FAQ 2018-06-07T10:56:03+00:00


Your Questions Answered

Q: What happens once I have completed the online questionnaire form? 2017-08-13T06:09:04+00:00

Once your questionnaire form is received we check all the details and once everything is in order, we commence with your financial reports and tax work. We target completion of your work within 14 days so you have your business financials and tax results well before the due dates for filing and payment to the IRD.

Q: What do you mean by ‘tax year’? 2018-02-15T10:56:27+00:00

The tax year in NZ is the period that runs for 12 months from 1 April – 31 March each year. So the 2018 tax year is the period 1 April 2017 – 31 March 2018. As a comparison Australia’s tax year is for the period 1 July 2017 – 30 June 2018.

Q: I have a letter from the IRD advising that MyAccountant is now my tax agent, why? 2018-02-15T11:03:17+00:00

This is standard procedure that the IRD follows to confirm that your tax affairs are now being handled by us – MyAccountant – and that we have assumed responsibility for your tax returns and monitoring of your tax situation. It’s good for your protection to have an independent advisor keeping an eye on things for you.

Q: Will I still receive IRD correspondence? 2017-08-13T06:08:27+00:00

No. We ask the IRD to send all correspondence and tax accounts to us first so we can check and make sure your interests are protected. After we have done that we send you out a copy by post or email scan for your records if you so request.

Q: What does it mean that you are “linked” as my tax agent? 2020-02-04T08:35:19+00:00

Once you appoint us to act for you with all tax matters, we immediately “link” you into the Inland Revenue Department system and represent you as your Tax Agent. This tells IRD that you are now our client and that we will be responsible for your tax returns and claims as well as all other tax matters. Being linked allows us to access your file and account within the IRD system so we can see everything about your tax status that IRD sees. This is important so your tax situation is transparent to you and us at all times.

Q: What if I already have a tax agent? 2018-02-15T11:13:07+00:00

You can only be linked to one tax agent at a time so when you appoint us as your accountant and join our tax agency the Inland Revenue will automatically delink you from your previous tax agent. It’s all done automatically and quickly by the IRD so you don’t have to do anything at all.

Q: My child is at preschool am I due a tax refund? 2018-02-15T11:15:00+00:00

No. Claims for pre-school donations ended on 31 March 2012. Currently, you can only claim for donations (payments) made for schools fees or payments to state run kindergartens. You can’t claim donations to private kindergarten or other early childcare fees. You’ll need to have receipts for each year.

Q: If we claim for Working for Family Tax Credits, is there a fee? 2017-08-13T06:07:39+00:00

Yes. It’s because we have to make a separate claim for you to get this money from the IRD. You will need to have IRD numbers for all the children you care for so we may need to help you with that. The first claim is what takes the time but after later claims become more efficient with less delays.

Q: What happens if I owe child support? 2017-08-13T06:07:28+00:00

We cannot help with this as it’s not tax issue but a child support issue. If you owe child support you should get in touch with IRD Child Support section directly.

Q: I have a family. Will I qualify for a tax refund? 2017-08-13T06:07:15+00:00

Most probably. If you have dependent children under 18 years old and still at school you may qualify for various family assistance avenues depending on your combined income, the no number of hours you and your spouse/partner worked. Check this out as the Working for Families Tax credit refunds can add up to large amounts if you have low family income.

Q: Are your fees deductible? 2017-08-13T06:07:02+00:00

Yes – 100%.

Q: Can I claim for donations I’ve made? 2018-02-15T11:16:26+00:00

Yes. You can claim a tax credit for all donations you have made (minimum amount is $5 per donation) schools, childcare and charitable organisations including churches at 33c for each dollar donated. So donations totaling $500 means you get a refund back of $166.67. We can make all these claims for you.

Q: What do I need to provide? 2017-08-13T06:06:16+00:00

Not much. Complete our online questionnaire and its ID and other details and we’re all go. We can get any of your other income details direct from the IRD system and immediately do everything for you. You just relax and leave us to do all the work.

Q: Is my information kept confidential? 2017-08-13T06:06:03+00:00

All information is kept on our secure servers, automatically backed up daily, and accessible only to you, your personal accountant and your accounting team. Your accounting data is never seen by anyone other than your allocated accountant and they are bound to secrecy by strict confidentiality.

Q: Do you outsource the bookkeeping tasks offshore like many other accounting companies do? 2018-02-15T11:10:30+00:00

No. We do everything ourselves using our own accountants and consultants.  Many of our competitors ship your records and bookkeeping tasks to off shore bookkeeping houses to reduce costs, but we prefer to do your work locally.  This allows us to provide a higher quality of service to your business and ensures fully protection and confidentiality of your records and files.

Q: Do you service clients outside of N.Z? 2017-08-13T06:05:39+00:00

Absolutely.  Our IT platform, software systems and global web based accounting solutions makes keeping your books easy regardless of your location or country. Simply contact us and we will advise how we help

Q: What do I do if I need to invoice someone? 2018-02-15T11:11:14+00:00

Simply email us the details and advise us that you wish to send an invoice.

Q: What is a dashboard report? 2017-08-13T06:04:55+00:00

A dashboard report is a one-page snapshot of how your business is doing financially. It is an easy to read report that quickly gives you the necessary information you need to succeed.

Q: Do you do year-end tax returns? 2017-08-13T06:04:42+00:00

Yes. We can do all tax and GST returns for you, your business and your shareholders.

Q: Do you process GST returns? 2018-02-15T11:12:19+00:00

As part of our service, we make sure your GST returns are completed and submitted for filing to Inland Revenue by the due date for each filing period.

Q: Why do I have a personal accountant / adviser? 2018-02-15T11:17:42+00:00

We assign a personal accountant / adviser to each client to ensure that there is strong communication between you, your staff, and your MyAccountant accounting team. Your accountant / adviser ensures your business needs are being met at all times

Q: Will I be able to access my Online Accounting files and Dropbox account? 2018-02-16T01:59:32+00:00

Our unique hosting platform means that you will be able to log in to your online accounting software to see your cashbook, ledgers, GST, depreciation schedules, financial accounts, equity accounts, balance sheets and records.

All the above areas are accessible from any internet connection anywhere in the world 24/7.

You will also be able to access your secure and backed up Dropbox account to view all correspondence, tax returns, GST returns, statement of tax positions, tax payment due dates and other information.

Q: How safe and secure are my Online Accounting files? 2018-02-15T11:27:26+00:00

Unlike other accounting and bookkeeping firms, we do not send your accounting file anywhere each night for processing. Your file is password protected and hosted on a secure and encrypted server network. The only people that can access your accounting file will be your personal accountant and your accounting team.

Q: How will I know how my business is doing? 2018-02-15T11:29:44+00:00

You will receive a dashboard report periodically online which fully details the key financial results of your business. This report is produced only if you specifically request it. There is a small fee charge for this report.

Q: How do I get documents to you? 2018-02-16T02:01:03+00:00

If we need to see any of your documents or files, you may scan and use any one of the following methods:

1/- drop all documents and files into your Dropbox account with us (secure and backed up).

2/- If you don’t have Dropbox, send us your documents and files by email or post(not secure).

We do not arrange pickup from your place of business but this can be done if you prefer. There is a fee charged to do this based on time and distance.

Q: Do you charge by the hour? How does pricing work? 2018-02-16T02:10:44+00:00

There are 3 options available to you

1/- We use an annual fixed fee system so you have an actual amount to budget to. This ensures there are no surprises for you when you receive your bill when charged at the end of the first 6 months or at the end of the year.

2/- We can also provide you with a quote if the fixed fee arrangement is not suitable or the work you require is outside the scope of our fixed fee system. After reviewing your business, we estimate the number of hours required to meet your accounting needs. We then give you a quote for a monthly, half yearly or annual fee. This fee will not change unless your business increases in size or you ask us to do something outside of the agreement you have with us.

3/- If you prefer we can also simply charge on an hourly basis in the normal way and invoice you each month or quarter.

Q: When and how do I contact my personal accountant and accounting team? 2018-02-15T11:36:27+00:00

You have access to your personal accountant and accounting team whenever you need during normal business hours. Contact or access after hours is by email or phone support.

Q: When will my financial reports be completed each month? 2018-02-15T11:38:42+00:00

If no complications arise, your monthly financial statements and reports will be fully completed by no later than the 20th of the following month.