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What shape are your end-of-year accounts in?
accelerateonline • Feb 19, 2018
The end of the financial year can be either stressful or a seamless part of what you do. Ideally, your end-of-year accounts will confirm what you think your business has been doing for the past 12 months.
Be a good Scout to avoid end-of-year migraine
Being prepared is the key to avoiding end-of-year financial drama and stress.
- First make sure you have all the documents we’ll need, such as PAYE statements, bank statements showing interest earned, dividend statements for shares, and receipts for expenses.
- Don’t forget receipts for charitable donations.
- Look at writing off old debts. Scrap redundant or worthless assets, so you get a deduction on your books.
- Print out profit and loss, balance sheet and general ledger listing reports and store them safely.
- Have a final look at your payroll reports. You don’t have to give summaries to your staff, but if you give them Earning Certificates, they can be used to check IRD information.
- Note odometer readings on vehicles and ensure logbooks noting business and personal use, mileage and costs etc. are in order.
- Dispose of obsolete stock by the year end or write it down to its net realisable value.
- Talk to us on any planned dividend payments, as managing imputation credits will be important.
- Finally, get us to work with you on reviewing your business plan and updating it for next year – and to review your accounting software.
We’ll probably adjust your reports or accounts. Once we’re done, lock all accounts relating to the financial year – and keep them secure.
Accelerate - December 2023
Accelerate August 2023
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April.
The values for Dairy this year have seen a fall in values across all female classes, but increases across all male classes. The fall in R1 heifer values can be attributed to the prohibition of live export by sea commencing from 30 April 2023. For the first time the National Average Market Value for R1 Heifers is less than the National Standard Cost of breeding and rearing an R1 Heifer.
In contrast to Dairy values Beef values have increased on average 9% and are almost at record values for all classes.
Sheep values have all fallen from the high of 2022, slipping back an average of 10.2%. Whilst values have fallen, they are still either the second or third highest that they have ever been depending on which class of sheep you are looking at.
Goat values have increased on average 7.8% with almost all classes of fibre and meat producing goats at record highs. The value of milking goats continues to be well down from historic highs, except for breeding bucks which are at their highest value.
Like the rest of the world, New Zealand has reeled from the aftermath of Covid, rising inflation and interest rates, and the cost-of-living crisis. This year we also have a massive storm damage repair bill.
Any tax cuts, or changes to the tax thresholds were vetoed in Budget 2023 as this was viewed as worsening inflation.
Budget 2023 builds on the $889m already provided in response to this year’s storms. A further $6b is allocated for a National Resilience Plan , for rebuilding after weather events. $71b is committed to new and existing infrastructure projects: not only storm damaged communications, power and roading, but schools, hospitals, public housing, rail and road.
