Student Loan Updates

 A few updates from the world of student loans to start off your short week…

If you have a student loan and you work for salary or wages with PAYE deducted, you need to use a tax code with the “SL” repayment code (unless you have a special tax code or a repayment deduction exemption).

HOWEVER, if you receive income without tax deducted at source, you need to ensure you are making repayments on your student loan at the correct dates each year.

Are you an overseas-based borrower?

If you're an overseas-based borrower your repayment obligation is based on your total loan balance at 31 March, plus the annual administration fee. Your repayments are due in two equal instalments.

The due dates for each repayment are generally 30 September and 31 March each year.

Need help keeping up with your student loan obligations? Come and have a chat with us at Walsh & Associates.

Do you have an investment property?

·        Are you claiming all the legitimate tax deductions against your rental income?

·        Are you properties in the best structure to minimise income tax?

·        Could you have “Associated Parties” issues when it comes to selling?

·        Are you looking to build your investment property portfolio?

·        Do you need assistance with accounting for the transactions and keeping your records up-to date?

·        What’s an LTC?

·        Confused?

Who are we?

We are a Chartered Accounting firm of 7 staff with offices in Napier and Waipukurau. As a Chartered Accountant our rules and ethics are policed heavily by the NZ Institute of Chartered Accountants.

We work with small to medium businesses across a wide range of industries and pride ourselves on providing a first class personal service with a smile.

We have the experience and we are property investors ourselves so we understand your business and the current issues you face.

How can you contact us?

Come and have a no obligation chat with our Rental Property accounting and taxation specialists

Call Graeme on (06) 833-6295 or visit our website www.walshassociates.co.nz

Hawke's Bay Property Investors' Evening with Duncan Watson

Provisional Tax - Have Your Money Work For You

I met up with a close friend last night who is a part owner in a family business. The conversation turned to tax as it often does, as no one likes paying more than they have to. As it turned out he wasn’t happy following having his 2013 financial statements and tax returns recently completed.  His company had been lumped with a $2k Inland Revenue Department use of money interest bill for short paying his provisional tax following a short unexpected period of growth in his business. How could this have been avoided?

Here at Walsh Associates we have our finger on the pulse when it comes to tracking our client’s profits. Leading up to each provisional tax due date, we talk to our clients to find out how they’re their business is tracking and can review profit estimates based on their up-to date information. From this we can recommend additional payments be made to avoid the above scenario if the business has had a period of substantial growth in profit, or if the performance of the business has been scaled back, payments can often be reduced to save clients money. 

If there are changes to your business it’s important that you speak with your accountant. If they fail to appreciate the seriousness of the situation, then please contact Walsh and Associates,  as tax mitigation is a significant part of our business.

Successful Evening for Succession Planning...

We'd just like to say a big thank you to all those who attended our Walsh & Associates and Life NZ Succession Planning Evening last night.

It was a great turn out and we hope to see you all again soon!