04 Oct October Newsletter
Summer Cashflow I Health & Safety I Anti-money Laundering Legislation
Can you believe that it is less than 3 months until Christmas? The holiday season is a fantastic time of year, but not without its challenges. Businesses (and families) can be put under intense cashflow pressure, some businesses are rushed off their feet, while others dwindle to a standstill. However, Christmas occurs at the same time each year, so there is no excuse to NOT be prepared.
If you’ve not done so already, now is the time to make a plan for summer cashflow, figure out who is taking holidays when, and what days your business will shut down (if at all). Something that seems to catch a few businesses each year is holiday pay – if you don’t know your obligations, check this out.
A bit of forward planning now could save you a lot of hassle in a few months’ time!
Health & Safety
The Health & Safety at Work Act has been in place for some time now. As time has now elapsed, there are a few actions that Worksafe have taken that show how this legislation might be enforced. This is an example of a recent case where a small, family owned business was on the receiving end of a $100,000 fine. Read about it here.
If you haven’t got your Health & Safety systems in place, there is no better time than now. Not doing so could end up being very expensive!
Anti-Money Laundering legislation
We have written about this on a couple of occasions. The Anti-Money Laundering & Counter Financing of Terrorism act comes into force for the Accounting industry. This may mean a couple of things for some of our clients.
First off, at some point over the next little while for most of our tax clients, we will need to update the identification documents we have on file for you. We will do this as we catch up so not a big deal.
Secondly and more importantly, for any transactions you complete through business accounts that is either;
A) Out of the ordinary
B) Over $1,000 (NZD) sent internationally or via currency exchange
C) Over $10,000 (NZD) cash based transaction
we will need to see appropriate documentation (generally this will be an invoice). This documentation should be uploaded into Xero. If you’re not sure how to do this, contact us.
Have a great October!
