Congratulations Uncle Mike's BBQ

A huge congratulations to our clients at Uncle Mikes BBQ as they have been selected as a finalist in the Monteiths Beer and Wild Food Challenge. They will be zooming up to Auckland next week to compete against six other finalists in the challenge. Rumors are rife that they will be filmed by the Food Network for future airing on the box...exciting stuff!!

Check out the team and their menu here.

ACC Restructure for the Self-employed

Malcolm Papworth from Bradley Nuttall Financial Advisors has given us a heads up on this wee tip....here is some of the information that he provided us with:

Self-employed people can restructure their ACC Cover to reduce their levies, which frees up cash to cover them for being off work because of illness.

Most business owners and self-employed people are automatically put on ACC Cover Plus which pays 80% of taxable income up to around $80,000 pa, however, it’s not always the best option, as it only covers Accidents and it is taxable!

The Sickness benefit pays $9,000 pa approx. Could you live on this?

The alternative: ACC Cover Plus EXTRA provides shareholder/employees and self-employed people with the opportunity to gain additional Income Protection benefits from the 'up to 40%' saving in ACC levies.

As an experienced Financial Adviser, Malcolm can advise on how to match up existing personal Income Protection Insurance, with dialed back ACC Cover Plus EXTRA amount.


Example: Joe is a builder with a taxable income of $80,000 per year.

ACC Cover Plus

• Joe pays $ 4,915 a year in ACC levies
• Plus $ 2,208 a year for personal Income Protection and Life Insurance
• Joe pays: $ 7,123 per year

ACC Cover Plus Extra [at 40% of Joe’s taxable income]

• Joe pays $ 2,948 a year in ACC levies
• If Joe’s Income Protection is increased adding Medical coverage for his family & Trauma cover is added
  
• Joe pays: $ 6,303 per year in total

Saving him $ 819.56 a year and Joe now knows that he and his family are fully insured!

Please note - not all personal Income Protection Insurance policies will allow a person to pick up the savings as outlined in the above example!!!!!

To ensure that you have adequate income protection cover in place if you cannot work because of an illness or accident check in with Malcolm.

Drop him a line at malcolm.papworth@bradleynuttall.co.nz

Hopefully this is a helpful tip for today!

Theres a Fraction......

The speculation is over. The rate of GST will be increased from 12.5% to 15% as of 1 October 2010.

The GST rate increase is consistent with Government’s commitment to a fairer tax system and a move away from personal and company tax rates that it considers harmful to economic growth.

Over the next three months (and beyond) we’ll be working hard to guide our clients through the various changes that need to be implemented as a result of the GST rate increase, some of them complex.

As always, taxation changes do present opportunities along with the usual challenges, so now is the time to consider those opportunities along with the raft of administrative changes you’ll need to consider.

Here is a tip for now, more on the way in the future.

New Tax Fraction
At the moment, with a GST rate of 12.5%, calculating the GST component of a GST inclusive price is as simple as dividing by 9.

Not so simple after 1 October. When GST increases to 15% you’ll need to multiply by 3 then divide by 23.

For example: Let’s assume the price of an item is $1,000 plus GST, so that’s $1,150 including GST. The GST component is $1,150 x 3 ÷ 23 = $150.

Wanaka Chamber of Commerce

This month the Wanaka Chamber of Commerce has kindly featured us in their newsletter. We are honoured and stoked to have the privilege. Thanks Chamber!

You can read the article here, and check out what the Chamber is up to at www.wanakachamber.co.nz

If you haven't already, you need to sign up for a membership. There is a wealth of information amongst this crew, a strong Wanaka network of like-minded business owners and resources galore!

Enjoy!

Xero Seminars

We are hosting two Xero Seminars for folks who use Xero already and are looking for a helping hand. Our trusted Xero hero Bronnie will be teaming up with Scott in both Wanaka and Queenstown over the coming two weeks. We will be covering off the GST rate change and how to best manage this...fun!!

The seminars are open to all Xero users, not only Findlay and Co clients, everyone is welcome!

Wanaka
When: 7.30pm Tuesday August 10th
Where: Findlay & Co office Cliff Wilson Street, Wanaka

Queenstown
When: 5.30pm Tuesday August 17th
Where: Findlay & Co office Terrace Junction

Please RSVP to bronwyn@findco.co.nz

Welcome to Wanaka Brad!

Courtesy of Wanaka Film Trust team...is that the Loch Ness monster in the back ground?

Time to get your 'A' into G...S.T

Business owners…. we will help you manage the GST change!

On October 1st, as you most likely are aware, the GST rate is changing from 12.5% to 15%.

We know all the accounting systems and software inside out, so to keep things running smoothly we are offering to step in to help you! The impact this change will have on your business may depend on what accounting system you are running. Being ahead of the game and knowing what to do will be the key.

Call the Findlay and Co GST TASK FORCE for a one on one diagnosis of the steps you should take to ensure the mission is accomplished.