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Latest News / Features

Latest News / Features

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  • Tuesday June 21

    Getting ewes to full potential for breeding

    Getting ewes to full potential for breeding   Are your ewes being nurtured to full potential to give the best mating outcome possible? Now is the time to maintain good body condition in ewes, grow young stock well and be prepared to cope with animal health problems or drought.   The correct preparation of your ewes in the month before…

  • Tuesday June 21

    Changes to trust disclosures

    Changes to trust disclosures   Two changes have recently surfaced in relation to trusts and the disclosure of trust information.   First, the Tax Administration (Financial Statements—Domestic Trusts) Order 2022 (Order) was made on 7 March 2022. This Order sets minimum standards for financial statements prepared by trusts.   The Order applies to income years ending on or after 31…

  • Tuesday June 21

    Is it a new build?

    Is it a new build?   On 30 March 2022, the Taxation (Annual Rates for 2021-22, GST and Remedial Matters) Act 2022 received royal assent. Its passing into law brings with it the extension of the residential bright line period from 5 to 10 years and denial of interest deductibility for residential investment properties. The legislation itself is complex and…

  • Tuesday June 21

    Farewell to “tax invoices’’

    Farewell to “tax invoices’’   Despite significant technological and operational business changes, the rules regarding GST tax invoices have remained largely unchanged since GST was first introduced in 1986. However, new legislation was passed on 29 March 2022 that is intended to improve and modernise GST invoicing and record-keeping requirements. A long-standing requirement to enable you to make a GST…

  • Tuesday May 17

    The Great Resignation

    I have always believed the hardest part of any business is getting the right team in place and keeping them there.   This has got a whole lot harder with a new phenomenon termed “The Great Resignation.”    It is widely believed that the Covid pandemic has been a catalyst where people’s attitudes toward their work have changed as they…

  • Wednesday May 11

    Webinars

    Is your cloud-based Agriculture Ecosystem working for you? There are a number of different ways to make it work for you.   Join Aaron Karena and Cheri Henricksen on 1 June for our free webinar where we dive deep into the topic.   Find out what a farm ecosystem is, what's out there, the benefits and how record keeping, budgeting, payroll and day-to-day…

  • Tuesday May 10

    Stock Priorities

    Stock Priorities It’s important to consider the changes in season and have a plan for  rains, evaluate your breeding stock, reassess feed demand after pregnancy testing, evaluate remaining summer crop yields, and think about autumn pasture renewal or autumn feed crops where applicable.   Understanding what the priorities are for your farm and how to achieve these will make these…

  • Monday March 28

    Let's talk about that time of year again... the end of the financial year (EOFY)

    No matter what your balance date is, all businesses need to go through the same preparations for their EOFY. The more information you are able to provide, the less time it will take your accountant to get your accounts and tax returns prepared, and as the saying goes, “time is money” ..  The following simple steps will make both yours…

  • Monday March 21

    Don't just take our word for it ...

    We have been working with Neil Ivamy for over 20 years and feel very confident that Neil understands our values in business and our family goals.  We have always viewed Neil’s own experience as a business owner/ as showing that he really understands our needs as business owners in practice, not just theoretically.   Neil provides us with business, tax…

  • Sunday March 20

    Common error – claiming GST on FBT

    For those of you who prepare and file FBT returns on behalf of a GST-registered employer, you will be familiar with the GST on FBT adjustment that forms part of the FBT return.   The adjustment itself is straight-forward and involves calculating GST on the gross taxable benefits that are subject to GST, and including this as part of the…

  • Sunday March 20

    Inflation pricing pressures and consumer engagement

    From initial fears of a prolonged economic slump due to COVID-19, the global economy has seen a resurgence led by unprecedented demand. To experience such strong activity following months of lock-down where key industries cut back on activity to reduce costs, a backlog has been created that may take global supply chains years to catch-up. Coupled with skill shortages across…

  • Sunday March 20

    Tax due diligence when buying or selling

    The summer break is a time for reflection on the year that has been. For business owners, this break is an opportunity to evaluate their future strategy and consider whether it is time to exit, or conversely, grow by purchasing someone else’s business. Whether buying or selling, it is a demanding exercise.   A business sale can either be in…

  • Wednesday March 16

    Having a growth mindset will ensure a successful Succession Plan

    You’ve got a successful farming business but what if something happens to you tomorrow – have you got a plan in place? Do you want peace of mind for your family? Have you thought about a succession plan?   You’ve built a successful business with significant assets, knowledge and skills, but how and when do you pass these on? This…

  • Tuesday March 08

    Cyber Security - is your business safe?

    Cyber Security for local businesses   MCI & Associates, with our offices in Dannevirke and Pahiatua, are serious about our security. So much so that we have collaborated with our strategic IT partner, yorb, to implement a strategic Cyber Security plan to help strengthen our internal security parameters. In addition, it was important that our protection extended to our staff…

  • Tuesday March 08

    Is your business structured properly?

    I had some great feedback from a webinar I recently presented on the different tax structures available to businesses. In that webinar I discussed in some depth the main structures used. These are outlined below.   Sole Trader Basically, the owner is the business. There are very low start-up costs involved and no need for any formal or legal registration.…

  • Tuesday March 08

    Financial Assistance for Parents

    Are you expecting a baby, or do you have children already? You could be eligible for financial assistance.   Expecting a child is a very exciting time for parents. But it can also be a stressful time getting all your finances sorted before baby arrives. A very relevant issue for me right now as I am due for my third…

  • Tuesday March 08

    Arrrrgghhhh Payroll!

    As an employer, it’s vital to keep abreast of the changes in the minimum wage and associated rates. On top of that, you also must know the current PAYE, ACC, Kiwisaver, and Student Loan deduction rates. If you don’t keep up to date then you could find yourself in hot water in either an employee dispute or with Inland Revenue, neither…

  • Monday December 06

    Job Vacancy: People and Capability Manager

     People and Capability Manager Are you looking for a newly created role where you can really make your mark? Do you like motivating and leading others to achieve their potential? Come and be a part of our next chapter of growth! Part-time People and Capability Manager role with a staff management and training & development focus   About the role:…

  • Monday December 06

    The Farming Ecosystem

    The Farming Ecosystem This month we talk Agri Tech and what we use here at MCI & Associates to help manage our farming businesses, ensuring we get the most out of our clients’ data and putting that knowledge to good practice.   Building a Farm Ecosystem ensures that you have real time data to make real time decisions. You do…

  • Tuesday November 23

    Self-Employed Meals

    If an individual operates as a sole trader, as opposed to trading through a company, it allows for a simplified structure with fewer formal set-up tasks (and costs) and greater flexibility and control. However, differences can arise in how the income and expenditure of the sole trader are calculated, compared to the company.    Tax-deductible meal allowances are one such difference, where these can be paid by an…