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Newsletter 03 - July
2024
Bula Vinaka Fellow Fiji Business Network NZ members and
supporters.
Welcome to our 3rd newsletter for the year, where
we will share news, business wisdom, and economic updates.
Our Annual General Meeting (AGM) is being held on 22 August
2024 at 6.30pm. This will be followed by our Mid-Year Networking Event
and Dinner, at the Remuera Club, Auckland.
At a recent Fiji Girmit community event, which was well
organised and attended, there was a lot of traction for our Fiji Business
Network and why this should help unite us in our common cause of “economic
success”.
The good news is we now have 68 paid members and are making
progress towards our goal of uniting our fellow Fijians in Business.
We would like your feedback on what else you would like us to
share, so we can enhance our membership experience. Please feel free
to email feedback to Sonali Patel, sonali.patel@hsaglobal.net.
Vinaka
The Executive Team
Events and Activities for 2024
1. Networking events
- 7:30pm Thursday 22nd August 2024 : Remuera
Club, Auckland
- 20 November 2024 : to be advised
2. Virtual Talanoa Session
(calendar invite will be sent to lock in these dates)
- 8.00pm – First Tuesday
of every month
- Question and Answers (Q&A) sessions
- Updates, success stories
- Keeping connected
3. Annual General Meeting
- 6:30pm 22nd August 2024
- Executive Elections
- Increasing membership base
- Target to two hundred paid members by end of the year
- Special Industry groups
to be formed as membership increases. Eg. Building and Trade, Finance, Retail,
etc.
4. Regular Business
updates and opportunities
- via our Newsletter
We need your help to achieve our Membership
As an organisation primarily focused on connecting and helping
our fellow Fijians thrive New Zealand’s commercial sectors.
We are all about spreading the good word.
It has taken a good deal of work and planning to this point, and
we are excited that 2024 will be a year of progress.
We are keeping it simple, with membership rates starting at
$25.00 per year. The membership fee runs through to 31 March 2025.
Head over to our website, spread the good word, and encourage at
least 3 new parties to join our network. It is quite simple to join.
We are confident that once we have reached our goal of 200
members, we will be better placed to grow our visibility at Government and
institutional levels.
This undoubtedly will have
a multiplier effect on our members, our organisation, and the overall success
of Fijian businesses in New Zealand
New Tax Thresholds in 2024 NZ Budget
The New Zealand government unveiled its 2024 Budget with a core
election promise delivered regarding tax relief of $2.57 billion through
bracket adjustments.
With an adjustment to income brackets, tax rates remain the same
but the thresholds are raised.
The Budget stated that 1.9 million households would benefit from
the overall relief package by an average of $30 a week. Households with
children would benefit by $39 a week on average.
The Independent Earner Tax Credit is being expanded, with the
upper limit for eligibility rising from an income of $48,000 to $70,000, with
amounts reducing from $66,000+ instead of $44,000+.
A minimum wage worker could expect about $12.50 a week, while
super-annuitants would take home just $4.50 a week.
The in-work tax credit will also go up by up to $25 a week from
31 July 2024. The relief package also includes a childcare payment for
low-and-middle-income households as already announced
Other key government expenditure items in the budget include :
- $155 million on Independent Earner Tax Credit eligibility
changes in line with National's election campaign
- $182 million on In-Work Working For Families Tax credit by $25
a week, in line with National's election campaign
- $729 million on restoring interest deductibility for
residential rental property
- $45 million on adjusting
the Brightline Test on Property investments
Budgeting for success: the importance of good financial management
When you’re operating and managing a small business, you have a
finite pot of cash to work with. Because of this, it’s incredibly important to
manage your cash well and to have clear budgets and spending limits for every
area of your business operations.
Let’s take a look at why budgeting is such a vital part of your
financial management, and what you can do to keep your company on budget and in
a positive cashflow position.
4 ways to stay in control of your business
budgeting
It’s impossible to run a successful business without having a
tight rein over your expenditure.
Sales may be bringing in healthy revenues, but the income and
profits you’re generating can quickly be eaten up if you’re overspending on
operational costs, marketing campaigns, staff payroll or investments in new
hardware and software.
We’ve highlighted four ways to put good, solid budgeting at the
heart of your financial process:
1. Embrace the power of budgeting
A well-crafted business budget gives you the foundations to
become a financially healthy and successful business that’s in control of its
spending.
You don’t have to use a complicated budgeting app; a simple
breakdown of income and expenses in an Excel spreadsheet can be a great
starting point.
To get started :
- Track
your projected sales, so you understand your future
revenue numbers and have a solid projection for your income over the
course of the year, or budget period.
- Calculate
your costs, including fixed costs like
rent and utilities, and variable costs like inventory and marketing. This
gives you an understanding of your total expenditure. Don't forget to
factor in business taxes and contingency funds to cover emergencies.
- Set
clear budgets for the coming period’s spending,
based on the total income you’ve predicted and the total fixed and
variable costs you’ve estimated. Always leave some wriggle room to account
for inflation and changing costs.
Regularly review your budget, so the document is
always evolving. Reviewing and updating your budget helps you stay on track,
identify areas for cost-cutting, and make informed decisions about resource
allocation. Remember, a budget is a living document, so adapt it as your
business evolves.
2. Track your budgets, income and spending
Setting the budget isn’t the end of the process. It’s important
to track all income and expenses and to update your budget in line with the
current health of your business finances.
Using the latest cloud accounting software can work wonders.
These cloud tools help you record your incoming and outgoing transactions in
real time, so you can work with the most up-to-date numbers and financial data
when reviewing and reworking your budget.
To improve your tracking :
- Use
codes to categorise your expenses – the Chart
of Accounts in your accounting software makes it easy to categorise
each expense as it’s incurred. It’s then easy as ABC to review your
financial reports and to analyse your spending patterns.
- Review your spending – check your spending against each code and see where budgets are on track, or where there’s overspending that’s threatening your budget. Are there subscriptions you can cancel? Or could you renegotiat
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