Farewell 2018

Good Bye 2018

Well it’s damn near the end of 2018!

I’ve decided to take a bit of a break over the festive season closing on Friday 21stand reopening 14thJanuary.  I hope you all get a well-earned rest at some time this summer.

I thought I’d go over what we look for when completing end of year accounts, seeing as that is fast approaching, and the processes I have in place that may differ from prior years.

We request a lot of documents, which we need to have as verification that we have the correct balances in your accounts, such as end of year bank statement balances, loan account statements, creditors (people you owe money to) and debtors (money owed to you).  We also need to verify purchases of long term assets, anything that’s going to keep going more than 12 months and cost more than $500 excl GST, sales of assets (even the gifting of your car to your kids has a value) and any other balances that you see on your balance sheet from last year.

I use a practice management software program, that I use for filing tax returns and which I will be using for end of year compilation from March 2019 onwards. You will receive an email with queries that can be answered online and you can upload documents into the same program. This makes it faster and more efficient when completing your accounts.  For those unable to scan documents I will still accept the paper documents that I will scan, but still helpful if you can take the time to fill in the queries sent.  This should limit the number of on going queries and reduce the time required to complete your accounts.

I will also be sending out a new terms and conditions, compilation letter that I will require signing before work commences.  This will have either our agreed price or my hourly rate for your agreement.  With the new anti-money laundering laws (AML/CFT Act) now in force, there may also be additional information that I will need if the service I provide to you is covered in the AML/CFT Act.  The types of services covered include having authorisation and making payments on your behalf from your bank account, setting up a company or providing an address for business.  Just completing end of year accounts is not covered, but if I make requests to transfer refunds to another person it may be.   If covered we will request documents that you will need to provide in person or as a certified document, even if we have been providing you with this service for some time and we will need this before we can do the work.   

For an individual we require a Passport, NZ Firearms licence or NZ Drivers licence with another document such as a bank statement or statement issued by a Government agency. You will also need to provide a document with your residential address (for example, a utility bill).  This verifies you are who you say you are.

For Trusts we will require The Trust Deed and, for all trustees and settlors, the information required for individuals as noted above, together with information regarding the Trust’s source of funds or wealth.  Additional information may also be required for beneficiaries and appointers and for Companies details of the company, together with the information for individuals noted above for every individual with more than a 25% shareholding, all individuals with effective control of the company and all individuals acting on behalf of the company.  Information regarding source of funds or wealth may also be required.

It may all seem overkill unfortunately it is now law.  

Hopefully you will see some of these changes as an advantage and at most a slight annoyance you can work with.

Hope you have a very Merry Christmas and Happy New Year and see you on the other side.


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