In the past, business owners in New Zealand could claim meal and light refreshment expenses while travelling for work. However, with IRD’s release of interpretation statement IS 21/06, this is no longer the case.The determination has been made that, regardless of whether you're at work or not, you still need to eat and drink to survive. As a result, food and beverages are now considered personal expenses and are no longer deductible for business owners. Any expenses related to food or drink fo ..read more

If you haven’t yet read our first blog on the introduction of the Incorporated Societies Act 2022, which covers new requirements for constitutions, management committees, and membership, we recommend checking it out. Click here to read more. Now, let’s dive into the new financial reporting standards that societies need to be aware of.With the Incorporated Societies Act 2022 now in force, all incorporated societies need to prepare annual financial statements under new reporting standards. Som ..read more

The Incorporated Societies Act 2022 ("New Act") has come into force as of 5 October 2023, replacing the century-old Incorporated Societies Act 1908 ("Old Act"). This new legislation brings significant changes for the 24,000 Incorporated Societies in New Zealand. Here, we summarise the key updates, focusing on the necessity for re-registration and some important operational changes. We'll discuss changes to Tier 3 and 4 Financial Reporting in a subsequent article ..read more

At My Two Cents Accounting, we are committed to keeping our clients informed about important changes that may affect their business. We wanted to notify you about upcoming changes to Xero’s pricing and plans, which will take effect from 12 September 2024. We understand that price increases can be challenging, especially in the current economic climate, and we want to provide you with all the necessary information to help you navigate these changes ..read more

Understanding the differences between casual, part-time, and fixed-term employment is crucial, as mixing them up can lead to costly mistakes ..read more

If you’re a business owner currently using WorkflowMax, you will be aware that this popular job management software by Xero will be shutting down on June 26, 2024. This means you’ll no longer be able to use the program after this date, and it’s crucial to start planning your transition to a new system now.Time for a ChangeoverTo ensure a smooth transition and avoid any disruption to your business operations, you need to choose and migrate to a new job management software before WorkflowMax ..read more

Can you believe it? April marks a very special occasion for us - it's our tenth birthday! ? We're bursting with excitement as we celebrate this milestone with you, our fantastic clients.Throughout the month, we’ll be giving away loads of prizes, suppliers merch, prezzy cards, and an amazing 12 month subscription to Paidnice, automated software that takes care of your debt collection!Make sure to keep an eye on our Facebook and Instagram pages (links below) for the giveaways.Click here for o ..read more

Important changes are on the horizon for online service providers and 'Marketplace' operators such as Airbnb and similar accommodation service providers, as well as ride-share and food delivery service providers. These changes relate to GST and will take effect from 1 April 2024.If you engage in activities like renting out your private home or bach to earn extra income, these changes will impact you. Therefore, we urge you to take a moment to read this email/blog.Online platforms offering short ..read more

As we approach April 1st, 2024, there are some important updates heading our way that could affect your business.Here's what you need to know:Minimum Wage Increases: The adult minimum wage will be going up from $22.70 to $23.15 per hour. For those on starting out and training wages, the rate will increase from $18.16 to $18.52 per hour.ACC Earners Levy Rates: Expect an increase from $1.53 to $1.60 (per $100), inclusive of GST. Plus, the maximum annual threshold for liable earnings will rise from ..read more

Are you an experienced tax accountant with exceptional organisational skills and a passion for driving efficiency? Look no further! My Two Cents Accounting, a female-led firm with a team of 12 talented ladies, is on the hunt for a Practice Manager to join our dynamic team.About Us:At My Two Cents, we pride ourselves on our supportive and family-focused environment. With flexible working arrangements and a strong emphasis on work-life balance, we provide an ideal opportunity for parents seeking f ..read more