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Covid 19 Government Assistance

Posted on 15 September, 2020 at 23:20 Comments comments (1)

If your business has been impcated by Covid-19 there are a number of government schemes presently available to assist https://www.business.govt.nz/covid-19/financial-support-for-businesses/?utm_source=Newsletter&utm_medium=email&utm_campaign=July2020&utm_content=https%3A%2F%2Fwww.business.govt.nz%2Fcovid-19%2Ffinancial-support-for-businesses%2F" target="_blank">see more here.

 

Please contact our office should you wish to discuss your eligibility for various loan or subsidy schemes.

Covid 19 Tax Proposals

Posted on 15 September, 2020 at 23:15 Comments comments (0)


The Minister of Finance has announced a business package containing measures to support businesses affected by the corona virus outbreak.

 

The package includes tax relief largely starting from 1 April 2020 as follows:

 

  • Reintroducing building depreciation to help encourage investment in industrial and commercial buildings.
  • Increasing the allowance to expense low value asset purchases from $500 to $5,000 for a one-year period, with a $1,000 allowance after that.
  • Relieving small business owners of the requirement to pay tax through the provisional tax system by raising the threshold from $2,500 to $5,000.
  • Allowing the Commissioner of Inland Revenue to cancel use of money interest on underpayments of tax for taxpayers unable to pay tax on time due to the outbreak.
  • Allowing Inland Revenue to share information with government departments to help these agencies provide assistance in relation to the outbreak.

The necessary legislative amendments will be included in a Bill to be introduced soon.

For full details on these proposals, https://scanmail.trustwave.com/?c=9174&d=r63w3p5AbBVaG9teWWmt0m7oeXIjb11ebHSMpyRsxw&s=29&u=https%3a%2f%2fa1%2emiemail%2eco%2enz%2fch%2f71641%2f7zw1z%2f2161901%2fa%2eYsrjwGgP9vE70n1uwEE9ICXE36L2WjtLno0r%5f2%2ehtml" target="_blank">see the Beehive website.

 

 

Regional Business Partner Network - Funding

Posted on 15 September, 2020 at 23:10 Comments comments (0)


100% government funding available for Covid -19 related business assistance.

 

Dellows is an approved "Regional Business Partner" and can offer our clients 100% funded professional services.

 

If you need help with your business participation may be of great value https://app.regionalbusinesspartners.co.nz/Business/SelfRegister" target="_blank">REGISTER NOW

 

Alternatively please call James Dellow we have a numebr of clients that have successfully been allocated funding and welcome any opportunity to further assist our clients.

 

See Dellows funding approved services https://app.regionalbusinesspartners.co.nz/Marketplace/Index/7271?userSearch=True&providerName=Dellow%20Financial%20Services%20Limited" target="_blank">here

ACC and Income Protection Insurance

Posted on 15 September, 2020 at 23:05 Comments comments (0)


If you want to have all bases covered, you’re better to choose a combination of ACC and income protection insurance. This means you can insure more income across a wider range of circumstances – both illness and injury not just accident alone. An accident is defined as A+B=C so injury and progressive or on-going degenerative conditions are not covered by ACC.

 

 

As with most things, being forewarned is forearmed, so don’t wait until you have an accident to make sure you know exactly how much money you will receive in compensation payments.

 

 

Finally, we recommend that you make your money work for you by avoiding doubling up on ACC and income protection cover.  A timely discussion with ACC to lock in the amount of cover ACC will provide regardless of continued income via CPX will give you a good base from which you can build additional insurance cover – illness and injury are just as likely to cause loss of income as an accident.

Case Study - Tim Taylor

Tim is a builder and pays ACC based on annual earnings of $100,000. 

 

Tim pays $3,128 in ACC levies per year.

Tim is covered based on up to 80% of his earnings on injury i.e. $80,000 

Tim is covered "up to" $80,000. If his earning levels change he may not actually receive this amount on the event of an injury.

 

ACC Coverplus Extra "CPX"

 

ACC CPX option allows you to choose how much income you want covered if you have an accident. ACC will pay 100% of the agreed cover divided into weekly payments until you can get back to work full-time. 

 

 

Example of Dellows Income Protection Plan for Tim

 

Tim could "fix" his ACC cover at the minimum level of $29,453 (after tax: $25,279 pa, $486 pw)

Tims previous cover was $80,000 before tax (after tax: $62,680 pa, 1,205 pw)

Cover to be replaced is (after tax $37,388 pa, $719 pw). 

Tim now pays $1,265 in ACC, and $1,332 a year in Income/Mortgage Protection Insurance. 

Due to Tims high ACC levy rate and relatively low age he has saved $531.

In addition Tim is covered for more situations that could effect his ability to work. i.e. covering both injury and medical reasons.

There are a number of other "add ons" Tim may chose such as accidental injury cover at a cost of $12pm. 

 

In some cases simply fixing ACC Cover via CPX is a great idea. 

 

Please call James Dellow for a free review of your ACC levies, or to discuss your overall financial protection plan.

 


Fidelity Life Insurance

Posted on 3 March, 2020 at 13:35 Comments comments (2)

Dellows is proud to be accredited with Fidelity Life.

Dellows has access to all Fidelity Life insurance products, Dellows will continue to ensure our clients are financially protected and look for the best options on your behalf.

Fidelity Life was named by industry body ANZIIF as New Zealand’s Life Insurance Company of the Year for three years running – 2017, 2018 and 2019 – endorsing the commitment to putting customers at the centre of everything they do.

Fidelity Life offers https://www.fidelitylife.co.nz/funeral-cover/" target="_blank">"Golden Life" policies available up to age 79 with no proof of good health required. Funeral cover options are available at flat rates with premium refunds in the event of the policy not being paid out. 

Fidelity Insurance https://advisers.fidelitylife.co.nz/media/2angiqmm/factsheet-trauma-multi-cover.pdf" target="_blank">Trauma Multi Cover is a particularly great product designed to provide a "lump sum" amount for a multiple number of unrelated conditions. 

Please contact our office should you wish to discuss your familys financial protection plan. 

Dellows Insurance Reports

Posted on 27 November, 2019 at 23:30 Comments comments (1)

 

One of the key benefits clients get from talking with professional advisers is knowing that you have checked the market, and that you use independent research to inform your advice process.

 


Dellows utilises Quotemonster and Quality Product Research Limited. This enables us to prepare detailed comparison and investigative reports for our clients on insurance products to suit our clients needs, saving the hassle of calling different companies and trying to make comparisons which are confusing and difficult to understand at the best of times. It also reassures clients and adds value to the work of an adviser who can compare policies and look at re-insurance and provide explanations to ensure the package suits the clients needs.

Please contact James Dellow for a no obligation free review of your personal life, income, and health insurances.



AIA Vitality - Insurance Offer

Posted on 3 November, 2019 at 3:00 Comments comments (0)


AIA Insurance Special Offer EXTENDED 5 February 2020

Income plays a vital part in accumulating wealth and preparing for retirement. What would you do if your income was to unexpectedly stop. Have a plan.


Join AIA Vitality between 5 August and 5 November 2019 and get the first 12 months of membership for free.

 

On joining AIA Vitality a discount will be applied to your premiums as a Vitality member of 10%. There are a number of other discounts and free-bees with a focus on rewarding improvements to your personal health. AIA Vitality is an exciting new concept in the NZ insurance space.

 

In addition you may qualify for a multi-policy discount of 10% - 15% depending on the qualifying insurance products you wish to take on. Health insurance is not part of the multi-policy discount offer.

 

For example if taking out a life insurance policy and income protection insurance you would receive a 10% discount on the premiums by joining AIA Vitality, and an additional 10% discount via the multi-policy discount offer.


This is a great deal with potential discounts in excess of 20%, airpoints, and various other discounts to health related services.

 

Please contact James Dellow for a no obligation life and health insurance discussion.

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Dellows Mid Year News

Posted on 2 November, 2019 at 14:35 Comments comments (0)


Dellows Financial Mid Year Checklist:


1. Financial Snap-shot

It’s a good idea to check in on your financial figures. The easiest way to do this is by looking at your business profit and loss report, and analysing your net worth: your assets (what you own) minus your debt (what you owe). This gives you a snapshot of how you’re doing financially and it helps you decide where to focus your efforts. For example, should you purchase another property, or do you need to increase earnings.

 

2. Adjust your goals

The great thing about goals is they give us direction. It’s a good idea to review your financial goals regularly. If you set goals for yourself back in January, do they still make sense? If un-attainable can your goals be split into more manageable objectives over this and next year? If you have already accomplished your goals - should your focus be on a new goal or was your plan to enjoy the victory for a certain period of time.

 

3. Check-in on your budget

Hopefully, you have a budget. Maybe you don’t track your spending meticulously, but you know how much you can spend and how much you aim to save. Take a moment this mid-year to check in on that budget. Are there places where you’re overspending? Have you gotten into some less-than-desirable spending habits that you want to break? There are various budgeting apps available. Should you feel help is needed engage someone straight away, what you do with money is far more important than how much you have.

 

4. Plan for summer spending

Summer is social time with Christmas, New Years, and holidays. There is always something to do, somewhere to go, and someone to meet. But all of this summer fun can leave your bank account feeling drained. Embrace trade-offs — if you know you’re going to be spending a little extra on things you don’t regularly do, find some places to cut back so it evens out. Cutting back on bills may help over the summer period, this can be as easy as suspending subscriptions: computer software, games, movies; making your lunch, and negotiating payment holidays. Planning early and saving the balance of usual regular payments into a non-break savings account may allow for a large balance of funds to be built up and available for holiday spending.

 

5. Check in on your kiwisaver contributions

It is very important to plan in advance for retirement, while a home and some investments are great, cash is required also. If you don’t make kiwisaver contributions each year sufficient to obtain the maximum government contribution, you can’t make up for it with additional contributions the next year. Since kiwisaver comes with great employer and government contributions, and tax benefits, it’s pretty important to prioritise planning of your kiwisaver to ensure you are maximising your savings for retirement.

 

6. Research your pricing

Mid-year is the perfect time to start looking at what competitors are doing and bench-marking your prices. If earning more money was part of your financial plan this year, it’s better to ensure your pricing is right earlier, rather than later. If there are reasons your pricing is low issues should be addressed as soon as possible. If it appears your pricing is low then a plan should be made to increase to pricing as soon as possible.

Landlords - tax refunds no more

Posted on 2 November, 2019 at 14:30 Comments comments (0)



RENTAL PROPERTY "RING FENCING" OF TAX LOSSES

Legislation was passed in mid-2019 which ring-fences residential rental losses from the beginning of the 2020 income year.


A staged implementation was suggested but did not make the final cut. Instead, the last opportunity for residential rental property investors to offset their rental losses with other income was the end of the 31 March 2019 tax year.

 

The loss ring-fencing rules do not apply to mixed-use properties, such as the family bach, they do however apply to overseas residential rental properties as well as New Zealand residential rental properties.

 

For those with a residential portfolio, rental losses of one property can be offset against rental profits from other portfolio properties, or against taxable gains from the sale of properties.

 

Together with the new "Healthy Homes Standards", and "Bright-Line Test", being a Landlord in New Zealand may not be as desirable going forward for negatively geared investors.

 

The housing market may have further surprises in store, with talk of potential loosening of LVR restrictions, and further drops in the OCR.

 

The property market is undoubtedly out of skew with domestic household earnings. Many landlords may find holding properties an un-desirable short to medium term investment option - especially with the removal of the ability to obtain an annual tax refund.

 

If you would like to discuss the impact of the new loss ring-fencing rule, please contact James Dellow.

AIA Airpoints Promotion

Posted on 2 November, 2019 at 14:25 Comments comments (0)


AIA strive to help our customers live healthier, longer, better lives by encouraging them to make positive lifestyle changes one small step at a time.


AIA's partnership with the AirpointsTM programme delivers great additional value to customers with Airpoints at no cost to them.

 

New policy offer: Your customers can earn 5x Airpoints DollarsTM for every $100 premium paid for 3 months, on new eligible policies applied for between 16 October 2019 and 29 February 2020.

 

Terms and conditions apply.


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