Just a heads-up if you use Xero. Prices increase from 1 October 2026.

The new standard business plan prices are:

All prices are excluding GST.

One other change to be aware of: if you use Xero Payroll for more than 10 employees on the Ultimate plan, the price for each additional employee will increase from $1 to $2 per employee per month.

If your Xero subscription is managed through Sidekick, you don’t need to do anything. We’ll take care of the change at our end.

If you pay Xero directly, Xero will be in touch with you about the change.

Are you getting enough out of Xero?

If you’re paying more for your software, it’s worth asking whether you’re getting enough value from it. For plenty of business owners, Xero is mainly used for sending invoices and reconciling… But there’s a lot more it can do.

Things like bank rules, receipt capture, e-invoicing, quotes, reporting and automations can take a load of repetitive work off your plate, while giving you a much clearer picture of what’s happening in your business.

The trick is getting Xero set up to work for your business, rather than simply using the bits you’ve always used.

That’s where your Sidekick advisor can help.

If you’re doing the same manual tasks every week, ask your advisor whether there’s a better way to set it up. There may be an automation, workflow, integration or Xero feature that can save you time without you even realising it’s there.

Because the real value of Xero isn’t just having your accounts visible in real-time. It’s having your systems do more of the work for you.

While you’re at it, look at your own pricing

Nobody likes a price increase. But when one of your suppliers puts their prices up, it’s also a good reminder to look at your own. Costs have been moving across just about every NZ industry, so when did you last check whether your prices still make sense?

Your pricing should:

• Cover your current costs
• Reflect the value you’re providing
• Give you the margin you need
• Make sense for where your business is heading

Pricing isn’t something you set once and forget. It’s something you need to review regularly to make sure your business is still making the money it needs to.

If you want to talk through your pricing strategy, or want to get the most value out of Xero, we’d love to help.

Sidekick recognised for our approach to digital marketing

We were pretty excited to see Sidekick mentioned in Acuity Magazine’s recent article, ‘How to Find New Clients’, alongside three other accounting firms standing out in the social media space.

What made it even more special was that we had no idea the article was being written or that Sidekick would be included. It’s a great reminder that the work happening behind the scenes is making an impact and being noticed within the accounting industry while we’re actively looking to grow our group.

Creating content that connects

Our approach is built around taking the knowledge and experience within our team and turning it into content that helps business owners ‘Be More Successful’.

A single conversation, idea or piece of expertise can become a video, a social post, a blog or a short-form clip. By repurposing content across different channels, we can reach more people while keeping our message consistent.

Behind every piece of content requires planning, filming, editing, writing and collaboration. It takes a team effort to create content that feels authentic to Sidekick while still providing genuine value.

Standing out in a changing industry

The accounting industry is changing. Business owners are looking for more than just someone to complete their accounts. They want advisors who understand their challenges, communicate clearly and help them make confident decisions.

Building a strong digital presence allows us to share our knowledge, showcase the people behind the brand, and connect with businesses in a more meaningful way.

Being noticed by Acuity is a great acknowledgement of the direction we’re heading and the effort our team continues to put in.

A huge thank you to everyone who contributes ideas, shares their expertise, appears in content and supports the work behind the scenes.

You can read the full Acuity article, ‘How to Find New Clients’, here.

Interested in becoming a Sidekick firm?

One of the things we’re most proud of is that our approach doesn’t just benefit the Sidekick brand. It’s helping other accounting firms grow too.

Through the Sidekick group, our firms have access to professionally developed marketing, content, campaigns and resources that could be time-consuming and expensive to create on their own.

It’s about working together, sharing ideas and giving every firm the tools to build a strong local presence while still staying true to who they are. If you’ve been wondering what could be possible with the right support behind you, we’d love to have a conversation.

Find your people. Grow your firm your way, without doing it alone.

Investment boost extended: What New Zealand businesses need to know

If you’re thinking about investing in your business, the Government’s Investment Boost could help improve your cashflow when purchasing eligible assets.

As part of Budget 2026, the Government confirmed the Investment Boost will be extended until 31 March 2027, giving businesses more time to take advantage of the additional tax deduction available on qualifying investments.

But what does that actually mean for your business?

What is Investment Boost?

Investment Boost is a tax deduction that allows New Zealand businesses to claim an additional 20% deduction upfront when purchasing eligible new assets.

The remaining 80% of the asset cost is then depreciated as usual.

What does that mean?

Investment Boost does NOT increase the total deductions you can claim over the life of the asset.

Instead, it brings forward part of the tax benefit, meaning your business may pay less tax upfront and improve cashflow in the year you make the investment.

How does Investment Boost work?

If for example, your business purchases a new piece of equipment for $100,000.

Under Investment Boost:

• You claim an additional $20,000 deduction upfront
• The remaining $80,000 is depreciated over the asset’s useful life

The result is a larger deduction in the first year, which may reduce your taxable income and your immediate tax bill. Effectively meaning more cash stays in your business when you may need it most, whether that’s for growth, managing debt, or funding your next investment.

What assets qualify for Investment Boost?

To qualify, the asset generally must:

• Be new or new to New Zealand
• Be available for business use on or after 22 May 2025
• Be depreciable for tax purposes

Examples of assets that may qualify include:

• Machinery and equipment
• Farm equipment such as tractors, feed wagons and trailers
• Business vehicles
• Office and IT equipment
• New commercial or industrial buildings and significant improvements (excluding land)

What assets don’t qualify?

Investment Boost doesn’t apply to every purchase.

Examples of assets that generally do not qualify include:

• Second-hand assets already used in New Zealand
• Land
• Residential rental buildings
• Most intangible assets

If you’re unsure whether an asset qualifies, it’s worth checking before making the purchase.

How could Investment Boost help different businesses?

The benefit will depend on the type of investment you’re making and your overall tax position.

What should businesses consider?

Investment Boost is optional. You don’t have to claim it on every eligible asset.

The right approach depends on your wider business position, including:

• Your current cashflow
• Expected profitability
• Provisional tax obligations
• Future investment plans
• Your overall tax strategy

It’s also important to remember that claiming Investment Boost may affect the tax treatment when the asset is sold in the future.

Is it Sidekick approved?

The short answer is, that it’s business dependant. Investment Boost is a useful tool, but it’s not a reason to buy something your business doesn’t need.

The best investments are the ones that improve your business, increase efficiency, reduce costs or support future growth. If you’re already planning to invest, understanding the tax impact can help you make a more informed decision.

Before making a major purchase, talk to your Sidekick advisor.

We’ll help you understand how the numbers fit into your bigger business picture.

Budget 2026: What it means for business owners

Budget 2026 didn’t deliver sweeping tax cuts or major economic reform. It focused on simplifying some tax rules, increasing Inland Revenue enforcement, and providing targeted support for specific groups.

So what does that actually mean for business owners, investors, farmers and working families?

In short, the biggest winners are people who value certainty and plan ahead.
The biggest losers may be those who continue to ignore compliance obligations and hope Inland Revenue doesn’t notice.

Budget 2026 at a glance:

• No changes to income tax rates
• No changes to company tax rates
• No changes to GST
• Simplified FBT rules are on the way
• The FIF threshold increases from $50,000 to $100,000
• Working for Families support increases for eligible families
• Inland Revenue receives additional funding for compliance activity
• More focus on enforcement and debt recovery

Who’s most affected?

Budget 2026 is likely to have the biggest impact on:
• Small and medium business owners
• Property and offshore investors
• Working families receiving Working for Families
• Employers providing company vehicles
• Businesses claiming R&D tax credits
• Organisations in the charity and not-for-profit sector
• Businesses with outstanding tax debt

If you fall into one of these groups, it’s worth reviewing how the changes may affect you over the next 12 months.

What are the changes for business owners?

One of the strongest themes running through Budget 2026 is simplification.

Changes to Fringe Benefit Tax (FBT), Foreign Investment Fund (FIF) rules, Non-Resident Contractors Tax (NRCT) and Research & Development tax credits are all aimed at reducing complexity and compliance costs.

This matters because complexity costs money. Every hour spent interpreting tax rules is an hour not spent serving customers, growing your business or supporting your team.

The proposed FBT reforms are a good example. The current vehicle rules are complex, often misunderstood and create inconsistent outcomes. While the new system will take some adjustment, the overall direction is towards simpler administration and less paperwork.

For business owners, less compliance is usually a good thing!

How are investors affected?

The most talked-about tax change is likely to be the increase in the Foreign Investment Fund (FIF) de minimis threshold from $50,000 to $100,000.

This change is likely to benefit:
• Individuals building wealth through offshore shares
• Business owners investing outside New Zealand
• Returning New Zealanders and migrants
• Younger investors entering the market

While it won’t affect everyone, it reflects the reality that more New Zealanders are investing globally than when the original threshold was introduced.

What it means for Working Families

One of the more visible measures in Budget 2026 is the temporary increase to the In-Work Tax Credit for eligible families. For households dealing with rising living costs, every dollar helps. However, the support is targeted.

If you’re a business owner without children, a retiree, a beneficiary, or a household outside the eligibility thresholds, Budget 2026 may not have much impact on your day-to-day finances.

Whether that’s good policy or not depends on your perspective, but it highlights the Government’s preference for targeted assistance rather than broad-based relief.

IRD isn’t taking its foot off the pedal

If there’s one message businesses should take away from Budget 2026, it’s this:

Don’t assume Inland Revenue is taking a softer approach.

The Government has allocated additional funding to tax compliance activity, expecting a significant return on that investment.

That tells us two things:

1. Inland Revenue believes there is still substantial unpaid tax to recover.
2. Enforcement activity is likely to increase.

For businesses carrying tax debt, struggling with GST obligations, or operating with outdated structures, waiting is becoming a riskier strategy.

The businesses that proactively review their position will almost always have more options available than those who wait for Inland Revenue to make contact.

What Budget 2026 Means for Farmers

While there weren’t many direct farming announcements, Budget 2026 still matters for the rural sector. Farm businesses will continue to feel pressure from fuel and energy costs, changing market conditions, and broader economic confidence.

The Government’s focus on infrastructure investment and planning reform may create opportunities over time, while Inland Revenue’s increased compliance activity will affect rural businesses just as much as urban ones.

For many farmers, these indirect impacts will have a bigger influence on profitability and investment decisions than any individual tax change announced in the Budget.

Our Take

Budget 2026 isn’t a transformational budget. There are no major tax cuts, no changes to income tax rates, company tax rates or GST. What it does signal is a continued shift towards clarity, compliance and targeted support.

For business owners, the opportunity isn’t in trying to predict every policy change. It’s in understanding where your business stands today.

It’s time to ask:

• Do you understand your cashflow position?
• Are your tax obligations under control?
• Is your structure still fit for purpose?
• Do you know what the next 12 months look like?

The businesses that perform best are usually the ones that have defined their numbers, know where they’re heading, and make decisions with confidence.

Budget 2026 provides some new opportunities, some new obligations and a few reminders. The real question is whether you have enough clarity around your own position to take advantage of them.

Ready to do the work? Book a 1:1 with a Sidekick Advisor

National herd scheme values released for 25/26 Season

The latest National Average Market Values (NAMV) have been released by Inland Revenue, and there are some significant movements across sheep, beef and dairy values this year.

If you’re in the Herd Scheme, now is a good time to review what those changes could mean for your business, your tax position, and your plans moving forward.

What is the herd scheme?

The Herd Scheme is a livestock valuation method designed for breeding livestock in New Zealand.

Rather than taxing changes in livestock values each year, the Herd Scheme largely focuses on changes in livestock numbers instead. This helps reduce the impact of market fluctuations creating taxable income on paper.

In simple terms, it can smooth out some of the volatility that comes with changing livestock prices and create more certainty when planning ahead.

Each year around the end of May, the IRD releases updated National Average Market Values based on livestock market data collected across the country as at 30 April.

You can view the full IRD values here

Summary of this year’s biggest movements

For the 2025–2026 period:

• Values have increased in general by around 25-45%
• Sheep have increased by around 30-40%
• Beef cattle have increased by around 30-40%
• Dairy cattle have increased by around 30%

Why this matters

For farmers using NAMV to value stock; If your stock numbers have increased then you’ll likely have significant taxable income if they continue to put all stock in Herd Scheme.

For any clients who wish to transfer from NSC to Herd Scheme; There will be significant taxable income.

Related party transactions; Will need careful handling, particularly successions that are occurring currently.

Your action plan

1. Ensure accurate livestock counts at balance date
2. Review how you value stock
3. Review your tax position

Need an hand?

If you want to work through what the updated Herd Scheme values could mean for your farming business, get in touch with the Sidekick Rural team.

We can help with:

• Livestock valuation sanity check
• Review how you value stock
• Tax planning
• Long-term livestock strategy conversations

Book a call with a Sidekick Rural here

Think your crypto is under the radar? It’s not.

IRD now has access to international reporting tools that give them visibility over crypto activity and they’re actively reviewing it.

Crypto-assets are treated as property for tax purposes. That means selling, trading or exchanging can create taxable income.

Many people still assume their investments are invisible on blockchain, but that’s not the case anymore.

Talk to Sidekick

If you hold or have traded crypto, it’s important your accountant knows about it so they can make sure everything is declared correctly and you stay compliant.

No one wants an expensive surprise down the line.

Sound like you? Have a chat with your Sidekick advisor.

A new way to manage income max debt

The Government has introduced a new initiative that expands the use of tax pooling beyond its traditional role in provisional tax. This is a significant shift in how income tax debt can be managed — and it’s something every business owner should be aware of.

Tax pooling can now be used to help settle existing income tax debt for eligible businesses.

The pilot will run through to 30 September 2027 and is a meaningful change, particularly for businesses carrying tax liabilities from the 2023 and 2024 income years.

What does this mean?

Traditionally, tax pooling has been used to manage provisional tax by smoothing out payments and reducing penalties. Now, it can also be used as a tool to resolve existing income tax debt, offering a more flexible and cost-effective alternative to dealing directly with Inland Revenue.

Who’s eligible?

To take part in this initiative, your business must:

• Have income tax debt in the 2023 and/or 2024 tax years
• Have no overdue GST or PAYE
• Have no outstanding tax returns (income tax, GST or PAYE)
• Not be bankrupt or in liquidation
• Not be under legal proceedings related to debt recovery

If you already have an instalment arrangement with Inland Revenue, you may still be eligible to participate.

Why this matters

For many businesses, managing tax debt directly with Inland Revenue can be expensive and restrictive. This new approach opens up a better option.

Compared to IRD debt, tax pooling can offer:

• No late payment penalties
• Lower interest costs
• Faster response times
• Greater flexibility around repayment

But beyond the numbers, there’s a key difference in approach. At Sidekick, we work alongside tax pooling providers like TMNZ and Tax Traders to help resolve tax challenges, not just enforce them. That means more support, better outcomes, and a plan that works for your business.

Is it worth exploring?

If you’re carrying income tax debt from 2023 or 2024, this initiative could make a real difference to your cashflow and financial position.

But like anything tax-related, it’s important to get the right advice before making a move.

Talk to Sidekick

If you’d like to understand whether you’re eligible, or how this could work for your business, get in touch with your local Sidekick advisor.

We’ll walk you through your options and help you put a plan in place that works, now and into the future.

Built with Figured. Designed for real farms.

Sidekick Rural has worked alongside Figured to help bring a new dairy benchmarking report to life.

Built from real farm data and shaped by real advisory conversations, it provides a clear financial picture of your 2025 season, and places it in the context of similar farms across your region, Island or Nationwide.

What makes this different

This report doesn’t just show averages. It breaks your performance into practical, decision-ready sections:

• Profitability overview including EBIT and EBITDA
• Income performance across milk and livestock
• Top five expense groups like feed, fertiliser and staffing
• Key financial ratios like Breakeven Milk Price/Production and Operating Costs/per kgms, and Interest Cover

Everything is benchmarked against comparable farms so you can see:

• Where you’re strong
• Where margin is leaking
• Where opportunity sits

But the real value isn’t just the “what”. It’s understanding the “why”, and deciding what’s next.

Designed with farmers in mind.

We pushed for a report that actually adds value in advisory conversations.
Not just data. Direction.

“For too long, accountant’s financial reports have told farmers where they’ve been, but offered little direction on where they could go. We knew our clients needed a tool that moved beyond simple averages to deliver genuine insight. By working with Figured, we’ve developed a report that translates complex and high volume of data into a clear visual report, pinpointing specific opportunities and financial leaks. It’s designed to spark the strategic conversations that matter, empowering our clients to build more resilient and profitable farming businesses for the future.” – Brett Wooffindin, Director

Why it matters

Milk prices fluctuate, costs rise, and pressure builds. Knowing your numbers (and how they compare to others) is how you stay in control.

“Few firms are evolving at the same pace as Sidekick. Brett, Richard, and the team came on as early beta participants for our new Benchmarking product and provided invaluable input based on their expertise as agri advisors—from the start, they understood the value that could be unlocked.

Like us, Sidekick know the real power of Benchmarking isn’t just the data itself, but the quality of conversations it enables with their clients. Combining Figured Benchmarking with Sidekick’s calibre of advisory is a hard offering to match.” – John Gibson, Figured CRO

Want to see it?

Download the sample benchmarking report – No sign up required

When you’re ready to discuss what this could mean for your farm, book a call

Celebrating Excellence: Sidekick Awards 2026

Each year at our Sidekick Conference we take time to recognise the people and businesses who make our network what it is.

Celebrating leadership, teamwork, commitment and the impact our people have on clients and communities.

This year’s awards were presented during our Sidekick Conference 2026 gala evening in Akaroa, where we celebrated the achievements of our team and the success of our clients.

Celebrating Our People

These awards recognise the dedication, talent and teamwork that drive the Sidekick network forward. Every winner represents the values that sit at the heart of our business.

Congratulations to all of our winners and nominees.

2026 Award Winners

Amanda Wright – Christchurch • Sidekick Champion

Sidekick Timaru • Sidekick Team of the Year

Katie Moratti – Rangiora • Sidekick Teammate of the Year

Richard Wheeler – Timaru • Sidekick Rural Teammate of the Year

Katie Moratti – Rangiora • Sidekick Accountant of the Year

Nicole Sim – Wairarapa • Sidekick Administrator of the Year

Sidekick Business of the Year

A special congratulations goes to The Good Drop in Rangiora, winner of the Sidekick Business of the Year Award.

The Good Drop has achieved impressive growth in recent years while continuing to play an active role in the local community. Their commitment to both business success and community involvement makes them a very deserving winner.

Sidekick Conference 2026

Sidekick Conference 2026 brought our Sidekick family from eight offices together in Akaroa for three days of learning, connection, big ideas and plenty of laughter.

The lead-up was a little tense with the weather. Driving through Little River and seeing the damage really put things into perspective. Thankfully the road to Akaroa reopened just in time and the conference went ahead as planned.

Here’s a quick look at the highlights.

Day One: Welcome to Akaroa

We kicked things off at Mt Vernon Lodge with a warm welcome and merch pack collection.

The evening was all about reconnecting. A gourmet BBQ dinner and drinks got everyone settled in before the hilarious entertainment from The Bitches Box had the room in stitches. After that, everyone headed off to their accommodation ready for the days ahead.

Day Two: Learning and Connection

A few keen runners started the day with a morning jog while the rest of the crew met back at Mt Vernon Lodge for a cooked breakfast.

The morning session was led by Pip Simmons from Bona Fide Consulting, who walked us through our DiSC profiles. Understanding how different personalities work and communicate helps us strengthen relationships, challenge ourselves and work better as a team.

After morning tea we moved into breakout sessions with our sponsors and industry partners including Xero, Smartly, Figured, Irvine Wenborn, Plan & Protect, TMNZ, The Back Room, Runacres, Emergence Cyber Insurance, and Lisa O’Neill

In the afternoon, Phil Crothers from Xero delivered a keynote on Leading Yourself. His message was simple. Great leadership leading yourself first.

By late afternoon it was time to relax. We headed out on the Black Cat dolphin cruise around Akaroa Harbour, with refreshments kindly sponsored by Scott Findlay from The Back Room.

That evening we celebrated our people at the Sidekick Awards Gala, with the energetic Lisa O’Neill bringing plenty of laughs and inspiration.

You can see all the award winners in our Sidekick Awards post.

Day Three: Looking Ahead

The final morning focused on creativity and the future.

Teams kicked things off with a Reels Challenge, creating short videos for social media with the goal to encourage creativity and build confidence in front of the camera. The results had the whole room laughing.

We also launched our new tagline: People Driven Accounting

Technology continues to transform the industry, but trust, clarity and confidence still come from people. And while we love the numbers, we care even more about the people behind them.

To wrap up the conference, our CEO Ric, and head of projects Helen reflected on the past year and shared what’s ahead for Sidekick.

A Big Thank You

A huge thank you to our sponsors Xero, Smartly, Figured, Plan & Protect, TMNZ, Runacres, Irvine Wenborn and The Back Room for helping make the event possible.

And of course, to our incredible team across all eight offices. You are what makes Sidekick what it is.

Sidekick Rural at the Figured global agri leaders summit 2026

In February, members of the Sidekick Rural team travelled to Auckland to attend the Figured Global Agri Leaders Summit 2026.

The summit brings together leaders from across the agricultural accounting, advisory and technology sectors. It provides an opportunity to connect with peers, share ideas and discuss the trends shaping the future of agriculture.

This year’s programme focused on leadership, business growth, succession planning and the growing role of AI in agriculture.

Sidekick Rural directors join expert panels

A highlight for our team was seeing both of our directors invited to sit on expert panels during the event.

Brett joined the panel “Growth at the front seat of strategy.” The discussion explored how advisory firms and farm businesses can approach growth with clear planning, strong financial insights and practical strategy.

Richard’s panel “Talent to support growth strategy.” focused on building strong teams within advisory firms and ensuring the right expertise is in place to support growing farm businesses.

Insights into Figured’s future direction

The summit also gave attendees an early look at Figured’s future direction, with updates on upcoming developments designed to better support farmers and their advisors.

Figured is widely recognised as a leading platform for agri-business financial management. The software brings budgeting, forecasting and reporting together in one system. As a result, farmers and advisors gain clearer visibility over farm performance.

The platform also allows users to model long-term goals, explore succession planning scenarios and produce accurate monthly cashflow forecasts. These reports help farm owners and lenders make confident decisions.

A long-standing partnership

Sidekick Rural has worked closely with Figured for many years. In fact, we were the first firm in New Zealand to achieve Elite Partner status.

Our partnership continues to grow as the platform evolves. Figured is increasingly focused on scalable, data-driven advisory services across the agri sector. We are also excited to support the development of Figured’s upcoming benchmarking reporting tools.

Connecting with global agri leaders

This year’s summit attracted firms from across New Zealand, Australia, and the United States. Because of this, it provided a great opportunity to exchange ideas with international leaders in agri advisory.

One highlight for our team was connecting with Jonathan Haralson from Empire Ag in Texas. He shared valuable insights on building strong rural communities online and using social media to better connect with farmers.

Bringing global insights back to farmers

Events like the Figured Global Agri Leaders Summit remind us that while farming is local, innovation in agriculture is global.

At Sidekick Rural, we value opportunities like this. They allow us to stay connected to new ideas and bring those insights back to the farming businesses we work with every day.

If you’re doing your own GST returns, are you certain they’re correct?

IRD audit and risk review activity is increasing, particularly around GST.

Most audits aren’t fraud related, they’re actually triggered by:

• Unusual patterns compared to your industry

• Coding errors

• Missed filings

• Random selection

Small mistakes can become big problems fast.

When we do your GST for you, we:

☑️ Collate and code transactions correctly

☑️ Prepare and file your GST returns

☑️ Review your returns before they become an issue

☑️ Help you avoid unnecessary IRD attention

You might be fine doing your GST…. But ‘fine’ isn’t always compliant.

If you’d rather have GST confidence rather than crossed fingers, let’s talk.

Book a call with your local Sidekick advisor

In July, the Sidekick Christchurch office welcomed a guest speaker to discuss the latest updates to the Healthy Homes Standards and what they mean for landlords across New Zealand. These standards, part of the Residential Tenancies Act 1986, are designed to ensure rental properties are warm, dry, and healthy for tenants. With the final compliance deadline of 1 July 2025, it’s crucial for landlords to understand their responsibilities and avoid costly penalties.

Key Requirements Under the Healthy Homes Standards

All private rental properties must meet the following minimum standards:

• Heating: A fixed heater capable of heating the main living room to a minimum standard.
• Insulation: Ceiling and underfloor insulation must meet updated requirements, even if previously installed.
• Ventilation: Windows or doors that open to the outside in all living spaces, plus extractor fans in kitchens and bathrooms.
• Moisture Ingress & Drainage: Efficient drainage systems and ground moisture barriers for enclosed subfloors.
• Draught Stopping: Blocking unreasonable gaps and holes that cause noticeable draughts

Compliance Deadlines and Statements

• From 1 July 2025, all private rentals must comply with the standards.
• For tenancies started or renewed between 28 August 2022 and 2 March 2025, landlords have 120 days to comply.
• Every new, renewed, or varied tenancy agreement must include a compliance statement detailing the property’s current level of compliance. Failing to include this statement can result in a $500 fine per tenancy

Consequences of Non-Compliance

Landlords who do not meet their obligations may be in breach of the Residential Tenancies Act and face financial penalties of up to $7,200 per tenancy

Additionally, tenants can request documentation showing compliance, which landlords must provide within 21 days.

For more detailed information, visit the official Tenancy Services Healthy Homes page or watch their Compliance Statement video.

Need Help Navigating the Changes?

If you’re unsure how these updates affect your property or what steps to take next, book an appointment with Sidekick. Our team can provide tailored advice to ensure you’re fully compliant and avoid penalties.

Xero has announced updates to the pricing of several business subscription plans in New Zealand, effective 1 September 2025. These changes reflect Xero’s ongoing investment in delivering a secure, reliable, and innovative platform that supports businesses now and into the future.

What’s Changing?

From 1 September, the following monthly subscription prices will apply:

• Xero Ignite: Remains at $35
• Xero Grow: Increases to $83
• Xero Comprehensive: Increases to $110
• Xero Ultimate: Increases to $125

There are no changes to the pricing of Xero Ledger or Cashbook plans.

Why the Change?

Xero periodically reviews its pricing to ensure it can continue to deliver value through platform enhancements, security improvements, and new features. This year, Xero has rolled out a range of updates designed to streamline workflows, improve reporting, and enhance user experience. View more details of the price changes on Xero’s website.

Additional Information

• All pricing is in NZD, excludes GST, and is subject to change with notice as per Xero’s terms of use.
• If you’re currently using a promo code, it will continue to apply to the new pricing until it expires.

If you have any questions or need assistance understanding how these changes might affect your business, please don’t hesitate to reach out to the team at Sidekick.

Inland Revenue has released the updated kilometre rates for the 2024–2025 income year. These rates are used to calculate business-related vehicle expenses and apply to both self-employed individuals and employers reimbursing staff for work travel.

The kilometre rates are split into two tiers:

• Tier 1 applies to the first 14,000 kilometres of business travel. It includes both fixed costs (such as depreciation and registration) and running costs (like fuel and maintenance).
• Tier 2 applies to any business travel beyond 14,000 kilometres and covers running costs only.

For the 2024–2025 income year, Inland Revenue has introduced separate Tier 1 rates for different vehicle types, reflecting the varying costs of operating each type. This change ensures the rates more accurately represent actual vehicle expenses.

Here are the current rates:

These rates can be used by businesses to claim deductions for vehicle use or to reimburse employees for work-related travel in their personal vehicles. It’s important to note that while these rates are accepted by the Commissioner as a reasonable estimate of expenditure, businesses may also use other methods—such as actual costs or third-party data—if they provide a more accurate reflection of expenses.

Employers who do not track the specific vehicle types used by employees may use a blended average of the Tier 1 rates to simplify calculations, provided it remains a reasonable estimate.

Why does it matter? Using the correct kilometre rate method helps ensure compliance with tax obligations and provides a fair and consistent approach to claiming or reimbursing vehicle expenses. It also simplifies record-keeping and helps avoid any issues during tax time.

For full details, visit the IRD’s official update: Kilometre Rates 2025 – IRD

Want to know more about how these changes apply to your business? Get in touch with the team at Sidekick for personalised advice.

This month, Sidekick hosted a ‘Planning and Financial Mastery’ workshop in collaboration with Business Canterbury and Enterprise North Canterbury. The session was led by Ric Thorpe, CEO at Sidekick, and Helen Pauley, Project Coordinator at Sidekick, and brought together a group of business owners and provided them with take-away tools for them to move forward with confidence.

Ewan shared his thoughts on the workshop:

A big thank you to everyone who joined us, and to our partners for making the event possible.

Keep an eye out for upcoming Sidekick events near you — and get in touch to find out how we can support your business success.

At Sidekick, we believe that true business success isn’t just about profit margins—it’s about freedom. That’s why we focus on helping our clients achieve what we call the Three Freedoms: Mind Freedom, Time Freedom, and Financial Freedom.

But here’s the secret: you can’t achieve any of these freedoms without managing risk. Risk is the hidden force that can quietly erode your time, stress your mind, and drain your finances. That’s why we work closely with our clients to identify and proactively address the risks in their business—before they become costly problems.

Let’s explore what each freedom really means:

1. Mind Freedom

Running a business can be mentally exhausting. Worrying about cash flow, compliance, or unexpected disruptions can take a toll. Mind freedom means reducing that stress. When you proactively manage risk, you gain peace of mind. You’re not constantly firefighting—you’re leading with clarity and confidence.
Imagine sleeping easier, stressing less at work and home, and enjoying a calmer, more focused mindset.

2. Time Freedom

Time is your most valuable resource. Yet many business owners find themselves stuck in the day-to-day, unable to step away. By identifying and addressing risks early, you reduce interruptions and free up time.
That means more space to have a life outside of work—whether it’s prioritising your morning run, picking up the kids from school, or finally joining that weekend sailing club.

3. Financial Freedom

This is the one most people chase first—more profit, better cash flow, and a higher business valuation. But here’s the catch: without mind and time freedom, financial freedom is fragile. A single disruption can undo months of progress.
With a resilient business, you can dream bigger—buy the pool, travel the world, or even retire early.

When you take a proactive approach to risk, you’re not just protecting your business—you’re creating space to thrive. You’ll feel more in control, spend less time reacting, and unlock more of the freedom you went into business for in the first place.

Ready to find your freedom?
Book an appointment with Sidekick today. Let’s sit down together and explore how you can optimise your business around the Three Freedoms.

Let’s be honest—most of us didn’t choose farming because we adore balance sheets or taxation tables. But here’s the thing: getting a handle on your financials doesn’t have to be scary or painful—and it can totally change the game for your business.

That’s why AWDT’s Understanding Your Farming Business programme takes a practical, confidence-building approach to the money side of things. We’re not here to turn you into an accountant—we’re here to help you ask smarter questions, make better decisions, and sleep a little easier at night.

Because when you don’t understand your financials, it’s harder (at times impossible) to navigate uncertainty and change. But when you do? You’re in the driver’s seat—ready to adapt, plan, and grow with confidence.

In our financial module, we cover:

• What financial statements actually tell you
• How stock profit and livestock tax really work
• The story behind your income statement and balance sheet
• Taxation basics that actually matter
• Business structures (hint: the wrong one could cost you)
• And how to build trusted teams and coach your way through tricky conversations

You don’t have to love financials. But understanding them? That’s where your real power starts. And yes—there’ll be tea, laughs, and plenty of lightbulb moments along the way.

At Sidekick, we’re proud to be an accounting partner for AWDT. Get in touch with us today to see how we can help you to be more successful.

The New Zealand Government has introduced a new Investment Boost, a year-long, front-loaded tax incentive designed to encourage Kiwi businesses to invest in productive assets and bolster the nation’s economic recovery. Unveiled in the 2025 Budget and effective from 22 May 2025, companies can immediately deduct 20 percent of the cost of eligible new assets—on top of standard depreciation—boosting cash flow and promoting capital expansion.

What does it cover?
The boost can be applied to new machinery, tools, vehicles, imported second-hand assets, software, websites, new commercial buildings, and primary-sector land improvements. Residential properties, land itself, and already-used domestic assets are ineligible.

Why introduce it?
Finance Minister Nicola Willis states that by improving cash flow earlier in the investment lifecycle, small and large businesses will find more opportunities financially viable. Treasury projects the boost will lift GDP by 1% and wages by around 1.5% over the next 20 years—with half of those gains occurring within five years.

Basic example
Consider a manufacturing firm buying an environmental test chamber for NZ$200,000. Normally, they’d depreciate 10.5% per year (a deduction of $21,000 in year one). With the boost, they can deduct an extra 20% ($40,000) immediately—bringing total year-one deductions to $56,800. At the 28% company tax rate, this equates to over NZ$10,000 less tax payable that year.

Bottom line
The Investment Boost offers a meaningful cash-flow advantage to businesses investing in growth, making NZ assets—whether machinery, vehicles, or tech—an attractive proposition. As firms reinvest immediate savings, the government expects productivity gains, higher wages, and stronger economic momentum.

Learn more about these changes here. Still have more questions? Get in touch with Sidekick today!

On 23 May, the Sidekick Timaru team enjoyed an afternoon break away from the office and headed to Christchurch to support the Crusaders in their match against the Highlanders (or vice versa depending on your allegiance!). In the lead up we challenged each other in Escape Rooms to see which team completed the challenge in the least time! Having time together as a team is something we value at Sidekick. 

Adding to the excitement, we’re delighted to welcome a new face to the team at Sidekick Timaru. Katie Westwood is a talented accountant and joined us in mid-May. Clients can expect to see and hear from Katie in the coming weeks. Welcome to the team Katie!

Keep an eye on our website to see more updates from the team. Or, get in touch with us today to book your next appointment!

Sidekick was the world’s first Xero Platinum Partner back in the early 2010s and pioneered the modern cloud-based accounting firm on a single ledger with their clients. We’re at it again, and we’re thrilled to announce our new Elite Partnership with Figured, bringing a suite of powerful financial tools and insights to New Zealand farmers. This collaboration is designed to provide wrap-around functionality, enhance your farming operations, and secure your financial future.

Everyone knows Figured’s market-leading cashflow and production management software, which integrates the farmer, the bank, suppliers, and your accountant. Now, check out this suite of services that Sidekick Rural helped develop with Figured:

• Milk Price Protection: Say goodbye to the stress of fluctuating milk prices. Our partnership with Figured offers robust milk price protection strategies, ensuring you get the best possible return for your hard work.
• Regional Benchmarking Insights: Gain a competitive edge with regional benchmarking insights. Compare your farm’s performance against others in your area and identify opportunities for improvement. Stay ahead of the curve with data-driven decisions.
• Cashflow and Livestock Funding: Managing cashflow and livestock funding has never been easier. Figured’s advanced tools help you plan and monitor your finances, ensuring you have the resources you need, when you need them.
• Halter Funding: Embrace innovation with Halter funding. Access the latest in livestock management technology, improving efficiency and productivity on your farm. Stay at the forefront of agricultural advancements.
• Asset Finance: Expand and upgrade your farm with ease. Our asset finance solutions provide the support you need to invest in new equipment and infrastructure, driving growth and sustainability.

Maximise your return on Figured software and your accountant. Ready to take your farming business to the next level and stay ahead of the pack?

Enquire here if you are interested in any of these services. Let’s work together to build a prosperous future for New Zealand agriculture!

The Herd Scheme is a unique livestock valuation method in New Zealand that treats livestock as a capital asset, thereby exempting changes in livestock values from being considered taxable income. This approach is designed to prevent large tax liabilities from arising due to market fluctuations in livestock values. Instead, only changes in the number of livestock are assessable for tax purposes. This method allows farmers to value their livestock at the same rate at both the opening and closing of the financial year, resulting in a tax-free adjustment to the opening livestock values. This effectively neutralises any taxable income from changes in livestock values.

Each year, around the end of May, the Inland Revenue Department announces the National Average Market Values (NAMV) for each class of livestock. These values are determined based on a survey of livestock values across the country as of 30 April each year. The NAMV is used for valuing livestock under the Herd Scheme and is calculated using a weighted average based on livestock numbers in each region compared to national herd numbers. This ensures that the values reflect the average market conditions for good-quality on-farm animals.

The Herd Scheme is largely irrevocable once elected, with limited circumstances allowing for an exit. For instance, a farmer can exit the scheme if they stop using all female livestock for breeding and instead use them in a fattening operation, or if there is an increase in the number of animals in a class, allowing for an alternative valuation method. This restriction is intended to ensure that farmers choose a valuation method that aligns with their long-term business needs rather than for short-term tax advantages.

Current Year Values

For the 2024–2025 period:

• Sheep values have experienced a significant increase of approximately 33% on average (following a 37% average decrease in 2024).
• Beef values have increased by approximately 35% (following a 2% average increase in 2024).
• Dairy values have increased approximately 45% (following a 2% average increase in 2024).

Summary

The Herd Scheme offers a strategic approach to livestock valuation by treating livestock as a capital asset, thereby exempting changes in livestock values from tax. This method provides stability in tax planning for farmers, especially in volatile market conditions.

However, the decision to enter the Herd Scheme should be made with careful consideration of long-term business goals, as exiting the scheme is not straightforward. The recent economic challenges have highlighted the importance of strategic planning in livestock valuation, making the Herd Scheme a valuable tool for New Zealand farmers navigating uncertain times.

Farmers should communicate their livestock ownership plans with their accountants, as the herd livestock adjustment affects the opening livestock values for the following year. This is crucial for planning and ensuring that the chosen valuation method remains appropriate for the farmer’s business strategy.

See more on the IRD website, or get Sidekick’s free download below! Alternatively, get in touch with us today to review your livestock strategic plan.

Sidekick is excited to announce the expansion of our rural services with the addition of Sidekick Lawson Avery in Masterton and the arrival of Brett Wooffindin to the team. Brett, who grew up on a sheep farm in South Canterbury, brings a wealth of global finance experience and a deep understanding of rural business needs. A Chartered Accountant with a degree in Commerce and Management from Lincoln University, Brett began his career at a Big Four firm in Wellington before holding senior roles in investment banking in London and NZX-listed companies. Since 2015, he has been a key part of Sidekick Lawson Avery, where he now leads our cloud-based solutions team, specialising in Xero, Figured, and strategic business performance improvement.

In Timaru, Richard continues to be a cornerstone of our rural offering. With over 20 years in rural finance and deep agricultural roots, he’s dedicated to helping farming businesses succeed.

With Brett joining Richard and strong partnerships like Figured, Sidekick is proud to support rural clients across Wairarapa and South Canterbury.

Get in touch today — reach out to Brett in the North Island or Richard in the South Island to see how we can help your rural business grow!

We’re still buzzing from the new Budget announcement, and here at Sidekick, we’re all about breaking down what it means for you – our incredible clients, who are out there building and growing New Zealand’s future.

The Government’s message is clear: they want to fuel productivity and economic growth. And frankly, we’re here for it! While the big corporate tax rate cut wasn’t on the cards (let’s be real, that’s a massive undertaking), they’ve served up some seriously business-friendly initiatives designed to get capital flowing and innovation thriving.

The headline act? The Investment Boost tax incentive. We’ve been advocating for something like this, and we’re genuinely stoked to see the Government introducing an upfront 20% deduction for new business assets. This isn’t just a tweak; it’s a significant commitment to helping you invest in the tools, tech, and infrastructure that will drive your business forward.

Imagine this: you buy a new piece of equipment, and in the year of purchase, you can deduct 20% of its cost immediately, on top of your normal depreciation on the remaining 80%. That’s a powerful incentive to make those strategic investments now. And the best part? It applies to a broad range of assets, from machinery and vehicles to industrial buildings (yes, even those!). It’s designed to get you investing in your future, today.

But wait, there’s more! Here’s a quick rundown of other key tax changes we’re excited about:

• Targeted thin capitalisation modifications for infrastructure investments: This is about making it easier for large-scale infrastructure projects to secure funding, which ultimately benefits us all through better roads, broadband, and more.
• Deferral of taxation of employee share schemes for startups and unlisted companies: This is fantastic news for our innovative startups! It means employees can defer paying tax on their share options until a “liquidity event” – when they actually have the funds to pay. This removes a major hurdle for attracting top talent.
• Simplified FIF rules to retain/attract foreign migrants to New Zealand: New Zealand’s unique foreign investment fund (FIF) rules have been a bit of a headache for attracting skilled migrants. These changes aim to make it smoother, allowing more flexibility for individuals with unlisted foreign shares.
• Relaxation of PIE rules to increase investment in private assets: This could unlock more domestic capital for investing in New Zealand businesses and infrastructure through KiwiSaver funds. Win-win!
• Simplification of FBT: While we didn’t get the full FBT overhaul we might have dreamed of, there are some sensible changes on the way for motor vehicle benefits and other “unclassified” benefits. This should make compliance a little less of a headache for everyone.

What does this all mean for you, our Sidekick?

We see this Budget as a clear signal of support for businesses investing in growth. The Investment Boost, in particular, presents a real opportunity to bring forward those capital expenditure plans you might have been holding off on.

Of course, the devil is always in the details, and we’ll be keeping a close eye on the legislation as it unfolds. But for now, we’re optimistic. This Budget aims to create an environment where you can truly thrive.

Ready to explore how these changes can benefit your business? Don’t hesitate to get in touch with your Sidekick team. We’re here to help you navigate these updates and make the most of every opportunity. Let’s grow together!

Attention small business owners! If you took out a Small Business Cashflow (SBC) loan, it’s time to start thinking about your repayment plan. For most borrowers, the 5-year loan term ends in 2025, so watch out for default interest charges. Here’s a quick guide to help you stay on top of your loan and avoid any unnecessary headaches.

Check Your Loan Status

First things first, log in to myIR to check how much you owe and when your final repayment date is. It’s important to know where you stand so you can plan accordingly.

Make Extra Payments

If you can, make extra payments through myIR. This will help you avoid the default interest charges of 13.88%. Just make sure you select your SBC loan as the debt you want to pay.

Set Up a Repayment Plan

Can’t repay the outstanding balance in full? No worries! You can set up a repayment plan by getting in touch with myIR. Having a repayment plan in place means your interest rate will be a much more manageable 3%.

Already Have a Repayment Plan?

If you already have a repayment plan but haven’t kept up with it, now’s the time to get back on track. Setting up regular monthly payments can help lower your balance as quickly as possible and keep you from falling behind.

Multiple Repayment Plans?

If you have more than one repayment plan, make sure to use your unique SBC loan identifier, called the ‘Media Number,’ when making repayments. You can find this number at the top of any letters you’ve received from the IRD.

What Happens If You Do Nothing?

If your SBC loan is unpaid 20 working days after the final repayment date, the loan will default. This means the IRD may demand full payment, add default interest of 13.88% to the outstanding balance, and even take legal action. Yikes!

For more detailed information, visit the IRD website. And if you have any questions or need further assistance, don’t hesitate to get in touch with the team at Sidekick!

We are thrilled to welcome a fantastic new member to the Sidekick Selwyn team: Alison Hogg!

Alison is a Senior Accountant, and is passionate about helping businesses unlock their full potential through systems and technology. With a knack for discovering “A-Ha” moments, she loves guiding clients to innovative solutions that streamline their operations and drive success.

Before entering accountancy, Alison worked in the construction, transport, and design industries before picking up the calculator and becoming a fully qualified Chartered Accountant. She gained a Bachelor of Applied Management, majoring in Accounting, from Manukau Institute of Technology and then Ara Canterbury. Alison relocated from South Auckland to Canterbury in 2016 and has recently gained a Graduate Certificate in Professional Coaching, specialising in working with Small Enterprises. She has worked for accountancy firms both large and small before joining Sidekick in 2025.

When she’s not optimising workflows, you’ll find Alison testing new technology, indulging in craft beer, or building her next dream home in The Sims.

We invite you to book an appointment or pop in to say hello. Discover how our growing team at Sidekick Selwyn can support your financial goals with expertise and a friendly touch!

Staying competitive puts your business ahead of the pack. We’ve shared some top advice on how to remain competitive and maintain your leading edge over the competition.

It’s difficult to make your business stand out from the crowd, especially in the 21st century digital environment where businesses large and small are competing for the same customers.

Remaining competitive is vital for any business. If you stay ahead of your competitors and hang onto your customer base, your sales stay stable and your revenues remain predictable.

But how can you do that in today’s increasingly challenging business environment?

Key ways to remain competitive in your market

No market sits still. And the competitiveness of your company’s brand will also fluctuate and evolve over time. But this doesn’t mean that you can just sit back and let your competitive edge fade away. The more proactive you are about your position in the market, the more you can do to preserve your advantage and keep your business ahead of your competitors.

Here are some helpful ways to boost your competitive edge:

1. Provide a personalised experience for your customers – customer experience (CX) is everything in the digital age. A happy customer will buy more, so you need your CX to deliver every time, no matter what. Try analysing your customer data and feedback, and then using that information to tailor the customer’s experience with your company.
2. Carry out competitor intelligence activity on your main competitors – competitor intelligence is an important activity for any company. It involves gathering data about your competitors, including their strengths and weaknesses. You’ll need to identify the competition, find out what they’re doing, and analyse the data you’ve collected.
3. Offer high-quality products or services at reasonable prices – you won’t sell high volumes if you don’t have a quality product or service. And you also need to offer a price point that your customers see as good value. If you’re not sure if your prices are competitive, take a look at what your competitors are charging. This will give you an idea of what people are willing to pay for the same products or services that you offer.
4. Develop new technologies that are not yet on the market – investing in new technologies is risky but can also be profitable. To help mitigate the risks of developing a new technology, it is important to research the market and make sure that there is a genuine customer need for your product. It’s also important to ensure that your product will be affordable and has potential for growth in the future.
5. Invest in emerging technologies – innovation continues to be a key driver. Emerging technologies like generative AI, quantum computing, and sustainable tech are reshaping industries. Investing in these areas can provide a significant competitive edge.

Talk to us about reviewing your business strategy

Keeping your business at the competitive edge of the market can be a challenge. But by analysing your customer and competitor information, you can do your best to remain competitive and keep your dominant position in your market or industry sector.

We’ll help you identify the risks, spot the opportunities and amend your business strategy to remain competitive, stable and profitable in the future.

We are thrilled to announce that Sidekick has not only won the Large Business category but also been named the Supreme Winner at the BSI Culture Excellence Awards! This recognition highlights our commitment to fostering an outstanding workplace culture that puts our people first.

The BSI Culture Excellence Awards celebrate businesses that excel in creating a positive and engaging work environment. This year, the awards went global, recognising companies from around the world that prioritise their team’s well-being, diversity, and continuous growth. Being honoured with these awards is a testament to the hard work and dedication of our entire team.

Our entry video showcased why we think Sidekick is such a special place to work, featuring our unique initiatives like flexible working hours, wellness programmes, and our inclusive, fun-loving team spirit. We believe that a happy team is a productive team, and our culture reflects that belief every day.

Thank you to our team who participated in the video entry. Check out our video entry here to see what makes Sidekick’s culture truly exceptional!

A huge thank you to BSI People Skills Ltd for holding the awards.

Since the early 1900s, New Zealand has established a comprehensive framework for accident compensation, often heralded as world-leading and revolutionary. Whether you love it or loathe it, most New Zealanders contribute to ACC levies in some form. For business owners and the self-employed, a brief review of your ACC policies and settings could be highly beneficial.

In the past, many have found ACC invoices challenging to interpret, with multiple account types covering various financial periods arriving simultaneously. Deciphering what cover is in place and the exact amount payable can be complex. However, ACC has made strides in recent years to enhance the clarity of their invoices. Nonetheless, it remains crucial to ensure all information fields are accurate.

Guidelines for Reviewing ACC Invoices:

1. Identify the ACC Account Type: Determine whether your invoice is based on self-employed earnings, the shareholder account for your company’s non-PAYE (shareholder) salaries, or your employer account, which is derived from gross wages information from the PAYE returns filed for your business.
2. Verify Liable Earnings Figures: Ensure that the ACC liable earnings figures align with the income tax or PAYE returns previously filed with the Inland Revenue.
3. Check Working Status: Confirm whether your working status is recorded as full-time (over 30 hours per week) or part-time. Full-time earners have a minimum annual liable earnings value ($44,250 for the year ending 31 March 2025), while part-time earners are billed based on their actual liable earnings.
4. Review Maximum Earnings Cap: For those earning above the full-time maximum ($142,283 for the year ending 31 March 2025), ensure you have not been levied beyond this point, especially if you have multiple income streams.
5. Assess the Business Classification: Verify that your business industry is correctly recorded. While straightforward for many businesses, some classifications can be ambiguous. Levy rates vary significantly across industries, making this an important area to check. If in doubt, consult www.businessdescription.co.nz or contact ACC for the best classification unit for your business.
6. Consider Multiple CU Costs: If your entity encompasses multiple business activities, there might be opportunities for savings through multiple Classification Unit (CU) codes. This can be complex, so consult your Sidekick advisor to explore potential savings.

ACC offers an optional product, ACC CoverPlus Extra, which functions like an agreed-value insurance policy. This is particularly beneficial if your earnings fluctuate (think seasonal worker) or if you’re new to business without an established earnings history. ACC CoverPlus Extra can provide greater peace of mind regarding your level of cover and offer more certainty around levy costs.

Certain situations affecting your work capacity, such as illness or degenerative conditions, fall outside ACC’s scope. To address this, consider additional cover from a private insurer. Ensure your insurer fully considers your ACC policy settings to ensure comprehensiveness and avoid overlapping cover. It is sometimes possible to adjust ACC cover via ACC CoverPlus Extra to complement your private insurance policies. It’s important to seek advice before modifying your ACC cover level to prevent unintended negative outcomes.

At Sidekick, we can link your ACC account to our agency, enabling us to monitor and review ACC invoices and policy settings regularly. Please contact us if you would like a more in-depth explanation of any ACC topics mentioned and how they may apply to your situation. Given the compulsory nature of ACC for many, it’s worthwhile to ensure your details are correct and that your policies are optimised to best meet your needs.

Missed our “Know Your Numbers” webinar? Not to worry!

You don’t have to be an accountant or bookkeeper to understand your numbers, just like you don’t need to be a mechanic to drive a car. Understanding your financial reports puts you in a stronger position to make better decisions.

Our recent webinar covered:

• What key financial reports reveal about your business
• Identifying strengths, weaknesses, and trends
• Why your bank account balance may not reflect profits
• How to protect your assets
• Key drivers of business value
• Measuring business efficiency to drive improvement

Get exclusive access to our free “Know Your Numbers” workbook—a complete guide to managing your financial reports—or the recording of our live webinar. Simply fill in your details below.

Hello Sidekick clients!

We know keeping track of tax dates can be a bit of a headache, but don’t worry, we’ve got your back. Our handy guide for the 2024-2025 tax year is here to help you stay on top of all those important dates. From PAYE to GST and income tax, we’ve covered everything you need to know.

Download our comprehensive tax calendar now and print it out for easy reference. Keep it handy, and you’ll always know what’s coming up. And remember, if you have any questions or need further assistance, we’re just a call or email away. Simply fill in your details below to download your guide and get started today!

Why stress over deadlines when you can let Sidekick handle it for you? With our services, we can also manage these dates & send you reminders, so you’ll never miss a payment, ensuring you pay only what you need to—no more, no less. It’s all about making your life easier and your business smoother. Stay organised, stay relaxed, and let Sidekick take care of the rest. Let us know if you’d like this service.

You don’t have to be an accountant or bookkeeper to understand your numbers, just as you don’t have to be a mechanic to drive a car.  Having an overall understanding of your financial reports puts you in a far stronger position to make better decisions.

On 26 November 2024 at 1-2pm we are hosting a 60 minute complimentary webinar where you’ll:

• Learn what each of your key financial reports tells you about your business
• Identify strengths, weaknesses and trends
• Discover why your bank account balance may not reflect profits
• Identify how to protect your assets
• Discover the key drivers of business value
• Learn how to measure your business efficiency to drive improvement

Plus, we’ll provide you with a complimentary Guide to Your Financial Reports.

Click here to register! 

Your Hosts

As the end of the season approaches, Sidekick Rural is here to help with our one-time End of Year Planning Guide—designed to set you up with a clear vision and a solid plan for the seasons ahead. Although this is created for farmers, lots of content applies to all business types, so check it out! This guide is all about using your financial data to create a tailored forecast, anticipate challenges, and make better business decisions for your farm.

Farmers across New Zealand are always juggling tight schedules and financial pressures, but working harder isn’t always the answer. Our guide walks you through how to use your end-of-year financials to create a proactive, sustainable plan that can help you build financial resilience, optimise spending, and even prepare for succession planning. Whether it’s negotiating better terms with your bank or reducing stress, this guide offers practical steps to take your farm from good to great.

Want to get ahead? Download the guide today and make this season’s EOY meeting your best one yet!

“Keep on top of your numbers and be proactive with your bank” – Richard Wheeler, Sidekick Timaru

As we face challenging economic conditions, it’s more important than ever for businesses to ensure their financial reporting is up to date. Accurate and timely financial reports are crucial for maintaining a good relationship with your bank, especially when seeking a review of your credit ratings and pricing. Here’s a guide to help you manage this process effectively during these tough times.

The Importance of Accurate Reporting

In the current economic climate, banks are scrutinising financial reports more closely to assess the risk associated with lending. Your financial reports provide a detailed picture of your business’s health, including revenue, expenses, assets, and liabilities. Inaccurate or outdated reports can lead to unfavourable credit ratings, which can result in higher interest rates and less favourable loan terms.

Key Factors Banks Review to Assess Business Credit Ratings

• Financial Statements: Banks closely examine your balance sheet, income statement, and cash flow statement to understand your financial health and stability. This includes historical and forecast viability.
• Payment History: Consistently paying your bills on time is crucial. Late payments can significantly impact your credit score, especially in a tight economy. Electronic payments defaulting on your account due to a lack of available credit can also impact your credit rating.
• Industry Risk: Banks also consider the overall risk associated with your industry. E.g. tourism during lockdown or cattle farming during the M. bovis outbreak.
• Credit Utilisation: This is the ratio of your current credit balances to your credit limits. Lower utilisation rates are generally viewed more favourably.
• Length of Credit History: The longer your business has been operating and maintaining credit, the better. It demonstrates stability and reliability.
• Types of Credit: A mix of credit types (e.g., loans, credit cards, lines of credit) can positively influence your score, showing that you can manage various forms of credit.
• Public Records: Any legal filings such as tax liens, judgements, or bankruptcies can severely impact your credit rating.

Steps to Get Your Reporting Up to Date

• Review and Reconcile Accounts: Make sure all your accounts are current and reconciled. This includes bank accounts, credit cards, and loans.
• Update Financial Statements: Prepare your balance sheet, income statement, and cash flow statement to reflect your current financial status.
• Check for Errors: Review your reports for any discrepancies or errors. Correcting these can prevent potential issues during the bank’s review.
• Maintain Detailed Records: Keep detailed records of all transactions. This helps in accurate reporting and is crucial in case of audits.
• Consult with Your Sidekick: If you’re unsure about any aspect of your financial reporting, consult with your Sidekick accountant. They can provide valuable insights and ensure everything is in order, as well as prepare annual and management reports.

Managing Economic Challenges

Given the current economic challenges, it’s essential to be proactive in managing your finances. Here are some additional tips:

• Cash Flow Management and Forecasting: Monitor your cash flow closely and look for ways to improve it. This might include negotiating better payment terms with suppliers or finding ways to reduce expenses.
• Cost Control: Identify areas where you can cut costs without compromising the quality of your products or services.
• Diversify Revenue Streams: Explore new markets or products to diversify your revenue streams and reduce dependency on a single source of income.

Recent Interest Rate Trends

Understanding current interest rate trends can help you anticipate changes in loan pricing. As of October 2024, the Reserve Bank of New Zealand has trimmed the official cash rate to 4.75%, marking the second cut since March 2020 totaling 0.75%. This decision was influenced by a slowdown in the annual inflation rate to 2.2% in the third quarter of 2024. Most Banks are expecting the OCR to reduce by a further 0.50% in November. Regular monitoring of both floating and fixed rate trends by communicating with your bank will mean you are not late to the party.  

By keeping your financial reporting up to date and understanding the factors that affect your credit rating, you can better navigate these tough economic conditions. Stay proactive and consult with your Sidekick to manage these complexities effectively.

Feel free to reach out if you have any questions or need further assistance with your financial reporting. We’re here to help!

In construction or trades?

Meet Subit, the new Kiwi-owned platform helping you land more projects during those quiet periods. Subit connects builders and tradies, simplifying the quoting process and saving you heaps on advertising and admin work. It’s a win-win!

Subit makes finding skilled tradespeople a breeze. Instead of sifting through endless quotes and paperwork, builders can get competitive quotes quickly, saving valuable time and money. For tradies, it’s an opportunity to showcase your skills and quote on real projects – without paying a fortune for advertising.

And the best part? Subit helps you cut down on costs, increase efficiency, and keep your projects moving smoothly, all while reducing admin headaches.

Sign up for Subit and enjoy a free 60-day trial! Don’t miss out— watch our explainer video below and see how Subit can simplify your construction journey.

Say goodbye to slow periods and hello to more projects with Subit.

Are you tired of spending countless hours on manual data entry and document organisation? Hubdoc is here to save the day! This powerful tool automates document collection and data entry, making your accounting process seamless and efficient. Here’s a sneak peek at what Hubdoc can do for you:

• Automated Data Extraction: Upload your bills and receipts, and let Hubdoc handle the rest. The data is automatically extracted and exported to your accounting software—no more tedious data entry!
• Centralised Document Storage: Keep all your financial documents organised in one place. This feature saves you time searching for files and ensures everything is accurate and easy to access.
• Efficient Receipt Capture: Snap photos of receipts using your mobile device. Say goodbye to the days of processing piles of paper receipts!

We’ve teamed up with Xero to showcase the key benefits of using Hubdoc with Xero in a special webinar recording. This is your chance to see how this game-changing tool can optimise your accounts administration and save you hours each month.

Don’t miss out—watch the recording on SidekickTV now and transform your financial workflow with Hubdoc!

Join us for the Sidekick Rural Future Ready Agri-Business Event with Figured on Thursday, 17 October, at the newly completed Fraser Park events centre. This event is an exciting opportunity for Canterbury farmers to hear from a fantastic panel of industry experts, local banks, and successful farmers about how to take your farming operation to the next level.

Hosted by Richard Wheeler (Sidekick Rural) and Dave McGregor (Figured), you’ll gain insights from speakers such as Richard O’Sullivan (Colliers Real Estate), Simon Cooney (ASB Bank Rural Manager), Greg Watson (Rabo Bank Rural Manager), and Dave Oxnam (Rural Valuer). Plus, there will be a bite to eat and plenty of chances to network with other local farmers.

Free for Canterbury farmers! Spaces are limited, so make sure to register here.

We look forward to seeing you there!

The Coalition Government has established a new $1.2 billion Regional Infrastructure Fund (RIF) to help invest in and improve New Zealand’s regional infrastructure.

The aim of the fund is to boost regional infrastructure projects, outside of the main metropolitan areas. The RIF will encourage the building of new infrastructure and will improve existing structures to benefit regional businesses, organisations and communities.

Funding will be provided through a mix of loan and equity investments, but be aware that grants will only available only in very limited cases.

What are the eligibility criteria for the RIF?

If you’re interested in applying for funding from the RIF, it’s important to first understand the eligibility criteria and the core focus on provincial, regional growth.

To be eligible, your organisation must:

• Be a New Zealand-based legal entity, usually a business, partnership, trust, council and iwi. However, this doesn’t stop you partnering with offshore parties.
• Be able to deliver on a project asset based in one of the provincial regions of New Zealand. Specifically excluded are: Auckland (all elements of the Auckland Unitary Authority), Wellington (Wellington City, Lower Hutt City, Upper Hutt City, and Porirua City) and Christchurch City.
• Be focused on delivering a ‘hard infrastructure’ asset or completing physical works that protect existing Crown/local infrastructure or assets developed through the RIF.
• Contribute to improving regional resilience and/or productivity.
• Fit at least one of the RIF funding component definitions (resilience or enabling infrastructure).
• Show an ability to deliver, including an implementation plan appropriate to the size, scale and nature of the project, robust project governance/decision-making systems and risk identification and management.
• Have a co-investment element (from a private sector investor, iwi or other non-government entity) where relevant.
• Require government financial support to progress or to attract private sector investment (either within the region or elsewhere).
• Show alignment to regional development priorities.

Talk to us about applying for the RIF.

Does your organisation meet the eligibility criteria? And do you have the capability to deliver a regional infrastructure project within the wider remit of the RIF?

If so, we can help you pull together your application for the RIF and can assist with the strategic planning, governance and financial planning of the project.

Last month, Sidekick’s own Sarah Veasey ventured off to San Jose, Costa Rica, to represent New Zealand at the Obstacle Course World Championships. The competition brought together the best athletes from around the world for three days of intense competition. New Zealand had a team of 19 from across the country.

The competition comprised three distances: the 100m and the 3km, which were held at the National Stadium in San Jose, and the 15km event, which took place at the Doka Coffee Estate. Despite the challenge of encountering obstacles the team had not faced before (think bananas, coffee beans, and wooden corn hanging from scaffolding), all the NZ athletes competed well against tough opposition, and we were able to come away with our first-ever medal. Laura Grant won bronze in the Masters 100m in a nail-biting final.

The next step is to try to get a training facility set up for the team with the 100m course, so we can be even more prepared for future World Championships and the Olympics. One of the highlights of the trip (aside from Laura winning the medal!) was witnessing the 100m world record being broken by Isiah Thomas (18 years old) from the USA, who completed the course in 24.35 seconds, which is unbelievably fast.

The team has returned and is already back into training for the 2025 World Championships in Sweden.

Cashflow is King

What is the difference between profit and cashflow?

The Business 101 Cycle is a great tool to help you understand the difference between profit and cashflow. The first step in the cycle is for you, as the owners, to invest money into the business to purchase assets. You might need additional finance to help fund these.

You then use the assets to generate a profit. To increase your profit, you could increase sales or improve your margins. On the other hand, drains on profit can include unchecked overhead expenses and wastage.

You then turn that profit into cash. Drains on cash include the slow collection of debtors, increase in stock or work in progress, loan repayments, tax payments, and faster payment of suppliers. To improve the amount of cash you have, you can collect your debtors faster, decrease your stock or work in progress, negotiate longer payment terms with suppliers, reduce tax payable, and refinance loans.

Then, you need to decide how much of that cash you want to take out of the business for your personal expenditure. The balance is then available to reinvest in the business. The goal is to accelerate this cycle as fast as we can to improve your return on investment.

The Cash Conversion Cycle

The Cash Conversion Cycle shows how long your cash is tied up in stock or work in progress. The shorter your cycle is, the better, as your cash will hit the bank sooner.

We can help you to calculate your cash conversion cycle, get in touch.

Exciting updates are coming to Xero! As of 12 September 2024, Xero is rolling out a new set of business plans designed to simplify your options and make it easier to access the tools you need to run your business. Say goodbye to the old Starter, Standard, and Premium plans, and hello to the new Ignite, Grow, and Comprehensive plans, along with an enhanced Ultimate plan. Here’s what you need to know.

The New Plans

Xero is introducing three new plans and refreshing the Ultimate plan:

• Xero Ignite: Ideal for the self-employed and businesses just getting started. It covers the basics like reconciling bank transactions, capturing data from bills and receipts, sending up to 20 invoices a month, and tracking GST returns.
• Xero Grow: Perfect for growing businesses. This plan adds payroll and expenses for one person, helping you automate admin tasks as your business expands.
• Xero Comprehensive: Tailored for businesses with employees. It includes payroll for up to five people, multi-currency payments, and advanced cash flow predictions.
• Xero Ultimate: This plan is packed with all the tools a growing business might need, including payroll, expenses, and projects for up to ten people, along with advanced forecasting and multi-currency options.

Click here for a more detailed look at Xero’s new plans.

What’s Changed?

The biggest change is that add-ons will no longer be sold separately. Instead, all the functionality you need will be included in the new plans. This means you’ll likely get more features for the same or even a lower price than before. Compare old plans with new here.

For those clients who purchase their Xero subscription through Sidekick we will liaise with Xero on your transition and advise you on the most appropriate plan to move to, we’ll be in touch!

For customers that manage their own Xero subscription, Xero will start moving existing customers to the new plans in phases, with the goal of having everyone transitioned by March 2025. You’ll receive at least 60 days’ notice before any changes to your plan, so there’s plenty of time to review your options.

For those ready to switch early, you can choose to move to a new plan anytime after 12 September 2024.

If you have any questions or need help selecting the best plan for your business, feel free to get in touch. We’re here to help!

From setting up new employees, to managing all their information, to sorting their pay and timesheets, Smartly lets you do it all in one smart system.

For your payroll needs, use Smartly’s simple do-it-yourself payroll software, or get their payroll specialists to do it for you. Plus, now with Smartly’s People Management add-on, you’ll be able to manage all your people and payroll admin in one place, cutting down your workload and freeing up your headspace.

Smartly has been making it simple for Kiwi businesses since 2004, automating payroll calculations accurately, on time and in line with legislation, saving you time and stress. Their smart automations cut down the things you have to do, and things you have to remember. Smartly automatically makes payments to your employees, IRD, Kiwisaver, and more. Plus, their customisable task lists will make sure everyone gets the reminders they need to never miss an important task or deadline.

At Sidekick, we’re excited to offer our clients an exclusive $30 monthly discount when they join Smartly. As part of our special offer to new clients, you can get Smartly for just $20 per month, plus $2 per employee per pay run. It’s a fantastic way to streamline your payroll and save on costs at the same time. If you’d like to take advantage of this offer, please contact your Sidekick office for the exclusive discount code.

Book a demo today to explore how Smartly can benefit your business.

Starting from July 31, 2024, employers in New Zealand need to take several steps to comply with the new personal income tax threshold changes:

1. Update Payroll Systems
Most payroll systems should have updated automatically. However, it is advisable to check with your payroll supplier to ensure your software reflects the new tax thresholds. This will help in accurately calculating the tax to be deducted from employees’ salaries. If you file payroll manually, please ensure you are using the updated IRD PAYE calculator for the new tax thresholds.

2. Review Employees’ Tax Codes
This is an excellent time to review your employees’ tax codes and make any necessary adjustments to stay compliant.

• M Tax Code: Anyone on an M tax code will have their tax calculated according to the new tax brackets.
• ME Tax Code: The eligibility for the Independent Earner Tax Credit (IETC) has increased from $48,000 to $70,000. If your employee is eligible, you may need to update their tax code from M to ME.
• Secondary Tax Codes and Resident Withholding Tax (RWT): Employees using secondary tax codes or with investment income should check if their tax codes need updating. If your employee uses a secondary tax code, they should verify if their yearly PAYE income payments fall within the new threshold.

Employers should assist employees in making these changes if necessary. You can find the link to the new tax code declaration form here.

3. Automatic Payments
If you have set up automatic payments for employees on salaries, please ensure they are updated with the correct net amount.

4. Review Benefits and Deductions
Reassess any benefits and deductions to ensure they align with the new tax thresholds and rates.

5. Compliance
Ensure all payroll processes comply with the new regulations to avoid any penalties or issues with tax authorities.

Be more successful with Sidekick. Reach out to our expert team and let’s take your business to the next level!

What’s Going On with AI Stocks?

The AI sector has been a hot topic in the stock market, with companies involved in artificial intelligence experiencing significant fluctuations in their share prices. But what exactly is happening with AI stocks?

The Rise of AI Stocks

In recent years, AI has been hailed as the next major technological revolution. Companies like Nvidia, Alphabet, and Microsoft have heavily invested in AI research and development, leading to remarkable advancements in machine learning, natural language processing, and other AI technologies. This excitement has fuelled a surge in AI share prices, as investors eagerly anticipate the transformative potential of AI across various industries.

Bubble Concerns

However, this rapid rise has also sparked concerns about a potential AI stock bubble. A stock bubble occurs when the price of shares rises significantly above their intrinsic value, driven by speculative investor behaviour. In the case of AI, the hype and fear of missing out (FOMO) have contributed to inflated valuations. Investors have been pouring money into AI stocks, sometimes without fully understanding the underlying fundamentals.

Recent Market Corrections

Recently, there has been a noticeable sell-off in AI shares, leading some to question whether the bubble has burst. While some analysts believe this is a temporary correction, others warn that the high valuations may not be sustainable in the long term. The volatility in AI share prices highlights the risks associated with speculative investments and the importance of careful market analysis.

The Long-Term Outlook

Despite the recent fluctuations, the long-term outlook for AI remains positive. AI technologies continue to advance, and their applications are expanding across various sectors, from healthcare to finance. Investors should remain cautious but optimistic, focusing on companies with strong fundamentals and realistic growth prospects.

In conclusion, while AI stocks have experienced significant ups and downs, the potential for AI to drive future innovation and economic growth remains strong. As always, informed and strategic investing is key to navigating this dynamic market.

Be more successful with Sidekick. Reach out to our expert team and let’s take your business to the next level!

In today’s rapidly evolving retail landscape, technology is not just a tool but a transformative force. For small businesses, embracing technological advancements can be the key to unlocking growth and staying competitive. Among the most revolutionary technologies reshaping the retail sector are artificial intelligence (AI), extended reality (XR), and advanced data analytics. These innovations offer unparalleled opportunities to create immersive shopping experiences, enhance personalisation, and improve supply chain efficiencies. Let’s explore how small businesses can leverage these technologies to drive significant growth and customer engagement.

Artificial Intelligence (AI) in Retail

AI is no longer a futuristic concept; it’s a present-day reality that offers immense benefits for retailers. Here’s how small businesses can harness AI:

Personalised Shopping Experiences: AI can analyse customer data to provide personalised recommendations. By understanding customer preferences and purchase history, small businesses can tailor product suggestions, marketing messages, and even pricing strategies. This level of personalization can significantly enhance customer satisfaction and loyalty. Solutions like Shopify’s AI-powered tools can help small businesses get started.

Chatbots and Virtual Assistants: Implementing AI-driven chatbots on websites and mobile apps can improve customer service by providing instant responses to inquiries. These virtual assistants can handle common questions, guide users through product catalogues, and even assist with the checkout process, ensuring a seamless shopping experience. Consider using Zendesk’s chatbot services for efficient customer interaction.

Inventory Management: AI can optimise inventory management by predicting demand patterns and automating restocking processes. This reduces the risk of overstocking or stockouts, ensuring that popular products are always available while minimising storage costs. Tools like Zoho Inventory offer AI-powered inventory management solutions.

Extended Reality (XR) in Retail

Extended Reality (XR), which includes Virtual Reality (VR) and Augmented Reality (AR), is transforming the way customers interact with products. Here’s how small businesses can benefit:

Virtual Try-Ons: AR technology allows customers to virtually try on products such as clothing, accessories, and even makeup. This interactive experience can reduce the hesitation often associated with online shopping and decrease return rates. ModiFace, now a part of L’Oréal, provides AR try-on solutions for beauty products.

Immersive Shopping Environments: VR can create immersive virtual stores where customers can explore products in a 3D environment. This can be particularly beneficial for businesses without a physical storefront, offering a unique and engaging shopping experience that goes beyond traditional online browsing. Obsess offers virtual store solutions for brands.

Enhanced Product Visualisation: For items such as furniture or home decor, AR can help customers visualise how products will look in their own spaces. By simply using their smartphones, customers can see how a new sofa fits in their living room or how a painting looks on their wall. Companies like IKEA Place are leading the way with AR applications for home furnishing.

Advanced Data Analytics: Data is the new currency in retail, and advanced analytics can provide valuable insights to drive business decisions. Here’s how small businesses can utilise data analytics:

Customer Insights: Analysing customer data can reveal patterns and trends that inform marketing strategies. Businesses can segment their customer base, identify high-value customers, and tailor promotions to specific groups, enhancing the effectiveness of marketing campaigns. Tools like Google Analytics provide deep insights into customer behaviour.

Sales Forecasting: Predictive analytics can help businesses forecast sales trends based on historical data. This enables better planning for peak seasons, promotions, and inventory management, ensuring that businesses are prepared to meet customer demand. Tableau offers robust data visualisation and analytics tools to aid in forecasting.

Operational Efficiency: Data analytics can identify inefficiencies in operations, from supply chain logistics to staff scheduling. By streamlining these processes, small businesses can reduce costs and improve overall efficiency. Microsoft Power BI is a comprehensive solution for business analytics.

Implementing Technology: Practical Steps for Small BusinessesWhile the benefits of these technologies are clear, the implementation can seem daunting for small businesses with limited resources. Here are some practical steps to get started:

Assess Your Needs: Begin by identifying the areas of your business that can benefit most from technology. Whether it’s improving customer engagement, enhancing the shopping experience, or optimising operations, focus on the areas that will have the greatest impact.

Start Small: You don’t need to implement everything at once. Start with one technology that addresses your most pressing needs. For instance, if customer service is a pain point, consider deploying a chatbot first.

Invest in Training: Ensure that your team is equipped to use new technologies effectively. Investing in training can maximise the benefits and ensure a smooth transition.

Leverage Partnerships: Partnering with technology providers can provide access to the latest innovations without the need for significant upfront investment. Many tech companies offer scalable solutions tailored to small businesses.

Monitor and Adapt: Continuously monitor the performance of the new technologies and be prepared to make adjustments. Collect feedback from customers and employees to refine your approach and maximise the benefits.

Technological advancements in AI, XR, and data analytics present transformative opportunities for small businesses in the retail sector. By embracing these innovations, retailers can create immersive and personalised shopping experiences, improve operational efficiencies, and ultimately drive growth. The key is to start with a clear strategy, invest in the right tools, and continuously adapt to the evolving technological landscape. In doing so, small businesses can not only survive but thrive in the competitive retail environment of 2024 and beyond.

Want to win $70,000 to invest in your business? It’s actually possible!

We’re thrilled to announce that the Xero Beautiful Business Fund is back for 2024, offering an incredible opportunity for small businesses like yours to secure funding and propel your vision forward. Whether you’re innovating for environmental sustainability, trailblazing with technology, strengthening community connections, or upskilling for the future, this fund is designed to support your growth and impact.

Buzz Burrows: A Shining Example

Last year, our awesome client Buzz Burrows emerged as a winner in the Xero Beautiful Business Fund. Their dedication to crafting exquisite pendant lights, inspired by New Zealand’s natural beauty, caught the judges’ attention. With a total prize of $70,000, Buzz Burrows demonstrated how innovation and technology can drive success.

Why Should You Enter?

1. Financial Boost: Win up to $20,000 as a country winner and an additional $50,000 if you’re among the global champions (like Buzz Burrows were!). Imagine the possibilities for your business!

2. Visibility: Showcase your brand on an international stage. The Xero Beautiful Business Fund celebrates businesses that make a positive impact.

3. Technology and Innovation: Access digital tools to explore new materials, designs, and manufacturing processes. Just like Buzz Burrows, you can embrace tech to transform your business.

4. Community: Connect with fellow entrepreneurs, learn from their journeys, and build lasting relationships.

How to Enter

1. Register: Create an account on the Xero Beautiful Business Fund website.

2. Complete the Form: Share some background information about your business.

3. Pitch Video: Record a 90-second video outlining your plans for the funding and your business goals.

Important Dates

Entries close on 27 August 2024 (NZT), so don’t miss out! Winners will be announced at the end of October 2024.

Learn more about the Xero Beautiful Business Fund

Let’s make your business even more beautiful!

Smart Choices with Tax Savings

Tax – it’s a dirty word in most households. We know it’s necessary to keep the economy ticking over but jeez it’s painful watching it drain our pay checks. Thankfully, the 2024 budget introduced a bit of respite in the form of an increase in the personal income tax margins, among other things.

In New Zealand we operate a progressive tax system, meaning that the tax rate increases as your income increases. Unfortunately, the margins at which the tax rates are applied have not been changed since 2010 apart from the introduction of a 39% tax rate for any income earned over $180,000. This means that our old mate inflation has been eating away at your discretionary cash as your income increases and you move up tax brackets.

Budget 2024 has introduced an increase to the income thresholds at which our tax rates are applied. This means that more of your hard-earned cash will stay in your pockets. The new thresholds are outlined below:

The Government’s handy tax calculator is a good start to give you an indication of what impact this will have on your income and tax savings on a fortnightly basis – this can be found here: Tax Calculator – Budget 2024 – 30 May 2024

Once you have plugged in your numbers and realised how many extra coffees your tax savings might buy, hit the pause button. Rather than spending this for a quick endorphin boost could you be smarter with these tax savings? Let’s consider a couple of options that will result in some long-term gains:

1. Put that money to work by increasing your KiwiSaver contributions? Squirreling away a little bit more of your pay checks could result in a much more comfortable retirement or potentially an earlier retirement. For those of you saving for your first home, it could also mean that you get your hands on a set of keys a bit quicker.
2. If you own a home, consider making extra voluntary contributions towards your mortgage, that way decreasing the term of the lending and get that death pledge paid off quicker! Down the track, you will then have a bit more flexibility around what you do with your pay checks.
3. Pay off any high interest debt such as credit cards or personal loans. This might mean that you can then take advantage of options 1 and 2 a bit quicker.
4. Invest in yourself – use the savings to take courses, attend workshops, or acquire new skills. This can enhance your earning potential in the long run.

With the cost of living at an all-time high, don’t rely on the Government to bail you out. Take some small steps now to set yourself up for the future.

Inland Revenue determines each year’s herd scheme values (National Average Market Values or NAMV) by reviewing the livestock market.

The herd values for dairy this year have seen a very small fall in values on average across all female classes, but a small increase in values on average across all male classes.

The outlook for the farm gate milk price at the beginning of last season looked bleak but has improved through the course of the season. On-farm inflation remains high. The availability of labour remains a significant issue.

Beef values have fallen on average 6.5%. Drought in many parts of New Zealand put pressure on meatworks to process stock, however most farmers were well placed due to good stock weights coming into calving.

Sheep values have fallen substantially, with many sheep farmers having their worst season in decades due to low commodity prices, drought, high interest rates and high on-farm inflation, even in the face of aggressive cost-cutting. Wool markets remain uncertain. Increased shearing costs continue to make wool uneconomic except at the fine end of the market.

The herd values generally come out in May, while the National standard costs (NSC) values are announced earlier in the year, based on farm input costs.

The two valuation methods offer farming businesses different options. Livestock valuation is complex and deciding which method to use is significant. It is also important to file your elections to value livestock using a particular scheme within the required time frames.

We can discuss all this with you in the context of your 2024 financial statements and tax returns. Reach out to us for a chat!

Are You Missing Out on $521?

With the end of June fast approaching, it’s time to ensure you’ve contributed enough to your KiwiSaver for the maximum government contribution. Remember, the cut-off date is 30 June.

To help you out, we’ve put together a handy guide to make sure you don’t miss out on this opportunity.

How Much Do You Need to Contribute?

To qualify for the maximum government contribution of $521.43, you need to have put in at least $1,042.86 of your own money between 1 July 2023 and 30 June 2024.

Why It Matters

Consider these long-term benefits: Starting from scratch and contributing just $1,042.86 each year to receive the $521.43 (totalling $1,564) with a 7% net return (after fees & PIR 28%):

• An 18-year-old today could accumulate over $500,000 by age 65.
• A 40-year-old today could grow their savings to over $100,000 by age 65.

As you can see, these contributions really add up over time! Now, let’s make sure you’re on track to receive that government boost.

Steps to Ensure You Get the Government Contribution:

1. Check Your Contributions: Contact your KiwiSaver provider to find out how much you’ve contributed over the last year. You might have already received an email with this information.
2. Review Your Pay Slips: If your contribution is under $1,042.86 per annum, calculate how much you’ll have to contribute by 30 June to receive the maximum government contribution.
3. Top Up If Needed: If you’re short, you can make a top-up directly to your provider via direct credit. Alternatively, you can make a tax payment via Internet Banking. Add your personal IRD number as reference and select ‘KSS’ tax type. The payment will flow through to your KiwiSaver account.

Important Points to Remember:

• The government contribution applies to those aged 18 to 64.
• Your employer’s contributions also count towards the required $1,042.86. Be sure to factor this in when reviewing your pay slips.
• If you’re new to KiwiSaver, the $521.43 contribution will be prorated based on your time in the scheme (from 1 July to 30 June in your first year).

If you need further assistance, feel free to reach out to us. We’re here to help!

Unlock Your Business Potential with a Sidekick Session

At Sidekick, we’re passionate about helping our clients achieve the three freedoms: mind, time, and money freedom. We believe that with the right tools and insights, every business can thrive.

One way we help is through our Sidekick Sessions, where we sit down with you, dive into your numbers, and uncover what’s driving your business. Our goal is to identify opportunities to free up cash, improve profits, and enhance your return on investment.

Here’s what you can expect from a Sidekick Session:

• Value Gap Analysis Tool: We use this simple yet powerful tool to pinpoint areas where your business can grow.
• Personalised Insights: Get tailored advice on boosting your business’s value.
• Actionable Strategies: Walk away with clear steps to improve your financial health.

Want to see it in action? Watch our Sidekick Session video here. Let us help you achieve your business goals with confidence and ease.

Or for advice tailored to your business, book your Sidekick Session today!

Discover the Power of Hubdoc: Join Our Upcoming Webinar!

Are you tired of spending countless hours on manual data entry and document organisation? Hubdoc is here to save the day! This powerful tool automates document collection and data entry, making your accounting process seamless and efficient. Here’s a sneak peek at what Hubdoc can do for you:

• Automated Data Extraction: Upload your bills and receipts, and let Hubdoc handle the rest. The data is automatically extracted and exported to your accounting software—no more tedious data entry!
• Centralised Document Storage: Keep all your financial documents organised in one place. This feature saves you time searching for files and ensures everything is accurate and easy to access.
• Efficient Receipt Capture: Snap photos of receipts using your mobile device. Say goodbye to the days of processing piles of paper receipts!

Join us, Sidekick and Xero, for an insightful webinar where we’ll explore the key benefits of using Hubdoc with Xero. It’s the perfect opportunity to see how this game-changing tool can optimise your accounts administration and save you hours each month.

Don’t miss out – register today with Sidekick and transform your financial workflow with Hubdoc!

Your Hosts

Deciding whether or not to trade as a company or a sole trader is one of the many decisions that your team at Sidekick will be able to talk you through.

A common misconception though is that a company registration means you own the rights to use that company name to promote your goods or services. However, this is not true.

(a) The Companies Office will let different people register very similar names

For example, one person could register Sidekick Limited, someone else could register Sidekick 2024 Limited, and someone else could register Sidekick Christchurch Limited. The Companies Office role is to oversee the governance of a company through its directors and shareholders, it doesn’t refuse registration based on a name being similar to someone else’s name.

(b) Even if you get a company registration you may not be able to stop others using similar names

For example, just because you are able to register “New Zealand Soap Limited”, this doesn’t allow you to prevent others from describing their soap as “New Zealand soap”. A company registration can’t be used to prevent people from using normal language to describe their goods and services.

(c) Even if you register a company you may not be able to use the name in trade

The mere fact that a company name is available to register, does not mean that you can use it as if someone else owns a trade mark that is the same or confusingly similar to that name they may be able to prevent you using it.

For example, even if you were able to register Sidekick 2024 Limited as a company, as Sidekick owns the brand “Sidekick” for various accounting and business services, any use of the name in relation to their goods and services would infringe their rights and could lead to suspension of your online sites, or injunctions and other legal actions.

The team at Sidekick will be able to help you determine when it’s time to incorporate – make sure though that you register your trading name as a trade mark too as soon as possible to ensure you are the only one allowed to use the name.

For more information, including tips for registering your trade mark yourself, contact Rachel Triplow at rachel.triplow@duncancotterill.com.

It may be as simple as identifying where the opportunities for growth are in your business and industry. Once you’ve done this you can establish what you and your team are going to have to do in order to maximise these opportunities, and how you will navigate the likely obstacles.

Here are a couple of tips to get you thinking about growth:

1. Do an audit to document your growth over time. Analyse all the information you have to understand how you got to where you are right now. This will help you to plan for future growth.
2. Next, put a one page plan together with the big objectives and what you’ll realistically need to do in order to achieve them (identify the tasks and people).
3. Establish some key performance indicators to keep the momentum up and visit these regularly to ensure you’re on track.

As a business owner, you can get bogged down in the demands of day-to-day business. Taking time out of the business can give you some much needed perspective. We can help build your business plan and identify the steps you’ll need to achieve it.

Business growth can be perceived as something scary, but when you have a plan and it’s done right, it can be very motivating and rewarding.

With a bit of planning, the right systems, people and resources, there is tremendous opportunity to grow and scale your business to the next level to hit your growth targets.

We can help you get started.

Budgeting is about estimating your revenues, projecting your expenses and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling.

How does budgeting affect your business?

Having a clear, agreed budget gives you a structured framework for your financial decision-making. It’s a practical way to control your costs, monitor performance and adapt your strategic and financial decisions to meet changing economic conditions.

Using budgeting helps your business in a number of ways:

– Better control over your finances – budgeting gives you a clear roadmap for managing your company’s finances. Sticking to that budget helps you maintain control over expenses, reduce wastage and make the very best of your resources.
– Achieving your financial and strategic goals – your budget helps you to set and track financial goals, making it easier to align your business strategies with your desired goals and outcomes. It’s a great way to boost growth, profitability and debt reduction.
– Improved control over your cashflow – effective budgeting helps you anticipate any cashflow fluctuations. That’s a bonus that helps you plan for both lean and prosperous periods, making sure you have the funds to cover expenses and seize opportunities.
– Allocating your resources – budgets are useful for guiding how and where you allocate your resources. From your one pot of cash, you can decide whether to prioritize investments, marketing efforts, operational improvements or business growth.
– Keep track of your performance – comparing your actual financial results to your budgeted results helps you quickly assess your performance as a business. You can look for variances, make timely adjustments to stay on track toward your goals.

How can our firm help you with budgeting?

Being in control of your expenses, spending and predicted revenues sits at the heart of your financial management, giving you a framework and set budgetary goals to aim for, track against and (hopefully) achieve.

As your adviser, we’ll help you set up budgets for your strategic business plans, with clear tracking and reporting to keep you on the ball and meeting those targets.

Get in touch to chat about budgeting.

A key benefit of owning your own business is choosing your working hours. That was probably a drawcard when you started out. Chances are, you planned to spend less time in your business and more time with your friends and family. Then reality kicked in and you found yourself coming in earlier, staying later, and taking work home with you on the weekend. This probably wasn’t the life you’d imagined.

So, how do you start reducing your hours to get the life you want?

1. Identify the biggest time wasters in your day.

We live in a time-pressured world where urgency and distraction impede our achievements. How often do you have to stop what you’re doing to respond to a crisis or pressing problem? Do you feel like you need to respond to emails and phone calls immediately?

Sometimes things can feel important because they’re urgent, but really the urgency stems from a lack of planning and preparation. The Achiever Matrix breaks your tasks into four quadrants and helps you identify which tasks you can delegate, which tasks you can stop doing, and which tasks you need to prioritise.

By spending more time on tasks in the ‘quadrant of quality’, you’ll achieve more each day and minimise the risk of tasks becoming urgent.

2. Identify how you can better utilise your team and resources.

Ineffective delegation, or no delegation at all, could be monopolising your time. It’s important that you trust your team, and that they have enough training and resources so that you can empower them with new tasks.

We can help you develop your Organisation Structure with clearly defined roles and responsibilities so you can gain time for yourself to concentrate on key activities, such as revenue generation, more family time, or hobbies. We’ll also help you identify delegation opportunities.

Don’t employ a team? What tasks could you outsource to free up your time? Consider things you don’t enjoy or that aren’t your strength. The most commonly outsourced departments are marketing, administration, HR and finance.

3. Plan for your desired lifestyle.

Setting clear SMART goals, along with monitoring relevant KPIs, can help you to prioritise your most important tasks and get time freedom. If something’s not helping you achieve one of your goals, consider whether it’s really necessary, and if it is, whether someone else can do it. If not, schedule time to get it done before it becomes urgent.

If you struggle to hold yourself accountable to achieving your goals, we can be that accountability backstop to ensure you act to free up your time. You don’t need to be spending 80+ hours in your business (unless that’s really how you want to spend your time!). We can advise on the latest apps and help you put better systems in place to reduce the amount of time you need to spend at work. Get in touch!

“Most of us spend too much time on what is urgent and not enough time on what is important.” – Stephen Covey

Ever thought spending two days with 500 accountants could be exhilarating? Our recent experience at the Gap Reunion conference in Wellington was beyond expectations!

You might think that if we told our friends we spent two days at an accountant’s conference, hanging out with over 500 accountants and discussing all things accounting and advisory, some people would be thinking, “Ewww, boring.” Believe it or not, we had the BEST time!

We had the opportunity to connect with other accountants, catch up with friends and colleagues, discover shared passions, and embrace the diverse landscape of the accounting community. Gaining invaluable insights for our team, clients, and ourselves. To top it all off, we even had a wee win; our director, Kirsty Naish, was recognized as the 2023 Gap Champion!!! The Sidekick Group was also a finalist in Advisory Firm of the Year, and Sidekick Rural a finalist in the Three Freedoms category (helping their clients find time, mind and money freedom) too.

A huge shoutout to the Gap for curating an environment that fosters growth and recognition. Their support has been instrumental in shaping our business.

In conclusion, the next time someone doubts the excitement of an accountant’s conference, we’ll proudly share our experience — proving that unexpected events can leave a lasting impact. Cheers to growth, collaboration, and the thrill of numbers! ????

In today’s digital age, where technology plays a pivotal role in business operations, the threat of spam and fraud has become increasingly prevalent. Business owners must remain vigilant and proactive to protect their enterprises from potential harm. Here are key reasons why spam and fraud pose significant dangers to your business:

1. Financial Loss
Spam and fraud can lead to severe financial consequences. Phishing attacks, for instance, often trick employees into revealing sensitive financial information, leading to unauthorised transactions and monetary losses. Businesses may also incur costs associated with recovering from a security breach.

2. Reputation Damage
A tarnished reputation can be a challenging hurdle to overcome. Falling victim to spam or fraud can erode the trust that clients and customers place in your business. Once trust is compromised, it takes time and effort to rebuild, and some businesses may never fully recover.

3. Data Breach and Confidentiality Issues
Spam and fraud often target sensitive data. A successful attack can result in a data breach, exposing confidential information such as customer details, financial records, and intellectual property. Protecting this information is crucial not only for legal compliance but also for maintaining the trust of stakeholders.

4. Operational Disruption
Malicious emails, phishing attempts, and other forms of spam can disrupt your business operations. Whether it’s through malware that cripples your systems or social engineering attacks that manipulate employees, the impact on day-to-day operations can be severe, leading to downtime and productivity losses.

5. Legal Consequences
Falling prey to fraud may have legal ramifications. Depending on the nature of the breach, businesses may face legal actions from affected parties or regulatory bodies. Compliance with data protection laws is crucial, and failure to do so can result in significant penalties.

6. Resource Drain
Dealing with the aftermath of a spam or fraud incident requires substantial resources. From IT personnel working to secure systems to legal teams addressing potential lawsuits, the toll on resources can be substantial. Preventing such incidents is not only about financial savings but also about preserving the efficiency of your business.

To safeguard your business from the dangers of spam and fraud, consider implementing robust cybersecurity measures. This includes educating employees about potential threats, investing in reliable cybersecurity tools, and regularly updating your security protocols. Stay informed about the latest cybersecurity trends and continuously evaluate and update your defenses to stay one step ahead of cybercriminals.

In conclusion, the threat of spam and fraud is real and can have severe consequences for your business. Taking proactive steps to protect your enterprise is not just a wise investment; it’s a fundamental responsibility in today’s interconnected digital landscape.