YEAR-End Client Checklist
The completion of the following year-end checklist will ensure we have the correct information to prepare your financial accounts and tax returns efficiently.
XERO TIPS AND TRICKS
1. We have created a simple quick tips guide for reconciling Xero bank and credit card accounts. To download the guide click here.
2. All MDA XERO Business subscribers have unique email addresses which can be used to;
A. Forward a supplier invoice email, that has an invoice PDF attached and XERO will automatically record the information as an invoice to be paid in your XERO organisation account. Xero will create a draft bill with a side by side view of your PDF bill and thus will be ready for bank reconciliation matching when you pay the invoice.
Clever, so just an approval check is required, as opposed to manually keying in invoice details.
B. Forward an email to your organisation XERO Inbox, with a document attachment for cloud storage and access in XERO. Useful for such things as working papers and scanned PDF documents (from any device with access to cloud email) so that they are stored, can be sorted into folders and cloud accessible in XERO.
A tip/trick is to add your unique email addresses as a contact (in Google contacts for example or to your contacts your email account uses) with simple descriptor names such as XERO Invoice to Pay and XERO Inbox so you don't need to look up the email address again (XERO email address is quite long as has unique organisation id info) .
We love the above features as a great step toward being as ‘paperless as possible’. This is a strategic goal of Martin Davidson as part of our digitalisation vision.
You can find more info about forwarding emails and finding your XERO organisation email address by clicking here. Note you will need the standard or invoice only user role to view bills. If you would like help regarding the above feel free to contact Debbie Andrew firstname.lastname@example.org.
ChaNGES TO EQC AcT ARE NOW IN EFFECT
Living in New Zealand and within the 'Ring of Fire' means risk planning is vital as part any wise asset planning structures as explained here.
So it is vital to note that changes to the Earthquake Commission (EQC) Act that is now in effect.
If you have residential fire insurance for your home or contents, the below information will inform you of relevant details.
What: Changes to the EQC Act include the following:
From 1 July 2019:
- removal of the $20,000 (+GST) EQCover for contents
- an increase in the cap on EQC residential building cover from $100,000 to $150,000 (+GST). Under the Act, EQC provides cover for damage to a residential building up to the cap for each natural disaster event, depending on individual policy arrangements.
From 1 February 2019:
- an extension of the time frame for lodging a claim with EQC for natural disaster damage from three months to two years
- an increase in EQC’s ability to share property-related information, as necessary, to settle insurance claims.
Changes to contents cover and the increase in the residential building cap will be phased in over 12 months from 1 July 2019. If you have a current fire insurance policy, the changes will take effect on the anniversary date of your existing policy (which is generally the annual renewal date). If you take out a new policy, the changes will take immediate effect.
Who: Residential property owners and landlords who have a current private insurance policy for their home that includes fire insurance? Note tenants that reside in residential rental properties may also be affected.
Next Steps If You Own Rentals: Expert advice is the best option here from either your insurance provider or broker about home or contents coverage for your residential property. Tenants will need to check their insurance policies as well.
If you are considering the purchase of a property that may have been damaged in a natural disaster, be sure to ask the vendor for any documents they have available (e.g. historical records, previous claims). EQC also has an extensive database on properties that have been the subject of prior claims.
EQC Act changes link for more information — Earthquake Commission
INLAND REVENUE DEPARTMENT
You can create a simple calendar view for your business and personal circumstances by using the IRDs tax due date calculator by clicking here. If you need support creating your personal calendar please contact your personal Accountant on 09 294 6262.
To download the IRDs 2018/19 important dates full calendar or what you need to know claiming entertainment expenses go to the IRD download section below.
HELPFUL NEW ZEALAND BUSINESS LINKS
Other useful online services links to complete many of your necessary business-related financial submissions and find helpful resources are below.