Kendons News - Introducing our new look

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Dear <<First Name>>

We are excited to show you our new look and brand.

We offer so much more than just basic accounting services so thought it was time to update our logo and branding to reflect this.

We will be rolling this new look out over the next few months, so keep an eye out for it.

You may have also noticed over the last few months our “emojis” appearing here and there. These show Kendons Core Values, representing our identity and culture.

Our core values are:

Having a clear set of Core Values provides a great foundation and guide for the way the Kendons team interact with clients and each other.

Talk soon,
The Kendons Team

Tracking Hours Smart and Easy

Whether you're a consultant, tradie, in the service industry or in an office, tracking work time or jobs is important. First, because it ensures who and what to charge and secondly it provides you with key information for efficiency and decision making.

We know that completing time sheets is not always easy and doesn't provide instant access to other team members to collate information. In this day and age there are many options available. Key points to consider are, ease of use, compatibility with your work systems and reliability. If you have an iPhone then take a look at this cost effective app, Hours.

Hours makes real-time tracking easy by keeping a running list of timers that you can switch between with one tap. You can set reminders to notify you if you haven't entered any activity for a period of time and all can be connected through the cloud.

If you want to find out more, then check it out here.

This section is to keep you informed on technology and new products that may assist with your business. However, we do not endorse or take responsibility for any product mentioned.

Meet with us quarterly

Many of our clients are meeting with us quarterly to review:

Their personal and business goals
Problems and challenges
Set actionable goals for overcoming those problems and challenges.

Of course, we can all set goals, but the real key is hard accountability to someone independent. The secret to making a difference from your current position is being accountable to somebody for your actions.
With accountability in place, clients are achieving more freedom of time, mind and money.
The benefits to you of meeting with us quarterly are:

Increased accountability and support from us to enable you to achieve your desired results
Increased profitability and cash flow
We will work with you to determine a process to report your actual results against your budget
You develop an understanding of the key drivers of your business and what impacts them
Identifies and helps to solve your burning issues
Gives you access to an expert sounding board, so you can discuss your ideas and the impact of these prior to making any decisions within the business
Improved business performance by identifying ways to overcome challenging issues
Keeps your Business Plan as a ‘living document’ to ensure you are working towards your goals
Alignment amongst the Directors/business owners in prioritising what projects are important.

Team Update

We are continuing to grow and are pleased to introduce our newest team member.

Last month we welcomed Robyn Beattie to the team. Robyn is one of our Client Managers and will be working mainly in the business development area.

Robyn has experience in chartered accountancy, corporate finance, New Zealand health system, and the not-for-profit sector. Robyn is motivated by achieving outcomes that make a positive difference to others.

Commonly asked questions about tax pooling

An option we recommend to clients who have missed or not paid enough provisional tax is Tax Management NZ (TMNZ).

We have fielded some queries regarding their service, so thought we’d take the time to address these.

Is the tax pooling service provided by TMNZ approved by Inland Revenue (IRD)?
Yes, TMNZ registered with IRD and operates under legislation set out in the Income Tax Act 2007 and Tax Administration Act 1994.

Tax pooling came into effect in 2003. It was introduced by IRD to allow provisional taxpayers to reduce their exposure to interest and late payment penalties if they underpaid or failed to make their provisional tax payments.

How is TMNZ able to eliminate late payment penalties and reduce interest costs on underpaid or unpaid provisional tax that was due on a date that has passed?
The payment you make to TMNZ is effectively a purchase of tax previously paid into the TMNZ tax pool account at IRD on the original date it was due.

As this tax was date-stamped on the date it was paid, it is therefore treated as paid on time by you once IRD processes the transfer from the TMNZ tax pool account to your own IRD account, therefore reducing interest and, if applicable, eliminating any late payment penalties incurred.

This seems too good to be true. Why does IRD allow the use of tax pooling?
IRD is mainly concerned with receiving the correct amount of provisional tax at the right date from taxpayers. As such, it supports tax pooling because it provides a way for taxpayers to reduce their compliance costs while ensuring they pay the tax that they owe throughout the year.

Are the payments I make to TMNZ secure?
Yes, all payments made to TMNZ are made into bank accounts administered by Guardian Trust, a leading, independent trustee with more than 125 years’ experience in New Zealand. Guardian Trust also oversees the TMNZ tax pool account at IRD in which funds are held.

At no stage does TMNZ have any contact with, or access to, your tax payments.

What tax types can TMNZ assist with?
Provisional or terminal tax for the current tax year or the year just completed, provided you are no more than 75 days past your terminal tax date.

Can TMNZ assist with other tax types?
In the event there has been a notice of reassessment issued by IRD due to an audit or voluntary disclosure, TMNZ can help with other tax types such as PAYE, GST, FBT, RWT and NRWT.

A return must have been filed, and clients have 60 days from the date the notice of reassessment was issued to pay the additional tax they owe through TMNZ.

Kendons Office Closure - 24 November 2016

The Kendons office will be closed for the day on Thursday 24 November 2016. Emails and voicemail messages will be cleared first thing the following morning. For any urgent matters or emergencies on the day, Michael Markham can be contacted on 027 662 3766.