“The man who moves a mountain, begins by carrying small stones." - Confucious
Hi there
As we close another financial year, we want to express our appreciation for our clients' trust and partnership. Thank you for allowing us to support your business journey, for giving us valuable feedback and the collaboration that makes our work rewarding. A massive thanks to everyone at DVA who contributed to making this financial year a success.
With the new financial year ahead, our team will begin sending the 2025-specific query lists for the annual accounts and tax returns. To help with this process, we’ve prepared a checklist to assist you in organising your financial documents.
While we can’t predict every challenge, the end of the financial year is the ideal time to assess risks, refine strategies and strengthen resilience for the year ahead. Watch our previous webinar Managing Risks and learn the importance of having a Risk Management Plan.
We're also excited to share with you the details from our Forward Thinkers Accountability Group first session, held on 19 - 20 February 2025. The session brought together progressive accounting firms to exchange ideas, refine strategies and take action towards growth.
As we step into another financial year, we’re excited to continue working with you and helping your business grow. Thank you for being part of our journey and we look forward to another successful year ahead!
End of Financial Year Checklist
As we approach the new financial year, you need to review your financial information and ensure everything is accurate and up to date.
To our clients, we need to check the accuracy of your financial data in your accounting software. The sooner we receive your information, the faster we can finalise your accounts and file your tax returns, giving you clarity on your tax position and helping you make well-informed business decisions.
If you expect significant changes in your business this financial year, book a call with your Client Manager so we can accurately estimate your provisional tax and help you plan ahead.
While waiting for your 2025 specific query list, we’ve put together an End of Financial Year Checklist to guide you through what’s needed.
From 1 April 2025, the adult minimum wage will rise from $23.15 to $23.50 per hour, while the starting-out and training minimum wage will increase from $18.52 to $18.80 per hour. These rates apply before tax and any lawful deductions such as PAYE, student loans and child support.
If you haven’t sorted it yet, now’s the time to get ready for the changes:
Update payroll systems to reflect new rates.
Review budgets and cashflow, considering impacts on ACC levies, KiwiSaver, and holiday pay.
Assess pay rates for skilled employees.
Consider pricing adjustments if necessary.
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Also effective on 1 April 2025 are the Employer Superannuation Contribution Tax (ESCT) and Fringe Benefit Tax (FBT) thresholds changes, along with updates to FBT calculation methods. If you're a business owner, check your payroll software. If you’re using the latest version, updates will be available for these changes. If you're manually calculating ESCT, the PAYE deduction tables (IR340 & IR341) are now updated. Check the new ESCT and FBT thresholds.
If you need guidance on updating your payroll or understanding the financial impact of these changes, our team is here to help.
Managing Risk – Protecting Your Business for the Year Ahead
As Winston Churchill said, “He who fails to plan is planning to fail.” With the financial year-end behind us, now is the time to assess potential risks across all areas of the business. Risks and opportunities exist in every department, but it is ultimately the responsibility of directors and business owners to manage them. Effective risk management isn’t just about avoiding threats, it’s about ensuring business continuity, maintaining financial stability and positioning the company for future growth.
If you missed our previous webinar on Managing Risk, you can watch the webinar recording to gain further insights on identifying and mitigating risks. We also encourage you to book a consultation call for a personalised risk management meeting so we can help you review and update your risk strategy as you head into the new financial year.
Led by our CEO, Matt Vincent, the first session of the Forward Thinkers Accountability Group was held on 19–20 February, bringing together accounting firm owners and professionals for two days of focused discussions, strategic planning, and accountability. The members explored how technology, automation and advisory services are shaping the future of the accounting practice. They also shared and refined strategies around pricing, efficiency and value-driven services. A key highlight of the event was the 90-day accountability plan, where each members walked away with clear, actionable steps to implement in their businesses. Running a business can be isolating, but collaboration and accountability changes everything. This group created an environment where like-minded professionals can share challenges, exchange insights and support each other in achieving long term success.
If you're looking to elevate your firm or want to explore how our business coaching services can support your business growth, contact us today.
