 Earlier this year our firm celebrated it’s 60th Anniversary. 60 years ago, on the 9th April 1956, Ash Oldershaw & Paddy Sutherland commenced practice as “Oldershaw and Sutherland” and began servicing their clients from Hansens Building on Dalton Street, Napier.
Over the next 60 years the firm operated from the Perfects Building on Emerson Street, 220 Hastings Street, Milton House on Milton Road and then finally Marewa House on Kennedy Road in 1988 where we are still located today. It was in 1988 at this same time when the firm changed it’s name to Oldershaw & Co. And over this same 60 year period other Partners of the firm have also included John Goudie and David Compton. Our current Partners are Neil Edmundson, Marc Nel, Alastair Cromie and Shaun Brown. While our firm has changed locations and Partners over the past 60 years, our firm’s core values (Trust & Integrity, Honesty, Innovation and Service) which we pride ourselves on have not. And it is these same core values that we, and future Partners of the firm, look forward to providing you with over the next 60 years.  If you miss paying your tax on time, you could end up incurring use of money interest and late payment penalties charged by Inland Revenue.
Sometimes missing your tax payment could be because you are waiting for a large customer to pay you, or perhaps you have some increased capital expenditure that has arisen. And so your current cash facility just won't stretch far enough to enable you to meet your tax payment at present. Oldershaw & Co Ltd In conjunction with Tax Management NZ (TMNZ) can offer you a solution that enables you to pay your income tax when you want and and not when the IRD expects you to, which can help save you money and enables you to carry on running your business. TMNZ uses tax pooling which allows any clients in an overpaid tax position to sell tax to clients that are in an underpaid tax position on the dates that they need. When using tax pooling to pay your tax obligations, the tax that you buy is transferred to your IRD account on the date you require which allows the IRD to remove any use of money interest and late payment penalties. Some of the benefits of tax pooling with TMNZ include:
If this sounds like something you or your business could be interested in or you would like further information, please contact us to see how we can help you.  Times are changing in the accounting world and we feel our responsibility as Accountants has widened. It is becoming much more important that we advise on such issues as protecting your business and future proofing your circumstances.
ACC is an inevitable cost to any business and every business is required to pay ACC levies. These can be reduced in many instances and we recommend Christine Hay of Financial Sense Limited to look into this for our clients. Christine is an independent adviser who specialises in helping our clients with shareholder protection, key person protection and ACC implications. The structure of an insurance adviser working closely with the accountant has proven to be very successful and a point of difference. Just having the correct policies is not enough, the ownership needs to be correct for your business or trust. We often find there are ACC savings to be made and benefits added and these savings are ongoing each year. Christine has the unique advantage of being able to discuss the most tax and cost effective way of structuring your insurances for your individual circumstances, working alongside us to incorporate your insurances with ACC to gain the best advantage. Christine offers all of our clients a free, no-obligation review of their current business and individual protection and can advise any changes that may need to be made and areas where savings could be made. Please feel free to contact our office if you would like to take up this offer and we can organise this for you.  Over the past weeks Inland Revenue has received reports of a telephone phishing scam from several hundred customers around New Zealand, including some of our own Oldershaw & Co clients.
The scam calls have been made to landlines and mobile phones, with messages being left on voicemail if the calls haven’t been answered. The callers state that they are from the Inland Revenue Department and the following scenarios have been reported: that the customer is wanted for historic tax evasion or tax avoidance, has a red flag on their file, is in debt and they or their lawyer must return the call as soon as possible. Inland Revenue have advised that their staff would not leave messages like these. We are also aware of various Phishing Scams being sent with regards to the Companies Office. If you receive a suspicious letter, email, SMS scam message or a fraudulent call, please feel free to contact us with as much information as you are able to.  As part of the new financial reporting regime for not for profit entities, your organisation may be required to prepare and report a new Statement of Service Performance. This new statement’s purpose is to report the activities of the entity over the past year, and is a powerful opportunity to tell your organisation’s story, especially as it relates to achieving your organisation's mission.
As the information which will need to be reported in this new report is unlikely to be captured by your traditional accounting or book-keeping methods, you should begin putting in place methods and systems for capturing this additional information that will be required. You also need to ensure that this information which will be used to produce this report is able to be audited. And you may also need to consider the comparative year which may also need to be reported on and how you will capture this information that is required. At Oldershaw & Co we can help you with:
If this sounds like something your organisation may require or you would like further information, please contact us to see how we can help you.  With the Official Cash Rate (OCR) earlier in June staying at its historical low of 2.25%, this has meant those currently with mortgages are enjoying very low interest repayments on their borrowings.
However for those who are relying on interest income to help them through retirement, these very low interest rates are not at all helpful. If you are concerned about your situation, feel free to contact Shaun or Marc, to discuss what other options you may have. Shaun and Marc are both Authorised Financial Advisors. A disclosure statement is available on request and free of charge. |
Oldershaw TeamHere you'll find all the news from the Oldershaw office plus our take on relevant accounting talking points. Archives
March 2018
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