Hello!

Welcome to our second issue! We've been super busy here at the MyMA hub so a bit slow on our newsletter front!

 

The tail end of July saw us have our opening evening in our new Office Hub. Thank you to everyone who popped along, it was a great evening.

August has brought some interesting times with the resurgence of COVID-19 and the rise of Alert levels throughout New Zealand! If any of you have any queries regarding COVID-19 subsidies please don't hesitate to get in touch.

In September we joined the Chamber of Commerce which was very exciting! We can't wait to see what it brings in.

October was full of highs and lows! We welcomed Sue into our team - we will be introducing her in the next newsletter! Also in October, Shannon ended up in hospital for the month. She's on the mend now. We'd like to thank you all for your patience over this tough time.

After a very long October and November we finally got to celebrate our End of year/Festive party with all of you! Thank you to those who attended, it was a great evening!

December so far has been busy for us - we've even welcomed yet another person into our wonderful team! Katryna is joining us to assist with Payroll.

 

- The team at My Mobile Accountant


Important Dates:


24 December 2020 - 11 January 2021:

- MyMA offices are closed for the Festive season. For anything urgent Shelley and Shannon are available.

 

15 January 2021:

- Your GST return and payment is due for the taxable period ending 30 November

- Provisional tax payments are due if you have a March balance date and use the standard,

estimation or ratio options.

 

28 January 2021:

- Your GST return and payment is due for the taxable period ending 31 December


We have recently joined the Taranaki Chamber of Commerce and are beyond excited as to what this may bring for us!


Employee Spotlight

 

What is your role at My Mobile Accountant?

My job title is General Manager. Which means I do a bit of everything. I keep the business running so Shelley can focus mainly on doing your accounts. I also provide support to Shelley for those accounts and I do payroll for a few

clients too. With the move into the new office, I managed the setting up of that.

 

How long have you been with the business?

It was two years on 14 August

 

Where were you born?

I was born in Hawera Hospital. I have lived in Taranaki for most of my life

except for a few years in Auckland when I was young and 6 years in

Christchurch just recently.

 

What do you do in your spare time? Any hobbies?

I enjoy reading, yoga and drawing. Also love to watch a good action movie. 

 

What are three things on your bucket list?

Travel mainly. 

I would love to go to Europe and see all the amazing architecture and paintings.

Go to South India and eat all the amazing food

Go to a tropical island and relax, drink cocktails and read

in peace.

 

If you could have on superpower, what would it be?

To fly.


Low value asset threshold for depreciation

 

Just a reminder regarding the Governments recent legislation that temporarily increases the low-value asset threshold for depreciation from $500 to $5,000. This will allow you to deduct the full cost of your business assets with a value of less than $5,000 in the year they purchased them. This is instead of having to spread the cost over the life of the asset.

 

The low-value threshold will be raised further to allow the immediate expensing of assets purchased on or after 17 March 2020 that cost less than $5,000.

 

The Government is only raising the threshold for a short time until 16 March 2021. They're doing this so you and other business people keep investing in their businesses throughout the COVID-19 outbreak.


Payroll over the Holidays

 

Payroll can be tricky over the Christmas and New Year period. Whether you are paying employees or you are an employee.

Boxing Day (26 Dec) and ‘The Day After New Years’ (2 Jan) are both on Saturday. So if you are a Monday to Friday workplace then Monday is your public holiday

 

If you are usually open on a Saturday then this can get a bit more complicated on whether you Mondayise the public holiday or not. It all depends on the employees regular day of work. The transfer of the holiday to Monday only applies to employees who do not work on Saturdays. For employees that do work on a Saturday then that is taken as their public holiday.

 

Scenario:

Café closed Saturday 25 December 2020 (Christmas Day), open on Monday 27 December 2020

 

  • An employee regularly works on Saturday. As the café is closed they will get their standard pay for that day.
  • An employee regularly works on Saturdays and Mondays. It is the same as above. Saturday is take as their public holiday, not the Monday. They will get their standard pay for that day.
  • An employee does not regularly work on Saturdays but works on Mondays. Monday is their public holiday. They will get paid time and a half and accrue a day in lieu.

 

With Xero Payroll and some other payroll systems you can process the payroll in advance before you close down for the holidays and then you can set the payments up in your bank account ready to go on their usual pay days.

 

Contact Shannon if you have any questions about this.


 

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