared with June 2023. It was the largest monthly year-on-year fall since May 2020 during the pandemic lockdown.

According to the Xero data, the sectors hardest hit in June were hospitality down 10%, construction down 10% and retail trade down 11.4% compared with the same month in 2023.

A timely reminder that we are only one quarter into FY2025, the best investment you can make in your business, is knowing your numbers and having a regular relationship with your accountant. Don't wait until the end of the financial year (another 8 months) to see how your business is tracking!

https://www.interest.co.nz/business/128831/xero-says-monthly-small-business-sales-fell-most-june-may-2020-during-pandemic

09/07/2024

🌟 Another Ascend client doing brave and brilliant things! 🌟

We're thrilled to spotlight Steve & Sarah and the opening of their new restaurant Madame Social. You guys continue to set the bar high with your exceptional work and beautiful eateries. Make sure you book in and check out this epic new spot with its official opening today!

01/07/2024

📍Introducing our ValueGap Report📍

We have been refining our service offering here at Ascend to develop comprehensive advisory services, tailored to meet the unique needs of every client. Our goal is to make high-quality advisory support accessible and available to all, regardless of the size and stage of your business.

Our new report documents the gap between where your key numbers are currently and where they could be with clear direction to make material improvements.

Your bespoke report provides an analysis of the strategies you can adopt to increase your business's profitability, cashflow, and value, including an overview of the impact our suggested changes could have.

We want all our business clients to benefit from this cost-effective service.

The Value Gap Analysis Report will help you:
💡 Recognise areas of your business that are performing well
💡Determine areas where you can improve discipline and operate smarter
💡Identify potential improvements to your cashflow, profit, and overall business value
💡Get clear direction for decision-making and planning
💡Establish how we can work together to help you achieve your goals
💡Drive your business to provide you with more mind, time and financial freedom.

Every business should spend time unpacking the opportunities that exist for them to operate smarter. With our broad financial knowledge and visibility across your finances, we're well-positioned to help you improve your numbers.

We've pulled together a Loom Video on how our Value Gap Tool works below - check it out!

27/06/2024

📢 Important Update on Residential Property Disposals Starting from 1 July 2024!

Starting from 1 July 2024, residential property disposals will be subject to a two-year bright-line test. This means any residential property sold under a binding contract from this date will not incur tax on any gain if held for more than two years.

Additionally, there are amendments to the main home exclusion and expanded rollover relief provisions.

⚠️ Note: Other tax rules, such as those for property developers, will still apply.

Stay informed and plan accordingly! If you have any questions or need further clarification, feel free to reach out.

27/03/2024

Our Chief Accountant has had to take some time off to help deliver all the treats over Easter Weekend.

Our office will be closed from tomorrow, Friday March 29th and we will all be back in office Tuesday 2nd April at 7.30am.

Have a wonderful Easter weekend 🐰🍫

20/03/2024

📢 New GST rules affecting short-stay accommodation providers in New Zealand! 📢

Starting April 1, 2024, if you rent out holiday homes or parts of your home through an online platform (example Air BNB), the platform operator will now be responsible for charging and paying GST at 15%.

Here's what you need to know:

✅ If you're GST registered:

⚫️ Inform the platforms you use about your GST status.
⚫️ You will no longer need to account for GST at 15% on your supplies of accommodation booked through a platform.
⚫️ Instead you must report these in your GST return as zero-rated supplies.
⚫️ No need to issue tax invoices to customers or platforms.
⚫️ You can still claim GST on your associated costs, as before.

❌ If you're not GST registered:

⚫️ If you are not currently required to be registered, there is no need to register or account for GST; the platform will handle this.
⚫️ However, you still need to keep an eye on your supplies to see if you reach the registration threshold. If you do, you will need to register for GST and must notify the platform of your change in GST registration status.
⚫️ You should receive 'extra money' from the platform, calculated at 8.5% of the GST exclusive price of your booking.

👉 Non-GST Registered suppliers of short stay accommodation - don't forget to review your pricing arrangements and consider the impact of this additional GST cost.
👉 GST Registered suppliers of short stay accommodation - consider what processes will need to change to ensure you disclose zero-rated supplies for bookings through platforms.
👉 Operators of platforms and booking agents should seek advice on how these rules affect their businesses, as they are complex.

For more details, check out the Inland Revenue guidance and special report or get in touch with one of the Ascend Team!

Stay informed and compliant!

13/03/2024

🏠 Tax Policy Announcement 🏠

The New Zealand government has announced its policy to reintroduce interest deductions for residential investment properties.

These deductions were previously removed in 2018 to cool the housing market. The move aims to incentivize property investors and provide relief to those facing increasing interest costs.

The new tax changes take effect from 1 April 2024. During this phase-in period, all affected taxpayers will be able to claim 80% of their interest expenses, with the deduction rate increasing to 100% from 1 April 2025 onwards.

Get in touch with the Ascend team if you have any questions on how this impacts your residential investment property ☎️

27/02/2024

As a business owner or manager, you need to be ready for the minimum wage rates increase from 1 April 2024.

The details of the increase are:

📌Adult minimum wage will go up from $22.70 to $23.15 per hour.
📌Starting-out and training minimum wage will go up from $18.16 to $18.52 per hour.
📌All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, child support.

If you have not yet talked to your Ascend account manager, payroll provider or your finance/HR teams now is the time. It is also an opportunity to check your employment records, processes and systems are current.

Read about types of wage rates, exemptions and more here:

https://www.employment.govt.nz/about/news-and-updates/minimum-wage-is-increasing-on-1-april-are-you-ready/?utm_source=Biz.govt_Newsletter_IRdatabase&utm_medium=22_February_2024&utm_campaign=Sole%20traders%20%7C%20Minimum%20wage%20%7C%20Online%20security%20%7C%20AI&utm_content=Minimum%20wage%20is%20increasing%20on%201%20April.%20Are%20you%20ready%20%C2%BB%20Employment%20New%20Zealand&utm_term=22_February_2024

11/02/2024

Ascend is very proud to be a part of the Taradale Junior Rugby for 2024 and the years to come!

If you have a child that is wanting to play Rugby Union this year, read the post below and register 🏃🏽.

The moment everyone has been waiting for!

Taradale Rugby & Sports invites all junior players (new and existing) to register for the 2024 playing season.

All existing TRSC Junior Club Players have received their registration form by e-mail (if you haven’t please let us know at [email protected])

Any new players to Rugby, please visit our website sporty.co.nz/taradalerugby/ and fill in the Junior Player Rego Form to register - under Club Registration Forms tab.

Club weigh-in info:
Sun 10th March 10am – 12 noon (TRSC Open Day - more info on this to come)
Fri 15th March 5 – 6pm
Fri 22nd March 5 – 6pm
AND must attend compulsory HBRU weigh in at Taradale Rugby Club on Tues 26 March 3.30 – 5.30pm.
All tackle rugby players must be weighed in (U8 – U13).
Kindy Rippa and Grades U6 and U7 do not need to attend Club or HBRU weigh-ins, but are invited to attend our Club Open Day on Sunday 10 March.

Once you’re registered and have paid your season fees, you will receive one of the new look junior club tees - see pic ⬇️
If you want to add your name to the back of the tee, the cut-off is March 27th.

A massive thanks to Ascend Accounting + Advisory, ISLA Skin Therapies, Build 100 and Higgins Concrete for their sponsorship of the TRSC Junior Club tees – our players will wear them with pride 👍

Looking forward to the season! 🏉
Any questions, please let us know