HHA News - September 2019



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Credit Reporting Privacy Code Amendments
 
Credit-reporting-brochure190919-531The final amendment to this Act comes into effect on the 1st October 2019.
This encompasses:
  • Clear access rights to credit scores
  • Quicker access to credit reports
  • Allowing use of credit reporting system to return money owed to individuals
  • Enabling individuals at risk of credit fraud to obtain credit freezes across all credit reporters with a single application
For more information see the Privacy Commission website:

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If you use Centrix, you will need to to start using the Enquiry Reason "Finance Quotation Application" from 1 October.
If you use Equifax you will need to upgrade to finPOWERConnect version 3.02.02 before 1 October. You will also need to start using the Access Purpose "Credit Quotation Enquiry" from this date.
 
 
Investment Income Report
 
From 1 April 2020 the way in which Interest & Withholding Tax is reported to the IRD is changing.
The IRD process known as Investment Income Reporting (IIR) has been optional since April 2019, but will be Mandatory from April 2020.
 
Please see the following Blog for further detail: Investment Income Reporting
The new functionality is available from finPOWER Connect version 3.02.02 for licences with Deposit Accounts.
 
Version 3.02.02 is now available 
We will be in touch to upgrade your software over the next month.
Please note – it is important to keep your software upgraded to ensure any compliance updates are available, you have full access to any processing improvements, and you do not fall behind for support. To book your upgrade please contact HHA Support below.
 
Comprehensive Credit Reporting - This is a great offer - Important:
Both Intersoft Systems Ltd & Equifax are offering fantastic pricing on their annual licenses! This would make a significant saving to your loan application costs and provide valuable information for your decision making processes.
Please ensure that you contact our finance team BEFORE THE END OF SEPTEMBER to at least express your interest.
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logistics-282-183-392-655                          AMSlogoLogistics in the news - to get processes over the line

HHA is committed to innovation. We can assist in making dreams reality! Sound outlandish?
This is really worth a read - click the 'Read more' button to discover how we have partnered with AMS to improve communication, standardize a process, save paper and reduce labour time.
 
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License Fees Change  

You will have been notified by MYOB IMS that there is an increase from 1 October 2019 in the price of new purchases of the software and correspondingly, an increase in license fees for all new and existing clients.
 
This is perhaps a timely reminder to review the number of active employees you have on your payroll, as you may need to purchase additional licenses.
If your company has downsized, you may be able to drop your license fees.

Student Loans  – Student Loan Compulsory Extra Deduction Notice
 
These are known as SLCIR & SLBOR letters
This is when you are notified by IRD that the student loan is to be repaid at a different rate, it is often 41.67% until a maximum value has been paid.
 
https://yourpayroll.co.nz/your-payroll-guide/ird-tax-codes/tax-code-slcir/
 
https://yourpayroll.co.nz/your-payroll-guide/ird-tax-codes/tax-code-slbor/
 
Please let us know if you need assistance to setup this up in your MYOB IMS for your employees.
 

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Office Contacts:
Accounting & Logistics
E: help@hhaassociates.co.nz


Lending & Investment
E: support@hhaassociates.co.nz


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E: help@hhaassociates.co.nz


Or please call 03 693 1121 for telephone support.
 
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