Insurance: A Timely Lesson

In my spare time, which is very little these days, I run a 120 acre block of land very close to where I live.

One morning as I was out doing the morning chores on the farm I noticed that the lock on the gate to the block had been cut and my quad bike was missing. Not only that, but the robbers had also taken the fuel out of both tractors.

I have not previously been a victim of burglary, and I have learnt some valuable lessons from this experience, especially the importance of regularly reviewing insurance policies to ensure that business and personal risks have been adequately insured and insurance policies are kept up to date.

I discovered that the Police place very little priority on burglaries.   They didn’t attend the scene but a Police Clerk asked me a series of questions over the phone.  This suggests that they are under resourced in this area and their priorities lie in other areas.

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Are You Working “On Your Business” or “In Your Business”?

You may have heard the term working “on” vs working “in” your business but what exactly does this mean? UHY Manager, Len Kumar explains the difference between working in your business and working on your business, and how this is the first step to building a better business.

Working ON your business does NOT mean scheduling work, processing the accounts, answering phone calls, submitting a quote or helping your employees do a job, these tasks are important but they’re just ‘business as usual tasks’.

Working ON your business involves thinking about the future, planning, reviewing & improving current processes and systems and asking questions like how can we do things more efficiently and effectively.

“Working on your business is about setting clear expectations and standards, and delivering the goods each and every time.”

You build a better business by working ON it, but finding the time to work on building a better business is a major challenge faced by most small to medium sized business owners.

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MS Outlook – Keeping your Inbox Email Sorted

This is the third in a series of articles by guest columnist Jacqui Hinchliffe from Positive Connexions – West Auckland Computer Training.  Jacqui’s previous articles were featured in our April and June 2012 newsletters.

In her April article she discussed how to clean up your Outlook email inbox by creating a ‘01 Read’ folder and moving all your inbox mail to it. Then in the June article Jacqui looked at the email quick win called ‘Delete’. This month we look at D for Diarise.

How’s the email slavery going for you?  Remember the Inbox Four D Rules?

 

Here are some practical steps to Diarise items in your Outlook inbox.

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Duties and Responsibilities of Trustees

There are an estimated 400,000 trusts in New Zealand, each with appointed Trustees responsible for the management of the trust. The duties imposed on trustees arise from legislation (Trustee Act 1956), case law and the trust deed creating the trust.

The Law Commission has been examining the role of trustees and the mechanisms for administering trusts.  As a result of the Law Commission’s review the government is likely to revise the Trustee Act to set out in legislation the duties and responsibilities of trustees (similar to how director duties are defined in the Companies Act).

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Taxing Matters – October 2012

Taxing matters provides a summary of topical tax information relating to individual tax and business taxation.

Parental Leave Payment
Eligible employees or self-employed persons taking parental leave are entitled to the parental leave payment paid by the government. The payments are for a maximum of 14 weeks; the maximum payment is $475.16 a week before tax.

Individual Tax Rates
The individual tax rates for the current tax year (1 April 2012 to 31 March 2013) are income up to $14,000 – 10.5 %, 14,001to $48,000 – 17.5%, $48,001 to $70,000 – 30% and $70,001 and over 33%.

Business.Govt.NZ
Visit www.business.govt.nz for the latest expert advice, business tips and information from government to help you start, manage and grow your business.

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