Welcome to our special edition on GST.  We hope you enjoy reading these updates.

Grab a tea or coffee and simply follow the links below to navigate to those sections in the newsletter that are of most interest to you.

A word or two from Viv Brownrigg
HotSpots: Electronic Workpapers - Entertainment Expenses
                    The 2010 GBU
                    Client Development Update: Strategic & Workpapers webinars

 

A word or two from Viv Brownrigg
At Big Day Out in May I alluded to MYOB’s latest Business Monitor (an independent survey of 1,000 Kiwi businesses conducted just 2 months ago).  In that survey, businesses rated 'knowing which Government legislative and compliance changes are relevant' as one of the top four business tasks they find most difficult.  That statement really resonates with me.

I still recall my first six months back in April 1986 as GST Business Manager for a thriving provincial practice that at the time filed nearly 3,000 tax returns.  I was responsible for co-ordinating all of the GST seminars, education clients as to their compliance requirements, and with the help of an assistant registering more than 900 entities for GST.  This was a time for building strong client relationships. GST sorted the men out from the boys, in more ways than one.  Then in July 1989 we had a GST rate increase, and again we went through a smaller version of GST change and the fear that clients associate with it.

This year’s GST rate increase to 15% is a time for us all to take a very pro-active stance with our clients.  By popular demand we have created content for you around this important change:

  1. A general broadcast newsletter for you to send to clients, focusing on the major issues arising from the GST rate increase.
  2. If you would prefer to broadcast to clients in a seminar environment, a PowerPoint presentation enabling you to do just that.  Once again, the seminar is not designed to provide specific advice to clients, rather its purpose is to broadcast general messages and begin the education process.
  3. A client GST Rate Increase Review process, enabling you to take individual clients through all of the issues, risks and opportunities that apply to them.  You should be placing yourselves in the role of facilitator here, rather than just distributing the Checklist to clients en masse .  The outcome is likely to be more successful for clients that way.
  4. GST pricing/tax fraction calculation ‘flash cards’ for use in client meetings.

Anyway, we look forward to helping you wherever we can in your practice world. Please don’t hesitate to contact our Content Manager, Michele Morgan, with any feedback or suggestions. 

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HotSpots:  

Electronic Workpapers - Entertainment Expenses (V1)
This area of the electronic workpapers has been the focus of much discussion lately.  It has come to our attention that changes are required to correct this section which currently puts GST adjustments as tax deductible where in fact they are not.  The Content Update newsletter sent to your Administrator links to a pdf with a detailed explanation of this change.

We recommend that you update your workpapers to reflect this change and that journal entries for entertainment expenses are created manually until we release updated workpapers.

The 2010 GBU
GBU Data Capture Sheets are coming in thick and fast!  Don’t miss out on contributing to our Annual Benchmarking Survey ‘ The Good, The Bad & The Ugly of the NZ accounting Profession’…  This is the currently the BIGGEST survey of its kind, it costs you nothing to contribute and all contributors get The 2010 GBU Report FREE - this is packed with detailed findings and consultative advice to get the most out of your results.  Click to download   the 2010 Data Capture Sheet, once completed please email it to gbu@businessfitness.co.nz

Client Development Update: Strategic & Workpapers webinars
The next wave of webinars starts next week – if you or your team haven’t attended one yet, here’s your chance.  We have released the first 4 webinars for registrations, book now to secure your place!  

Viv’s strategic webinars for Partners:
The Business of Managing an Accounting Business.  Wednesday 21 July, 10:30am ($250 + GST)
7 Habits of Highly effective Accountants.  Wednesday 4 August, 10:30am ($250 + GST or free for your partners if you attended The Accountants’ Big Day Out 2010 without them)

Electronic Workpapers Webinars:
For Accounting Technicians:  Compiling Integrated Workpapers.  Thursday 22 July, 10:30am ($250 + GST)
For Senior Accountants:  Integrated Workpapers from a Reviewer’s Perspective.  Wednesday 28 July, 10:30am ($150 + GST)

Click here to book now
Click here to view the full programme


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We are eager to hear your thoughts on future content - just contact Michele Morgan at contribute@businessfitness.co.nz or feel free to call her on 0800 10 58 60.

Regards

The Team at Business Fitness NZ Ltd
www.businessfitness.co.nz