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Things to do this month:
- Chase up unpaid invoices to encourage payment before Christmas to get cashflow off to a good start for the New Year.
- Make sure your voicemail message and website mention closing date info and emergency contact details. Who's responding to work related emails while you're on holiday?
- Shutting the doors over Christmas? Remember to give staff 14 days' notice.
- Is payroll all set up for the holidays? Don't leave it till the last minute and double check your calculations.
- Holiday pay sorted? Working out what an employee gets paid for taking a day off on annual holidays will depend partly on what they have earned in the previous 12 months. Find out more at https://www.employment.govt.nz/leave-and-holidays/ or in New Zealand Workforce Manager
- Boxing Day and the second of January fall on a Saturday this year. So, if you have an employee who wouldn't normally work on Saturday, their holiday entitlement is transferred to the following Monday. If your employee would normally work on Saturday, then they'll get their holiday entitlements on Saturday (the calendar date of the public holiday).
- The Trusts Act, which aims to update trust law and make it accessible to all (not just lawyers), comes into force on 30 January 2021. If we haven't already spoken about how this affects your family trust, please get in touch.
- Take a look at your cashflow forecast and tax obligations over December-January, especially if you are impacted by seasonal revenue (such as Christmas revenue as a retailer). Both November and December GST are due for payment in January as well as provisional tax. If you are concerned you may not be able to pay the tax due, please let us know and let's look at your options. We exclusively use Tax Traders Limited as the tax pooling intermediary. Read here to find out more, or give us a call if you want to have a chat on 07 823 4900.
- Back up your client and financial data on all IT systems and run any anti-virus updates.
Disclaimer: The information in this article is of a general nature only, and is not intended to address specific circumstances of any particular individual or entity. Specific advice should be sought from qualified professionals prior to relying on any information received from this article.