Why you need a Business Plan

Success is about planning.  We want to help you achieve success.

Our Business Development offerings are practical and tangible services that help to create long-term value.  Business Planning is a great starting point.

An effective business planning process gets to the heart and soul of your business.  Upon completion of ‘pre-work’, we’ll have a greater understanding of your vision and core values in order to facilitate a four-hour planning session to help you create a clear and concise Business Plan.

This session will require you to take time out from day to day activities in the business to focus on the business.  Together we’ll review your past performance and clarify your future direction.

We’ll enable you to review actual performance against targets and establish a 90-day action plan to address immediate and critical issues.  You’ll set solid and realistic business goals and define strategies for achieving them.

At the end of the session your easy to understand one-page Business Plan will act as a guide for you (and your team) to successfully implement your desired changes.  It will ensure your business is on course for success.

Our Business Planning service eliminates a factor that is all too common in business – PROCRASTINATION.

Key benefits of having a Business Planning session:

  • Review and set business direction
  • Align goals amongst the owners
  • Identify Gross Revenue Targets and Key Performance Indicators
  • Establish a robust accountability system
  • Identify critical challenges and opportunities in your business and the actions required to resolve or maximise them
  • Set timeframes for achieving goals
  • Identify what support and resources you will need to achieve your goals
  • Enables you to communicate your business goals and vision with your team
  • Provides a platform to develop Financial Forecasts
  • Use as a basis to set team members’ individual goals and targets
  • Any time is a good time to complete a Business Plan.  Business Planning is crucial if you’re considering a new business venture.

Call us today to understand how our Business Planning service will help you.

Making it simpler to get reimbursed for your vehicle expenses

The Inland Revenue have recently made some changes to the calculation for reimbursing employees (which can inlcude owners) of small businesses for vehicle costs relating to business travel.

Details on the new rules can be found here

In essence the rules have been expanded to cover more than 5,000 kilometres per annum.  The new rate for up to 14,000 kilomteres per annum is 76 cents and after that it is 26 cents for Petrol or Diesel vehicles, 18 cents for Petrol/Electric Hybrids and 9 cents for Electric Vehicles.

In many cases you could be better off claiming the Kilometre rates compared with claiming deperciation and running costs.

Now the problem with this method is working out how many kilometres you do for business purposes, this is where some technology can help.  Either an APP on your smartphone or a plug in or installed GPS tracking device in your car can really simplify this task.  There are a lot of solutions available for this and they can be very inexpensive.  There are other benefits to having GPS tracking too including security, monitoring where your kids are going in your car, and being able to work out more economical routes.

To discuss the new rules or best method for you then please contact us.

 

Xero New Features and Pricing Change

Xero have recently released some new and exciting features and based on this and the value of the Xero platform for small business they are also increasing their pricing as of 28 September 2018.  To see Xero’s blog regarding the pricing changes and more detail on the new features then please click here.

We continually to see great value in the Xero product and are excited about the data scraping technology they are introducing through expenses first which means that Xero will automatically extract data off receipts to minimise the time spent manually entering that information.

We have various clients using the payroll feature in Xero and they have also recently launched a Projects feature to help with recording time and costs on projects and invoicing your clients.  This is aimed at businesses that work on a few projects at a time and is not designed around around working with lots of smaller jobs or projects.  For this a tool like WorkflowMax, Tradify or Fergus would work better.

For more information on Xero Projects feature then please click here

Due to this pricing change from Xero our pricing will also change from 1 October 2018.

If you would like to understand how you can better use Xero then please contact us.

 

Tidy the Pantry of Your Mind

Have you ever woken up in the middle of the night thinking of an idea, email, phone call or important task, that you knew you had to deal with the next day or at some stage in the future? I know I have and rather than having a system to deal with the thought, I would go back to sleep (sometimes not) and then wake up in the morning more worried and stressed, as I could not remember what I had been worrying about during the night.

Instead of staying in this place of constant worry I went in search of a solution.

The realisation that getting it out of your head, off the floor and out of your inboxes, so that your mind can relax, to do its proper job, which is as a creativity tool and a goal seeking weapon. Your mind carries all this stuff as baggage, causing stress and anxiety that reduces your overall effectiveness.

Time to tidy the pantry of your mind…

Step 1: Visualise yourself standing in your kitchen at home, opening the pantry door. The challenge is, how long do you think it might take to find the spice cumin.

Do you have any idea where to look, are you still searching an hour later, or are you able to find it straight away? Give a rating between 0 and 10, as to how tidy it is. If things are all over the place and in a real mess, not only does it not feel very good but it’s not very efficient either.

Step 2: Then visualise and rate your work environment, including your in-baskets (are they overflowing?) computer desktop, your list of incomplete tasks and the big one…. how many emails do you have that remain either unread or unanswered in their inbox?

It can be a scary exercise for some, I had one attendee at my workshop who had more than 10,000 items in your inbox! All this incomplete or messy stuff plays havoc on our minds, our mental state and our effectiveness.

Step 3: Capture everything in a trusted system. A process that I have found very effective, is that each and every time a thought comes to mind, night or day, capture it in a trusted system.

The CORE steps in this process are:

Capture and Clarify. Everything that grabs your attention, get it out of your head and into a trusted system

Organise: Sort information, based on how and when you need to access it

Review: Review and update regularly

Execute: Make trusted choices about what to do in any given moment

Over many years, I have heard some interesting ideas when it comes to capturing an idea if you wake up in the middle of the night, including:

  • Send an email to yourself.
  • Write it down on a piece of paper beside the bed.
  • Ring and leave a message on your voicemail at work.
  • Send a text to yourself.

Capture it in whatever form you can, don’t leave it sitting there as too often you wake up more worried than ever, because that brilliant idea that you thought of now eludes you and that just increases your feelings of stress and anxiety.

Once you have created strategies to help clear your mind, you will sleep better, be more focussed and less overwhelmed. Also, you will have a library of brilliant creative thoughts, readily accessible for you at any time to take you where ever you want to go.

Remember, to GAIN CLARITY, you need to CAPTURE everything that grabs your attention, get it out of your head and into a trusted system.

Until next time then, tick tock, tick tock…

Is it possible to expand your time?

Have you ever got to the end of a week and struggled to remember where your time went, or do you sometimes feel like you are a slave to your business? You will find it is often because of constant interruptions, firefighting, crisis management and other people imposing their problems on you. What can you do about this?

Well, I am about to do something that chartered accountants do not normally do . . . I want to share with you a formula for how you can Expand Time. You may be thinking, Mark, are you really an accountant; you can’t expand time, there are only 24 hours in a day, and you would be 100% correct. Without trying to get down to too much detail, there are in fact 86,400 seconds in a day.

Expanding time is not about increasing the number of hours, minutes or seconds in a day, it’s how you spend, or more importantly, how YOU invest YOUR precious hours minutes and seconds.

As a business owner, a number that is never recorded in your financial accounts, but is critically important, is to know the number of hours you have personally worked in the business, to calculate your effective hourly rate of pay. For many business owners, if they are brutally honest, this could be a very scary number.

For example i,f you are earning a profit of $100,000 and working 2000 hours, giving you a Return on Time Invested (ROTI) or average hourly rate of $50 per hour. I like to use the term Return on Time Invested, with the focus being on the word Invested.

We have a mantra at our firm, Bishop Toomey & Pfeifer ‘Know thy Numbers to Grow Thy Numbers’.

If your ROTI is $50 per hour, ask yourself, what would you like it to be? If you could double it, I’m sure you would be happy. If you set a goal to increase it from $50 to a Big Hairy Audacious Goal (BHAG) of $500 per hour, a 10 times multiplier, how would you need to think and act to achieve this massive result?

Answer – You would need to think and act differently, massively differently, which leads me to my Expanding Time Formula.

To make it easy to remember, I have created an acronym using the action word REACH. It is important that you first start with the Result you are wanting to achieve to give you the motivation to think and act differently. The formula, then leads you through ways to free up time, to then invest in areas that will help you multiply the growth of your business.

The formula relies on each team member working in your business to also play their part.

If you want to multiply the profitability, cash flow and value of your business, you need a plan of action and an accountability partner, to keep you on track.

You now know how to Expand Time to Invest in activities that will help you REACH your goals, so go out there and make it happen. Until next time – tick tock, tick tock.

Reporting that makes sense

Know Thy Numbers To Grow Thy Numbers
If you’ve spent any time around the Bishop Toomey Pfeifer team, you will have heard our favourite phrase. You have to know thy numbers to grow thy numbers.
It makes sense. You have to know how your business is tracking, what’s working, and where improvements need to be made to have any chance of growing your business. What if you’re not a numbers person?
Some people struggle to make sense of profit and loss reports, or get their heads around pages of numbers. That’s ok. BTP has a solution.
We are proud to partner with Spotlight Reporting to help you keep your finger on the pulse of your business. With BTP and Spotlight Reporting, it’s easy to track your progress and meet your business goals.
 
Spotlight Reporting takes your financial data from Xero or QuickBooks Online, and combines it with non-financial data from Google Analytics or Workflow Max to present a visual picture of your entire business. 
This is a fantastic tool for visual learners who want to look at a balance sheet in the form of a colourful pie chart, or profit and loss as a graph.

We’re passionate about seeing our clients grow, thrive, and reach their goals. Would you like to better know your numbers and track your success?

Let us know if you would like a free Spotlight Reporting trial. We can show you what a visual report or budget can look like for your business. .

If you want to know more or would like a free Spotlight Reporting trial, contact Paul Dawson

Xero Workshop on Reporting – Know your numbers

You’re working harder, more money is going through the business, but you don’t seem to be making a profit. Sound familiar? This is the ultimate session for those who want to know their numbers. You’ll learn how to create customised reports in Xero, plus we’ll introduce you to some other reporting tools so you can easily get an accurate picture of your business’ financial health.

$75 including GST per person

Click here for more details and to reserve your place.

Collect your money faster – Xero Workshop

 

 

In business, cash flow is king and Xero has a number of ways to help you collect your money faster. We’ll teach you how to use these features and discuss best business practice around interacting with your debtors.

For this session, Bishop Toomey and Pfeifer are proud to partner with Jeannette Kwant from Undercontrol Credit Management who will be sharing suggestions on how to maximise your chances of getting paid on time.

$75 including GST per person

Click here to secure your place

Interactive Xero workshops

Helping You Know Your Numbers

Xero is beautiful accounting software. That’s easy for us accountants to say, but working with Xero over the past eight years we’ve seen the difference it has made in so many businesses, both small and large. 

Xero helps you better understand your numbers, saves you time around invoicing and keeps track of your expenses, making it easier to run your business.

To help you know your numbers, we’re organising a series of interactive Xero workshops. At the Ara Campus in Hornby, you’ll have the privacy of working on your own numbers in Xero, while being able to ask questions and learn in a group environment.

Whatever your experience level in Xero, you’ll be sure to get something out of these engaging and interesting interactive workshops.

Click here for our latest workshops

Investment Basics – Understanding Your Gains And Losses

investments

When you’re reviewing your investments, it’s important to remember that income and returns come from two main sources, Capital Gains and Interim Income.

Capital gain (or loss)

This is the difference in the overall value of your investment between when you purchased it and now (or the date that you sold it.) You can work it out as:

((Current or sale price per unit – purchase price) * number of units) – fees and taxes

For example, let’s assume that you purchased 100 shares of Amazing Blue Widget Co. for $50 each and then sold them for $80 each. You had to pay $10 to buy, $10 to sell and 15% tax on the profit, this would work out to: (($80 – $50)*100) – $20 – $450 = $2,430 or a return of 48.6% on your original $5,000 investment.

Interim income (dividends, interest etc.)

This is the amount that you’ve received in interim payments over the life of your investment. It’s calculated as:

(Interim % * value of investment) – taxes

You would need to work this out for each interim payment that you receive.

For example, let’s assume that you’ve held 100 ABWC shares for three years, and that they paid dividends of 3% a year; in the first year the shares were $50 each, in the second, $60 each and in the third $80 each. Your return would be: 3% of $5,000, $6,000 and $8,000 less tax; this works out to: $485.

Your total return

This is equal to your capital gain (or loss) plus your interim income. You can then compare this to your original purchase price to understand what percentage gain or loss that you’ve made.

For example, your purchase price of ABWC shares was $5,000; over three years, you’ve made $2,430 in capital gains and $485 in interim returns (dividends) for a total of $2,915. That’s an increase of 58.3% over three years, or 19.4% a year – Not bad!

You should compare your total return to your targets and life goals. This can help you decide if you should keep your investments, or if it would be wise to sell them.

Vehicle log books made easy

Record your log book easily utilising GPS technology.
Record your log book easily utilising GPS technology.

If you use a vehicle in your business that is not exclusively for business then you need to run a log book for 3 months every 3 years detailing your trips and what they are for so you work out what percentage of your travel is for business use.  This percentage is then used to calculate the amount of expenses related to running the vehicle that can be claimed as a business expense.

Typically the process has been done in manual logbook and it easy to forget to do and often does not get done at all which does leave clients exposed if there were to be audited by the IRD.

In the last couple of weeks I have trialed a device which automatically collects my trip data and provides this data in a format that can be downloaded into a spreadsheet to be summarised and analysed.

This is not an expensive device either with a current price of $129.

So how does it work:

  1. You buy the device from gpslogbook.co.nz
  2. You connect to your computer and setup an account
  3. You plug it into the lighter in your vehicle and it will automatically collect data
  4. Every now and then you take it out of your vehicle and connect it to your computer and it will download the data collected to the GPS Log Book software
  5. Mark your trips as business or private in the software
  6. They provide an online account to view your data (including in Google Maps) for free for the first year and then if you want that ongoing there is a small annual subscription
  7. You can then download your trip data to a spreadsheet to calculate your business usage or send it to your accountant to do this for you

Other usages and benefits from this device

  • It can also be used for mileage claims for employees
  • You can view your trips and see how efficiently your travel is
  • When viewing your trips you may identify shorter / faster routes
  • You could also combine this data with fuel spend to work out your fuel efficiency

Anyway my overall experience with this device is that it was very simple to use and I have found the information much more useful than just creating a log book of my travel.

GPS Log Book Website

Mark’s musing – How does Your Business Profit Measure Up

How does Your Business Profit Measure Up?  Are you happy with the Profit you are currently making in your business?  If not, what can you do about it?

You first need to understand what Profit is and how it is derived.  What is Profit?

The formula for Profit is: Sales – Expenses = Profit

Profit is what’s left over, after you’ve paid all your expenses

How to Increase Profit

Profit is something you can’t directly get more of, because it is what is left over. But you certainly can influence the bottom line by working on, and improving the following drivers that determine the profitability of your business:

Costs – There are 2 sorts of costs

  • Variable Costs – these are costs you incur directly in producing or buying the products and services you sell
  • Fixed Costs – these are costs you incur whether or not you make any sales

Units Sold – the quantity of products or services you sell

Price – what you charge for the products and/or services you sell

Your Profit Improvement Plan
To increase your Profit, you need to ask yourself 3 simple questions:

  1. What is my Profit now? – Refer to the last set of financial accounts prepared by your accountant
  2. What do I want it to be? – Rather than settling for what is left over after all of your expenses have been paid, set a goal for what you want your profit to be
  3. How am I going to get there? – What strategies will you use to increase your profit?

Although the normal formula for Profit is: Sales – Expenses = Profit, from a planning perspective, I think a better way to look at the formula is to start with the Profit you want and then work backwards from there:

Profit + Expenses = Sales

You may have heard the saying “He or she who aims at nothing, normally hits it with alarming accuracy”.

If Fixed and Variable Costs remain fairly constant from year to year, then to achieve your Profit goal, you now have a Sales target to aim at.

Example for a Service based industry

Profit target ($100,000) + Expenses ($20,000) = Sales ($120,000)

To achieve sales of $120,000 you need to;

  • Get more customers to
  • Stay with you and come back more often and
  • Spend more with you each time and/or
  • Recommend you to their friends and associates

How are you doing compared to other businesses in your industry?
Each year the Waikato University Management Research Centre in Hamilton collects data from New Zealand accounting firms in public practice.
They collate the data and then prepare comprehensive reports for numerous industries.

Ratios – The Basis for Comparison
Most of the data supplied in the survey questionnaire is converted into ratios.

In each report, there are 35 different calculations to compare your business to those in your industry.  A ratio expresses in one number the result of a comparison between two figures.  This approach enables businesses with varying turnover to compare their relative performance.

Average of the Best 3
The averages of the best 3 are those businesses that achieved the highest result for Net Profit per Working Owner. These results help identify ‘on average’ how the high performing businesses achieved their higher returns.

If you want to improve your Profitability, Mark Pfeifer will be talking more on this topic at our upcoming seminar

5 Tips to Improve the Conversion Rate on Your Site

ecommerce

If you want to increase sales on your e-commerce site, you should not only focus on traffic but also on your conversion rate. The higher your conversion rate, the more money you can make with the same number of visitors. Here are five tactics to help you increase your conversion rate.

Read More »

Business Systems – Why, What, How?

What systems do I need and how do I get the most out of them.
What systems do I need and how do I get the most out of them.

At last count in our accounting firm we had 16 different systems that we use on a daily basis that all cover off a different part of our business functions.  The amount of systems that businesses run has changed significantly over the last few years as it has become a lot less expensive to develop and deliver systems, cloud computing has made it a lot easier to access sophisticated systems, and mobile computing has changed the way people want to use their systems.

So, as a business owner, how do you choose what systems you should use and how you should use them?

  1. Why implement a system into your business?

For me this starts with a good understanding of the strategy of your business and understanding what are the key drivers for creating the results in your business.  We can use a lot of systems because a particular team member likes them or they are fun to use but in a business you really want systems that make it easier to deliver the outcomes you want.

In this sense I think that systems that help you to effectively manage:

  • Sales activities
  • Customer relationships
  • Team and individual productivity
  • Performance and development of team members, and
  • Business improvements

should be high on the priority list of a lot of businesses.  It is also important when choosing which systems to implement that you get the team on board and can clearly demonstrate the business need for the systems you are implementing.

  1. What systems should I choose

When selecting any system you want to think carefully about whether you want your systems to talk to one another.  If you do want this, then you might want to look at your most important system first and choose the system that is a best fit for you in that area and then look at systems that integrate with that core system.

For example if you have various systems that utilise client data, ideally you want those systems to integrate so that if you update a customer’s details then these changes get reflected in all your systems.  If this integration is not built in to the core product and they are cloud based solutions then you can use a tool like Zapier to provide that integration for you.

I also find that when choosing a system you want to do your homework and, if you can do, find someone who is already using the system you are considering and get their feedback about it.

With most systems these days the small part of the cost is the system cost itself, the bigger costs is in the time involved in implementing it properly.  So in this sense you want to make a good choice.

  1. How to implement systems

Once you have chosen a system to use then I recommend appointing a system champion and get them to drive the implementation.  I see a lot of businesses doing minimal or no training on their systems but I think most training is well worth the investment.  The majority of systems we use collect data of some form or another, and when this is the case it is really important to report on that data and examine it critically.  This will then tell you whether data is being entered correctly and when it is the results you get from that system will be more meaningful.  I also recommend that whatever system is being used there should be a regular meeting where the results of that system are reviewed and discussed.

A great tool for helping to manage system implementations is Basecamp.  This is a high level project management and collaboration tool which is very flexible.

Conclusion

There is a lot to consider when deciding what systems you need, which system to choose and how to implement it, but in this day and age getting this right is critical to your ongoing success.

Paul Dawson will be speaking more on this topic at our upcoming seminar in Christchurch.  Click here to register

Social Media Etiquette: 12 Quick Tips for Professionals

Social-Media

With social media, you can connect with business associates quickly and creatively. But this communication mode is not without risk. A thoughtless post can offend customers and other business partners and damage relationships rather than build them. By following a few ground rules you can be confident your comments and posts will be appropriate ones.

Read More »

Mark’s musings – If you think you can or you think you can’t

If you think you can or you think you can't, either way you are right.
If you think you can or you think you can’t, either way you are right.

I was speaking at a Mike Pero Real Estate conference in Rotorua several years ago and one of my favourite quotes that I shared with the conference attendees was Henry Fords “If you think you can, or if you think you can’t, either way you’re right”.

I told them, that it is a little known secret, that Henry Ford named his model T, by taking the letter T out of the word can’t and then I asked, “when you take the letter T out of the word can’t, what does it spell’?

Normally the answer is of course Can and the lesson to be learned, is that we need to develop a can do rather than a can’t do Attitude when it comes to setting goals to multiply the profitability, cash flow and value of a business.

On this particular day, a young lady who was sitting at the front of the room, called out “CAN apostrophe”, which got a great laugh from the rest of the audience including myself.

Her response made a real impression on me and got me thinking. What is the difference between a Can Do and a Can’t do Attitude? Is the answer, as simple as an apostrophe?

If you are struggling in your business, or know in your heart that it can do better, a lot better, what is holding you back?

What is your apostrophe, what is your BUT that you tell yourself when things may not be going as well as they could or should?

Dan Sullivan who owns a company in America called Strategic Coach, believes two mental habits account for this struggle, Perfectionism and Procrastination and he says that these habits always travel together.

He goes on to explain that ‘Perfectionism is an obsession with the ideal. Procrastination is a refusal to take action because an “ideal result” isn’t guaranteed. Dan has written a very interesting article on this topic which can be found on his Strategic Coach web site

Dan also co-hosts a fantastic free podcast series called 10Xtalks, along with a marketing genius called Joe Polish, and to date I have listened to all 51 episodes and I would highly recommend the series to you.

One of my favourite episodes so far has been episode #12 ‘The entrepreneur trap of Perfectionism and Procrastination

The solution that Dan suggests in both his article and podcast, is the ‘80% Approach, for Breakthrough Results’

Approaching a project or goal with a 100% focus is a sure way to blind yourself.
Aiming for 80% isn’t settling for mediocrity. Dan goes on to explain three reasons why:

  • 80% is better than nothing
  • You can have more than one 80%
  • There’s no such thing as 100%

How do you turn things around?
Motivational speaker Zig Ziglar (who sadly died recently), has an answer in his inspirational quote – “It’s your attitude not your aptitude that will determine your altitude”

Talking of Attitude, Altitude and turning things around, over the past year or so, we have been working on developing a new suite of add on products and services to work alongside Xero to help you better ‘Know Your Numbers to Grow Your Numbers’.

The purpose of the new product range is to help you Multiply the Profitability, Cash flow and Value of Your Business

Following a flying theme, we have branded the new product range as ‘UP – Your flight path to Business Success’ and we have created 3 offerings, UPSkill, UPGrade and UPLift.

To find out more about how we can help you grow your business, Paul Dawson and I will be running an event in late April to share with you ways to multiply the Profitability, Cash flow and Value of your business.  Details coming soon.

We hope you are able to join us.

Is that time of year again – time to set some goals for the new financial year

Xero Actual v Budget

With the new financial year upon us it is a great time to establish some financial targets and import them into Xero so you can compare your actual results versus your targets (or budget).

What we find, is that the understanding of the financial make-up of a business is enhanced significantly when you set targets and then report against those targets and get curious about the variances.  Some good tips for establishing your financial targets for the year are:

  1. Start with a review of the strategy of your business
  2. Set some targets around the key drivers for your business (eg no of customers, productivity)
  3. Use excel or another spread-sheeting program to “play” with your numbers and create some what-if scenarios
  4. Prepare a bottom up budget for your overheads (day to day running costs)
  5. Once this is done you can then easily import the targets into Xero
  6. Customise reports in Xero to optimise the reporting and the use of your financial goals
  7. Run reports each month and get curious about your variances

For a video on how to import budget data into Xero click here

We regulalrly run webinars to cover establishing targets and how to upload them into Xero.

To register your interest then please click here

Xero now includes Payroll

Xero Payroll

Xero have released the long awaited Payroll functionality for the NZ version ready for use from 1 April 2015.

Xero’s payroll functionality includes the standard features of payroll software in terms of calculating pays, managing leave etc but it also includes the ability for staff to login and view their leave balances, pay history and submit leave requests.  As you would expect from Xero the User Interface looks nice and it seems very easy to follow your nose.

Xero Payroll is not a payroll intermediary though which means it will not collect and pay PAYE to the IRD on your behalf and wont automatically submit your payroll returns to the IRD.  If this is a feature you would like then I recommend checking out one of the following Xero partners:

Thank You Payroll

iPayroll

Smart Payroll

If you wish to read more then check out the following information from Xero or contact Paul Dawson to discuss.

Xero Payroll Features

Upcoming webinars from Xero

Support for Families

support for families

Parental Tax Credit

For babies born on or after 1 April 2015, the Government will increase the parental tax credit from $150 a week to $220 a week, and extend the payment period from eight weeks to ten weeks. How much you receive also depends on:

  • your total family income before tax
  • the number of dependent children in your care and how old they are
  • the number of newborn children per year

You can either receive PTC or paid parental leave. You can’t receive both at the same time. And you can’t receive PTC if your family income for the full eight to ten weeks includes an income-tested benefit, NZ Super, a veteran’s pension, a student allowance, or accident compensation from ACC (unless you are receiving this for less than three months).

Changes to parental leave

The current 14 weeks’ of paid parental leave will be increased to 16 weeks for babies expected or born on or after 1 April 2015.

New requirements for Companies

New requirement for Companies

From 1 May 2015 new registration requirements come into force for applications to incorporate a New Zealand Limited Liability company. All New Zealand incorporated companies must have at least one director who lives in New Zealand or who lives in Australia and is a director of an Australian incorporated company. Existing companies on the companies register will have 180 days to comply with these New Zealand ‘resident director’ requirements. In addition, all directors must provide their place and date of birth and all companies must supply their ultimate holding company details (if applicable).

Contact us if you think you may be affected.