Welcome to our latest update! This month, we’re sharing important news for Xero clients, recent economic developments in New Zealand, and a reminder for your 2024 annual accounts.
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Important Notices
Xero clients please note
Xero have advised us that from 12 September 2024 they will be implementing pricing and plan changes. You may be impacted by these changes.
If we hold a Partner Plan subscription on your behalf, we will send specific information specific about your plan during August. In the meantime, please don't hesitate to contact us if you have any questions.
If you hold a Xero subscription directly and you can see the details here:
Summary of Recent Updates
New Zealand unemployment rate increases to 4.7%
In the second quarter of 2024, New Zealand’s unemployment rate climbed to 4.6%, its highest since early 2021. This rise highlights the ongoing slowdown in the economy, particularly in the agricultural sector. With the jobless rate above last quarter’s 4.4% and last year’s 3.6%, there’s increasing speculation that the Reserve Bank of New Zealand may consider cutting interest rates before year-end.
OCR decision: Reserve Bank Cuts Official Cash Rate To 5.25%
The Reserve Bank has reduced the official cash rate by 25 basis points to 5.25%, marking the first cut since March 2020. With inflation returning to the target range of 1 to 3%, the Bank’s forecast suggests further rate reductions, with the OCR expected to drop to 5% by year-end and 4.5% by June next year.
Your 2024 Annual Accounts
A friendly reminder: If you haven't already, please provide us with your 2024 accounting information so we can complete your accounts. To make this process simple and easy, we have created an online checklist for you to fill out.
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Important Dates This Month:
28th August
GST Due - Ratio Method
First Instalment of 2025 Provisional Tax Due
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