March 2012 E Newsletter

Welcome

The month of March (financial year-end for most) is typically when one reflects upon the events of the last year. Our world has undergone many changes – physically, politically and economically – and we are not immune to these changes in our little corner of the globe. With an eye on the past, we should consider what has occurred in our business during the 2012 tax year, which is drawing to a close this month. How has your income held up this year? Do you need to review your provisional tax obligations? We will soon be issuing a reminder about all those items that should be considered prior to balance date, as in many cases addressing these items after balance date can be too late.

Please put yourself in the frame to win and iPad 2 by completing our questionnaire..see details below. Check out the upcoming tax changes in our Tax Talk section; take note that ACC levies in some areas are reducing (yes, reducing!) and read about whether or not expenditure on leaky homes is deductible.

Client Satisfaction Questionnaire

In order for Walker Wayland Auckland to achieve its mission to provide exceptional client focused business solutions and offer services relevant to clients' needs we rely on feedback. We therefore would appreciate you completing our quick online questionnaire. As an incentive, completing the questionnaire will put you in a draw to win an iPad 2. The winner will be announced in the April 2012 Focus.

Questionnaire

Tax Talk

In March's Tax Talk we discuss changes that will be happening as of the first of April 2012.

Working for Families
Minimum Wage
New GST rules for multi-use assets

ACC Levy Reductions

ACC levy reductions worth over half a billion dollars annually to workers and businesses have been signed into law and will be effective from 1 April 2012.
This follows a recorded $3.5 billion surplus in the 2010/11 year, along with improved rehabilitation rates for ACC.
The Earners’ Account Levy (paid by wages and salary earners) will decrease from $2.04 to $1.70 (including GST) per hundred dollars of liable earnings.
The average Work Account Levy (which is paid by employers and self employed earners) will decrease from $1.47 to $1.15 (excluding GST) for every hundred dollars of liable earnings. Actual work levies will depend on an individual or company’s industry classification and experience rating, so please contact us if you have any queries relating to your specific situation.

Deductibility of Expenditure on Leaky Buildings

Anyone who has had the misfortune to discover that their home or investment property is a “leaky building” will be well aware of the considerable associated costs. Expenditure on related repairs and attempts to remedy the situation can easily cost tens, if not hundreds of thousands of dollars.