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What contract rate should I be on?

This is a question asked a lot at this time of year when everyone is just getting their head above water after calving and mating and are now looking ahead to the next season and what job opportunities there are. Unfortunately, there is no set rate for each level of production or cow numbers as no farm system is the same and has different responsibilities. You should instead be focusing on the level of skill required and risk incurred to operate the job and what a fair remuneration is for that ...

November 23, 2022

The Value of a Great Accountant

Times are tough right now with inflation at a level not seen in the last 30 years, so it makes sense for business owners to be scrutinizing their costs to ensure they are getting the most value from every dollar spent. Accountants can be seen by some as an unnecessary drain on resources and they will shop around to find the cheapest they can. There has been an increase in the number of platforms offering tax filing services for very low costs without you having to lift a finger, such as Hen...

September 12, 2022

Self Employed for the First Time - What do I need to do?

Being self employed is rewarding and motivating, and a great way to build wealth. Hopefully you have got yourself a great accountant before you even reach the interview stage, to help with budgeting to determine if the job is worthwhile! Before you sign the contract, you need the entity you are going to operate under set up – if that’s as a sole trader or partnership, then sign away. However, if you are going to operate under a company, you need the company set up first and to sign the contr...

September 12, 2022

Livestock Valuation Methods Explained

If you own livestock or are thinking about it you may have come across terms such as Herd Scheme or National Standard Cost (NSC) and wondered what they are, what the difference is and what they may mean for you. Herd scheme and NSC are the two main methods for valuing livestock on hand at year end for tax purposes....

September 12, 2022

What Business Structure Should I Operate Under?

This is quite often this is one of the first questions we get asked and the answer is always, “it depends!” (don’t you just love that). It does depend on so many circumstances and is very specific to each client’s situation. However, I will provide some generalized information in an attempt to answer the question as best I can (without knowing the individual circumstances). There are four main tax structures that we will go into; sole trader, partnership, company and trust. That is also ...

September 12, 2022

ACC Policies - Which is right for you?

And how little attention clients (and some accountants) pay towards understanding what type of policy is right for them. With a little tweaking, thousands of dollars can be saved in ACC levies. For the self-employed person there are two main ACC policies – CoverPlus and CoverPlus Extra. CoverPlus is the default scheme you are placed on. If you have an accident and can’t work, ACC will cover up to 80% of your taxable income based on the most recently completed financial year. CoverPlus Extra...

September 12, 2022 Posts 1-6 of 6 | Page