Balanced Accounting Taranaki Ltd

03/08/2024

FAMILYBOOST

FamilyBoost is a new childcare payment to help eligible households pay the cost of early childhood education (ECE).

From 1 July 2024, if you’re eligible, you claim up to 25% of your weekly childcare fees, or a maximum of $975 every 3 months.

To find out more about:
Who can get FamilyBoost
Amount you can claim
How to claim FamilyBoost
How often you can claim
Your household income
Care arrangements
Visit – ird.govt.nz/FamilyBoost
or ring Trent, Michelle or Ross on 06 927 3173

FamilyBoost is a childcare payment to help eligible households pay for the cost of early childhood education (ECE).

26/05/2024

Trust Tax Rate Changes

As from 1 April 2024 there have been changes to the Tax rates applying to Trusts.

Prior to 1/4/24 the rate remains the same at a flat 33% rate.
The Tax rate will depend on what your Trust Income is. Trust Income is defined as Income minus Expenses minus any Beneficiary Distributions.

The Tax Rates will be as follows:
1. If the Trust Income is $10K or less then the Trust tax rate will be 33%.
2. If the Trust Income is $10,001 or above then the whole Income will be taxed at 39%.

There are some exceptions to the 39% rate and these are:
1. Estates – They will continue to pay 33% for the year the person dies and the next 3 years.
2. Disability Trusts
3. Energy Consumer Trusts
4. Legacy Superannuation Funds

If you require any further information relating to this please contact Trent, Michelle or Ross

23/04/2024

Bright-line Changes

The next change we will be discussing is the changes to the Bright-line test.

The rules change from the 1 July 2024.

We now need to look at the date of sale (after 1/7/24) as the bright-line will only apply if the property is sold within 2 years of purchasing it.

If you sell before 1 July the current Bright-line rules will apply:

- If you purchased between 29/3/18 and 26/3/21 the 5 year rule applies

- If you purchased on or after 27/3/21 the Bright-line rule applies if you sell within 5 years for qualifying new builds OR within 10 years for other Residential property.

The Main Home exclusion will still apply however the rules criteria is reverting back to the old rules. You must:

- Use more than 50% of the Property's area as your main home

- Use the Property as your main home for more than 50% of the time you owned it.

The IRD has good articles on the changes as a further reference point.

18/04/2024

The New Tax Laws have finally been finalised and enacted.
Over the next week we will cover the changes made.
Today we will cover the Changes to the Interest Limitation rules relating to Residential Rental Owners.

From the the 1 April 2024 you can claim 80% of the Interest incurred for money borrowed for Residential property. This is regardless of when the property was acquired or when the Loan was drawn down.

From the 1 April 2025 you can claim 100% of the Interest incurred which will fully restore the amount of Interest you can claim.

For the year ending 31 March 2024 you are under the old rules and can only claim 50% of the Interest.

The rules for New Builds and properties rented to qualifying Social Housing entities will not change and can continue to claim 100% of the Interest incurred.

23/04/2023

We are proud to support Conductive Education Taranaki Ltd - and Ross put in a team for the golf day - everyone enjoyed it.

Thanks Conductive

05/03/2023

OBSERVATIONS ON AGING

"The years between 50 and 70 are the hardest. You are always being asked to do things, and yet you are not decrepit enough to turn them down." - T.S. Elliot

"At age 20, we worry about what others think of us … at age 40, we don’t care what they think of us … at age 60, we discover they haven’t been thinking of us at all." - Ann Landers

"The important thing to remember is that I’m probably going to forget." - Unknown

"It’s paradoxical that the idea of living a long life appeals to everyone, but the idea of getting old doesn’t appeal to anyone” - Andy Rooney

“The older I get, the better I used to be.” – Lee Trevino

"I was thinking about how people seem to read the Bible a lot more as they get older, and then it dawned on me — they’re cramming for their final exam."- George Carlin

"To get back to my youth I would do anything in the world, except exercise, get up early, or be respectable." - Oscar Wilde

"The older we get, the fewer things seem worth waiting in line for." - Will Rogers

"Inside every older person is a younger person wondering what happened." - Jennifer Yane

"I’m so old that my blood type is discontinued." - Bill Dana

"The older I get, the more clearly I remember things that never happened. - Mark Twain

“Old people shouldn’t eat healthy foods. They need all the preservatives they can get.” – Robert Oget

"When I was young, I was called a rugged individualist. When I was in my fifties, I was considered eccentric. Here I am doing and saying the same things I did then, and I’m labelled senile." - George Burns

"You know you are getting old when you barely do anything all day, but still need a nap to continue to do barely anything.” - G Jones

21/02/2023

Congratulations to Katelyn on her WITT graduation achieving a Bachelor of Applied Management Accounting majoring in Accounting. Great work.

13/02/2023

Morning Everyone.
We have decided not to open today.
Stay Safe
Ross, Trent & the Team

21/01/2023

Cost of Living Payments Reminder

For those Client’s who haven’t yet sent there 2022 records into the Office this is just a gentle reminder that if you meet the criteria below we need to file your 2022 Tax Return by 31/3/23 for you to receive it.
The criteria is:
You can get the Cost of Living Payment if you earned $70,000 or less over the period 1 April 2021 to 31 March 2022, and you're:
• aged 18 or over
• a New Zealand tax resident living in New Zealand, and
• not eligible for a Winter Energy Payment.
There's a group of people who are not eligible for the Cost of Living Payment. Please see our website for more details. ird.govt.nz/cost-of-living-payment You don't need to send in an application.
We'll check your records, and if you qualify, you'll receive the Cost of Living Payment automatically. How much is it? The Cost of Living Payment is $350, split into 3 payments. When will the money be paid out? If you qualify, you'll get the money in 3 monthly payments, starting on 1 August 2022. For most people, the 3 payment dates are:
• 1 August 2022
• 1 September 2022
• 3 October (the first business day of the month).
The money will be direct credited into your New Zealand bank account. We'll check to see if you're eligible for the Cost of Living Payment before each monthly payment is made. You could be eligible for 1, 2 or all 3 payments. When you might see the payment in your bank account Due to the large volume, payments will be staggered throughout the day of each payment date so some customers will get paid before others. Customers who have a credit union account will receive their payment the day after each payment date. What you can do to prepare for the payments We'll pay the Cost of Living Payment into the bank account we hold for your Income tax account. Check myIR to make sure this is correct. Where can you find more information? Please visit our website for more information about the Cost of Living Payment: ird.govt.nz/cost-of-living-payment IR1153 | June 2022 As part of Budget 2022, the Government has introduced a short-term Cost of Living Payment to help eligible people with their day-to-day living costs. The Cost of Living Payment is assessed and automatically paid by Inland Revenue. C

The Cost of Living Payment aims to provide increased cost-of-living financial support to eligible individuals. Find out if you'll get the payment.

16/11/2022

Accounting Opportunity

At Balanced Accounting Taranaki Ltd are looking for an Accounting or Accounting Student to join our Team.
In our office you get to complete the Clients Draft Accounts and Tax Statements for review by the Partners. In addition you will look after clients GST's and Wages/PAYE.
The hours of work are 8.00am to 4.00pm, Monday to Friday.
We are a small friendly team and will provide lots of on job training as well as other professional training.
If you would like to investigate this opportunity more please send your CV to [email protected].