The Importance of Staff Induction

The start of a new year often coincides with firms hiring new staff members.  A key step when employing staff is to provide them with a formal and effective induction process.  Induction is the process whereby a new employee is introduced to their employer.

Depending on the size of the firm, induction can cover up to four levels:

  1. Induction into the firm
  2. Induction into the department
  3. Induction into the work team
  4. Induction into the job itself

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IRD Compliance Focus For Small And Medium-Sized Enterprises

The IRD have confirmed that their current compliance focus for small and medium-sized entities includes the following: Checking GST is repaid when business assets are used for private purposes. Monitoring land transactions to make sure that GST is properly accounted for. Assessing GST refund entitlements. Checking employee tax codes are correct (IR330’s are available to…

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Farming In The Cloud

Mark FosterXero has just announced that it will be releasing its new “farming in the cloud” solution midway through the year.

The solution will allow farmers and their accountants to work on the same information and provide one central location for their key accounting and farm management tools.

A recent article written by Mike Peterson, Head of Beef + Lamb New Zealand, who is retiring this year, says that most farmers don’t understand what their balance sheet looks like or how cashflow requirements are going to be funded for any major farm development work.

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Taxing Matters: February / March 2014

Taxing Matters provides a summary of topical tax and business information relating to individuals and business.

Deductibility of Legal Fees   A deduction can be claimed for legal fees incurred in carrying on a business, including buying and selling rental properties, up to a total of $10,000 in any year regardless of whether the fees are of a capital nature.  Where legal fees are of a capital nature, and exceed $10,000, no deduction can be claimed.

Deductibility for Websites   The cost of creating a business website is capital expenditure and the costs should be capitalised and depreciated. The ongoing costs of maintaining or updating an existing business website are deductible when incurred.

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Market Wrap: February / March 2014

Craigs Investment Partners Logo.pngSimon Coulter of Craigs Investment Partners reviews the markets’ performance for the beginning of 2014.

While mixed, global economic data this year continues to point to a generally steady recovery. We have seen both the World Bank and the International Monetary Fund (IMF) increase their estimates for global growth in 2014, UK unemployment has fallen faster than expected and government debt levels in Europe registered a decline for the first time since 2007.

Locally, New Zealand economic readings continue to exceed expectations. Our terms of trade remain high, the Canterbury rebuild is gaining momentum, unemployment is falling and consumer sentiment appears robust following the holiday trading period. The highly regarded Quarterly Survey of Business Opinion (QSBO) from the NZIER was released last month and it made for very favourable reading. The survey showed that in December businesses were the most optimistic they have been since June 1994, domestic trading activity is at its highest levels since March 2005 and reported hiring is at its highest level since December 2006.

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