Empty the Shoebox


If you read last months article you should have found a good accountant or realised the devil you know is better than the one you don't. If you missed it you can always catch up by visiting our website (www.taxman.co.nz).

Now that tax time is upon us it is time to make sure you drop off all the right information.

Questionnaire.

Chances are you will receive a questionnaire from the accountant. Most accountants need these to be signed, these often contain any amendments to the terms of engagement and make sure everything is clear between both parties. Furthermore, this might be a good chance to update some of your contact details, did you get a new email address?

Bank Statement (s).

Do you use an accounting package? Hopefully, you talked to your accountant about it before you purchased it. Unfortunately, the vast number of accounting packages now available mean there are a lot of packages that accountants have never even heard of let alone have adequate training to support. So let’s assume for now (since this article can only be so long) that you are using a reliable accounting package that your accountant has access to. Chances are all you will need to do is log into your online banking and print the statement that shows the balance for 31 March and make sure it matches the bank reconciliation. If, however, you are not using an accounting package your accountant supports you will probably need to find all the bank statements (1 April last year -> 31 March this year). Alternatively, if your accountant uses Xero you can log into your online banking and download a bank export (QIF, OFX or even CSV file). Please note, a bank export is more like a spreadsheet with all your transactions already in it with all the detail and not like a PDF copy of your bank statements.

Loans.

Did you take out any funding during the year? Be it a secured term loan or maybe you just needed to finance a new stove for your rental property and put it on a Q-Card. Chances are your accountant will need the paperwork (after all there might be some more deductions you can claim)

Purchases

We are not talking about all your expenses here (hopefully all that detail is already in Xero and you have all the receipts either scanned and filed or put into envelopes in your shed). Did you buy a new property and forget about it? It comes up from time to time so don't laugh. Chances are if you have made any major asset purchases your accountant will probably need some paperwork. Be it a settlement statement for a rental property or the invoice from the chippy that did some “renovations” for the rental property. Often the difference between an asset and a repair is in the details shown on the invoice.

HAVE WE GOT YOU THINKING?

Give us a call on (04) 563 6965 or email: dennis@taxman.co.nz or shawn@taxman.co.nz

Keep an eye out for April’s article!

TAX DATES TO REMEMBER

20th March 2014 - monthly employers PAYE payment…

28th March 2014 - Bi monthly GST Return for January/February 2014...

31 March 2014 - End of the 2014 tax year….