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

“Strategic Software have provided our company with business management systems for the past 9 years. Their products and services continue to support our company and have been a major contributor to our success in the following ways;
– Strategic Software installed a business management system that accurately assists with scheduling our workflow. This is vital to our business success and client satisfaction.
– We are able to see where jobs are at any time and can review profit on all jobs.
. . . Prospect and conversion rates can be measured and followed up on.
– The system helps us plan and schedule work.
– The system is flexible and Strategic can customize reporting to meet our needs.
– In regards to payroll, we provide the hours and Strategic do the rest.
– Assists with keeping up to date with employment legislation and reducing risk.
– Strategic processing our payroll means that all employees pay details are confidential and records are accurate, avoiding disputes or disgruntled employees.
These processes allow us to concentrate on our own area of expertise in relation to staff and customer management and the very important task of continued improvement in quality production techniques.
Working with Strategic has allowed us to make continued improvements in measuring our key point indicators and time saving in gathering these KPI’s is key.
Strategic deliver a very professional, prompt and friendly service and we have no hesitation in recommending them.”

Neil Lewis, Director
Lewis Windows Limited

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