Analysis For Property Investors 

Join our Tax partners Ryan Ehlers and Mike Turner on facebook at 11:00 next  Wednesday, August 4, as they provide an essential analysis for property investors.

This live video will cover some of the government’s recent and proposed changes to the taxation of residential property in New Zealand relevant for all current and potential property investors. Topics will include the restrictions on interest deductibility and changes to the bright-line rule.

You can join the live event ahead of time by clicking on the button below.

Cyber Attacks – How safe are you?

The recent ransomware attack on the Waikato DHB has highlighted the vulnerability of businesses to cyber-attack. If a large Government organisation, like a DHB, with extensive IT resources could not protect itself, what chance has a SME?

The answer is you can do a lot to improve your security. From staff training on how to identify and deal with spam, to the introduction of double authentication on devices.

If you would like to learn more about how you can improve your cyber security or have any questions around IT feel free to contact the Polson Higgs IT Advisory Team by clicking the button below.

Costs and Price

Cost pressures are building for many businesses. There are a variety of factors behind those pressures including:

• The disruption of the global supply network has seen major delays or shortages for goods
• The need to shift from “just in time inventory” for business is expensive and requires capital investment.
• The shortage of skilled labour (and the rise in the minimum wage) have seen pressure on wages and salaries.
• Businesses electing to pass on rather than absorb those cost increases. 

In reality, there are only three options, with respect to cost increases, that a business has:

1. Absorb them (reduce your profit),
2. Change your cost structure (find a different supplier or process),
3. Increase your price.

In our 5 June 2020 Newsletter we wrote about the five factors to consider when you reduce your price (how quickly times change). But those five factors:

• Costs
• Customers
• Positioning
• Competitors
• Profit

are equally valid if you are considering a price increase. If you would like assistance to fully understand your cost structure or with setting your price please don’t hesitate to contact your Manager or Partner at Polson Higgs.

QR Codes

An Olympic games without crowds, where medal winners must put on their own medals and the burst travel bubble with Australia are all constant reminders of Covid. The vaccine is great news, but we still need to keep scanning. Most businesses would have put up their QR codes back in August 2020. It would be timely to check that your codes are still displayed and working. 

HR Updates

Sick Leave:

The legislation increasing sick leave entitlement for all existing employees came into effect on 23 July 2021.

Some important things to remember:

• Existing employees with less than 10 days entitlement will increase on their next sick leave entitlement date to 10 days.
• This applies to all employees, including part-time and casual staff (who have worked sufficient hours to qualify).
• Employees who are already provided with 10 or more sick days will not be affected by this change.
• New employees will still need to have 6 months of continuous employment before this legislated entitlement takes effect, unless your agreement offers sick leave from the employees start date.
• Employees can still accrue sick leave up to 20 days, but your agreement may provide for an enhanced accrual benefit.
• Payroll systems will need to be updated to reflect these legislative changes and your current provisions

The Polson Higgs HR team: Lisa Sintmaartensdyk (left) Senior Human Resources Advisor and Karen Philip (right) Senior Human Resources Manager.

Ideas to retain your great staff:

Retaining great employees and engaging them within your business makes good business sense. It will will save you significantly in terms of the time and costs of recruiting and on boarding new employees.  It can be difficult to quantify the exact costs of losing a valuable employee as it extends to both lost opportunities and a decrease in productivity (while the new team member is getting up to speed).  

Employees appreciate flexibility, so look to facilitate work hours, patterns and/or location that provide a great work life balance. Providing opportunities to develop and upskill employees in their current positions or growth within the company are also beneficial engagement and retention strategies.

Alongside this, ensure that your remuneration and benefit offering is right within the market so you are not losing staff to the competition. Provide a team culture where staff can be their authentic selves and are valued and their individual contribution is recognised.

The key is genuine support of individuals and teams coupled with effective communication. This will see you engage with and retain that top talent.

Sports Club Boost 

Most of the team at Polson Higgs are involved in some way with local sports clubs. Therefore, we understand first-hand the challenges those clubs face each day and every season. Sports clubs support and underpin our local communities, providing benefits far beyond those of the sports themselves. Given the incredible value this represents in our local community, Polson Higgs wants to show their support and give three local sports clubs a $1,000 cash boost.

In your own words tell us why your nominated sports club deserves a $1,000 cash boost by clicking the email button below. 

Nominations close on 1 October 2021.

Introducing Mac 

We have had a lot of people ask who the dog is that keeps appearing on our Facebook page. As such, we thought we would do a profile on one of our newest members of staff... Mac Hanning.

Mac's primary role is to accompany our rural specialist, Tom Hanning, on farm visits around the Otago and Southland region. Mac is a 5 year-old male (entire), chocolate Labrador who was born and bred in mighty Dunedin. He lives with his father Sam (an 11 year-old chocolate Labrador) and together they share the house with Tom, his wife, Oriagh, and their beautiful 10 month old daughter, Adelaide. 

When Mac is not out and about visiting his rural clients he can be found indicating deer, fetching ducks or handing out one of his famous cuddles. 

Keep an eye out for him on our Facebook page. 

Webpage - Check out Polson Higgs Covid-19 for our COVID-19 resources for you to use.

If you have a question about anything, please don’t hesitate to ask on info@ph.co.nz.

Stay safe and keep in touch.

Kind regards

Polson Higgs Team

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