CENT$IBLE NEWS CONNECTING CLIENTS TO MAKE THE MOST OF THEIR CENTS It is full on here at Makes Cents trying to get your work done and planning for the months ahead with lots going on.
We are trialling some new ways of doing things in the coming months as we want to be completely clear with you about the work we do for you and the fees we charge. We are about to move into a new and exciting Accounting professional body in the next few months and that will change some of the things we require from you as far as our tax agency agreements and client forms. It will be painless and we will have more for you in our next newsletter. But in the meantime you may see more emails coming through from us regarding your work and getting your approval before we start. Residential Ring Fencing of Losses
If you have one or more residential rental properties then the Government has enacted legislation from 1 April 2019 that probably affects you. Losses that your residential rental properties make are now ring fenced and can only be used to offset against future residential rental property income. Basically what it means is that instead of those losses being able to be offset against your other income and generate an income tax refund or reduce the tax you pay, they will have to sit there and cannot be offset until your rental property or portfolio of properties starts generating taxable income. If you are in this situation you need to talk to us now as there are options that you may be able to use to mitigate this. Just give us a call or send us an email and we will look at your situation and provide some answers.
Important news
Are you on MYOB AccountRight Classic (V19)? If so then you need to do a back up immediately and talk to us as from the 30th September 2019 MYOB are no longer supporting this software and it means the end of any updates and product support. So you need to upgrade to MYOB AccountRight Live which is cloud based and comes with a monthly subscription. If you need help to sort this out talk to us ASAP.
For those of you not using any software or using software that your business has out grown then perhaps you need to consider moving to MYOB or Xero. We can help you transition to these as well as any other software. We don’t mind what software you prefer to use as we can use and access most software that you are using. If you want to switch to Xero or MYOB give us a call.
Makes Cents 15th Birthday Party
Makes Cents celebrates its 15th Birthday next month so we thought we would put on a party. We will have one in the Hutt and one in the Wairarapa. This will give us a great chance to catch up with you all and for you to meet the Makes Cents team. Watch your email inbox in the first week of October. Invitations will be out in the next couple of weeks.
Are you on Facebook?? Courtney has taken over the Makes Cents Accounting Facebook page. Whether it's your personal page or business we would love for you to look us up and give our page a like or follow the link on the button below.
There will be a lot more content and relevant information coming up.
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