Newsletter March 2014
Autumn 2014
Welcome to our Autumn Newsletter. In this issue, we will cover:
- Changes that will affect all employers and employees from 1 April 2014
- Installing IMS payroll update and payroll end of year procedures
- ABM – Importing Stocktake batches and Writing off Bad Debts
| Summary of Key Changes for the Tax Year 2014/2015 The only tax change is the reduction in ACC earners’ levy rate. It is set at $1.45 per $100 of liable earnings (GST inclusive), down from $1.70 the previous year
New adult minimum wage increases from $13.75 an hour to $14.25 New entrants (16-17 year olds) minimum wage increases from $11.00 an hour to $11.40 |
Finding your payroll stressful and time consuming? Give Debbie a call on 03 211 2589 to get a quote to outsource it to our experienced team.
More details of the changes above:-
New ACC levy rates for 2014-15
The new ACC levy rates for the 2014/2015 tax year have been set and will be formalised when passed into legislation.
The earners’ account levy per $100 of liable earnings (including GST) is $1.45.
The minimum liable earnings for self-employed workers increase from $28,080 to $28,600. The maximum liable earnings will increase for:
- work and earners’ account for self-employed – from $113,768 to $116,089
- work account and the earners’ account for employees and private domestic workers – from $116,089 to $118,191
- work account for employees and private domestic workers to calculate the residual portion – from $113,768 to $116,089.
New minimum wage rates take effect from 1 April 2014.
| Present rate | New Rate from 1 April 2013 | Daily Rate
8 Hours |
Week Rate
40 Hours |
Annually | |
| Adults
|
$13.75 an hour | $14.25 an hour | $114 a 8 hour day | $570 a 40 hour week | $29,640 a year |
| New Entrants
16-17 |
$11.00 an hour | $11.40 an hour | $91.20 a 8 hour day | $456 a 40 hour week | N/A |
IMS Payroll End of Year Procedures
In addition to the standard end of year reports that you save, we would also recommend saving the following reports in PDF format:-
Annual Leave Report – Accumulator Option and Company Payroll Summary
Version 5.30 can be installed at any time (during March) provided you have a closed pay period.
The legislative changes will take effect from your first pay period with an end date in April.
Year End Procedures will need to be performed prior to processing your first pay period in the 2014-2015 tax year.
Stocktake in ABM
A stocktake batch can be imported in to ABM from an Excel spreadsheet.
To do this you need to create the stocktake batch(es) in ABM, and export the stock report to Excel. You can then update the spreadsheet with the counted quantity, and import the spreadsheet back in to ABM.
The import file layout must be set up in ABM in the stocktake batch, and the spreadsheet must conform to these settings.
If you wish to use this procedure for your stock take at 31 March give us a ring and we can assist you with this.
Bad Debts written off prior Balance Date.
Just a reminder that you need to write off any bad debts from your customer’s ledger prior to 31 March for them to be deductible this financial year. If you process a sales credit for the amount to be written off against the customer then this will also update the GST return for the period ended 31 March 2014.
Testimonial
“I was concerned when changing from a payroll system that I knew so well to a new one. I needn’t have worried, the team at Strategic were able to recommend, install and train me on a new system that gave me improved reporting and helped with budgets. They made it easy and hassle free. I use Strategic Software for ongoing support as what could take me 5 hours takes them 5 minutes and I am confident with the result.”
E. Hayes & Sons Limited
