Business confidence is a key economic indicator, and right now in New Zealand, the latest data is showing some positive signs: Signs of recovery – After a slow period, economic activity has started to pick up with early signs of renewed business momentum. Cautious optimism – Business confidence is improving, but caution lingers as companies navigate costs, demand, and future economic uncertainty. Global uncertainty – While domestic trends are improving, global trade tensions and price volatility could still impact supply chains, costs, and long-term stability. Use the current business confidence to your advantage In any economic environment, the key is to adapt and adjust to protect and future-proof your business: Consider your growth strategy. If confidence continues to rise, now could be a good time to expand your operations, invest in new equipment, or explore new revenue streams. Hiring and workforce planning. Business optimism often fuels recruitment and team expansion. Confidence is on firmer ground, but uncertainty remains. If hiring, focus on roles that support long-term growth. If caution is needed, consider upskilling existing staff instead. Market positioning. Shifting confidence levels can change customer spending habits. Are there opportunities to refine your pricing, enhance your marketing efforts, or introduce premium services that align with shifting demands? Financing decisions. If borrowing costs continue to ease, consider refinancing loans at a lower rate or securing funds for expansion—just make sure you weigh affordability before taking on new debt. Understanding the current business climate is key to making informed financial decisions. Want tailored insights for your industry? We’re here to help.

At Diprose Miller, we work with a diverse range of clients and industries—but when it comes to agribusiness, we bring a depth of expertise that truly sets us apart. Our team includes professionals with strong backgrounds in the sector, allowing us to bring together a cross-functional group focused on providing tailored support for agribusiness clients. By working seamlessly together and sharing knowledge, we deliver practical, forward-thinking solutions that meet the unique needs of rural businesses. We're proud to offer exceptional service built on collaboration, industry insight, and a genuine understanding of the challenges and opportunities in agribusiness. Why Agribusiness is Unique Agribusiness is unlike any other sector. It demands specialised knowledge in areas like banking requirements, tax compliance, market trends, and risk management. There are specific challenges unique to this field, and having professionals working in agribusiness every day gives us the insight and expertise to truly support our clients. My family has vested and lifetime interest in this industry, which adds another level of understanding and connection throughout the ever-changing seasons. Whether it’s navigating regulations or planning for future growth, our experienced team is here to help agribusinesses thrive. A Fun Side to the Team It’s not all hard work and no play! One of my favourite Diprose Miller team traditions is our Secret Santa gift exchange. I’ll never forget being the first “newbie” to receive a less-than-ideal present—an ongoing joke that continues to bring laughter to our team even now. Moments like these remind me how much I enjoy being part of such a fun and close-knit group. At Diprose Miller, we’re passionate about helping agribusinesses succeed. If you’d like to learn more about how we can support your business, feel free to reach out.

We are extremely proud to announce the appointment of Melissa Slattery as a director, effective from 1 April 2025. Melissa will join our leadership team alongside Ed, Jeanette, Darren, and Sharon. Her appointment is a testament to her expertise in agricultural business and reinforces our commitment to providing top-tier service to our clients in the farming sector and the dairy industry in particular. Melissa has a wealth of real-life experience in these areas. She understands the challenges her clients face and has a vested interest in their success. Melissa’s approach goes beyond just looking at numbers; she relates them to the current business environment while maintaining a forward-looking perspective. Her ability to put figures into context with what’s happening today, while focusing on tomorrow, is invaluable. Melissa has clients all over New Zealand, utilising the latest technology to ensure they receive the best service. She works with farmers from the far north to Southland and recently ventured down to Murchison on a Sunday to see clients. This dedication highlights her commitment to providing exceptional service regardless of location. Her colleagues have expressed high regard for her expertise and practical advice. “Melissa brings an extensive knowledge of the dairy and farming business and is best placed to provide practical advice for growth and sustainability,” noted Director Ed Wagstaff. This sentiment captures Melissa’s essence—she offers insightful, growth-oriented advice that drives success for our clients. Melissa is dedicated to helping her team and clients achieve their goals. She enjoys working closely with them to truly understand their businesses and assist in solving problems. Her collaborative approach ensures that she can offer tailored solutions that foster growth and resilience. As she steps into her new role, Melissa is eager to support the firm and its clients in their future growth endeavours. Her passion for helping others and her commitment to excellence align perfectly with our values and mission here at Diprose Miller. Outside of her professional life, Melissa values family time. She loves exploring the great outdoors, discovering new places, and taking the opportunity to unwind and relax. She calls herself an ‘active rester’ as she enjoys chasing a ball—in particular, netball, volleyball, and squash—though currently she is recovering from a knee injury. We are excited to welcome Melissa to our leadership team and are confident that her expertise and dedication will have a significant positive impact on our firm and clients. Melissa’s appointment marks a new chapter for us, and we look forward to the continued growth and success that she will help drive.

Over the last few months, we’ve had a number of clients contacted by scammers pretending to be representing Inland Revenue, usually via email. To be safe, we recommend that our clients never respond directly to requests from Inland Revenue. As your nominated tax agent, we should be the first point of contact for Inland Revenue staff. In most cases, genuine Inland Revenue requests can be dealt with without the client needing to be involved. Often the language used in the email, together with the domain name of the sender, will provide a strong hint that an email is a scam. However, the scam emails are becoming more sophisticated over time and less likely to arouse suspicion. The “golden rule” is easy to remember – refer any Inland Revenue queries and/or requests directly to us.

There are changes to the reporting standards for charities that administrators for charitable entities need to become familiar with. For reporting periods ending on or after 31 March 2025 , the new “Tier 4 (NFP)” standard will be compulsory for annual returns filed with Charities Services. This standard replaces the existing “PBE SFR C (NFP)” standard that currently applies. Both standards apply where cash-based reporting is used. An equivalent change applies to charities required to use accrual (non-cash) based reporting, with a new “Tier 3 (NFP)” applying. The changes are not significant. They simplify the content of the Statement of Service Performance and the Statement of Resources & Commitments and amend the standard reporting categories for receipts and payments for Tier 4 (or income and expenses for Tier 3). Guidelines for the new standards and their application can be found at www.charities.govt.nz/reporting-standards/about . If you’re responsible for annual reporting for a charity, contact us to check how these changes will apply to you.

You think that handling your accounts yourself will save you money, especially if your business seems straightforward, right? Wrong! In today's complicated financial world, having a good accountant is essential for businesses and individuals. Accountants do more than just handle numbers; they offer valuable advice and strategies that can save you a lot of money. Here's how your accountant can help you save: Tax efficiency: Accountants save you money by making sure you use all available tax deductions and credits. They understand New Zealand's tax laws and stay updated on any changes. By preparing your tax returns accurately and planning ahead, accountants help you pay less tax and avoid expensive penalties. Financial planning and budgeting: Accountants help you make detailed financial plans and budgets. They set realistic financial goals and create strategies to reach them. By tracking your income and expenses, accountants find ways to cut costs and improve your financial health. Good budgeting prevents overspending and ensures you have enough money for future investments or emergencies. Cash flow management: Managing cash flow is absolutely vital for any business's survival and growth. Accountants help you keep track of your cash flow, making sure you have enough money to meet your needs. They can predict future cash flow needs and suggest ways to improve your cash reserves. This proactive approach can prevent cash shortages and reduce the need for costly short-term loans. Cost control: Accountants look at your financial statements to find ways to cut costs. They can spot inefficiencies and suggest ways to save money, like renegotiating supplier contracts or streamlining operations. By closely monitoring your expenses, accountants help you stay profitable and avoid unnecessary spending. Compliance and risk management: Following financial regulations is essential to avoid fines and legal problems. Accountants make sure your financial practices follow the latest laws and standards. They also help you manage financial risks by spotting potential threats and creating strategies to deal with them. This proactive approach can save you money by preventing expensive compliance issues and financial losses.  Business growth and expansion: For businesses wanting to grow, accountants are key in planning and carrying out expansion strategies. They help you see if new projects are financially possible, secure funding, and manage the money side of growing your business. By giving insights into market trends and financial performance, accountants help you make smart decisions that boost growth and profits. Accountants are more than just number crunchers; they are strategic partners who help you save money and reach your financial goals. They offer expertise in tax efficiency, financial planning, cost control, and investment advice, leading to significant savings and better financial health. Whether you're an individual or a business, having a skilled accountant is an investment that pays off in the long run.

Running a small business has its unique challenges and opportunities. One of the most important things you must do is to keep a close eye on your expenses. Regularly checking your expenses can help you find ways to save money, work more efficiently, and increase your profits. So, what are some of the key points you should consider when reviewing your expenses? The first step is to track every dollar that goes in and out of your business. Use accounting software or a reliable bookkeeping system to record all transactions. This will give you a clear picture of your financial situation and help you spot any unnecessary or excessive spending. Organise your expenses into categories like rent, utilities, salaries, marketing, and supplies. This makes it easier to see where your money is going and identify areas where you might be overspending. By categorising your expenses, you can also compare your spending against industry benchmarks and make better decisions. Fixed costs, like rent and salaries, stay the same no matter how much business you do. Variable costs, like supplies, change with your level of production or sales. Analysing both types of costs can help you understand your cost structure and find ways to save money. For example, you might be able to negotiate lower rent or find cheaper suppliers. Many businesses subscribe to services and memberships that may no longer be necessary or beneficial. Review all your subscriptions and memberships regularly to make sure you are getting value for your money. Cancel any that are not essential or that you can replace with cheaper alternatives. Take the time to review your contracts with suppliers and service providers. Are you getting the best rates? Can you negotiate better terms or find alternative suppliers with more competitive pricing? Building strong relationships with your suppliers can also lead to discounts and better service. Utility costs, like electricity, water, and internet, can add up quickly. Look for ways to reduce these expenses by using energy-saving measures, like energy-efficient lighting and equipment. You can also shop around for better deals from utility providers or consider bundling services to save money. Salaries and wages are often one of the largest expenses for small businesses. While it's important to pay your employees fairly, there are ways to manage these costs effectively. Consider offering flexible work arrangements, like remote work or part-time positions, to reduce overhead costs. Investing in employee training and development can also improve productivity and reduce turnover, saving you money in the long run. Creating and sticking to a budget is essential for controlling your expenses. A budget helps you plan for future expenses, set financial goals, and monitor your progress. Regularly review your budget and adjust it as needed to reflect changes in your business environment. The benefits of being able to compare your actual results against your original expectations, particularly for a new business, cannot be underestimated. If you're unsure where to start or need help identifying areas for improvement, consider seeking advice from a financial advisor or accountant. They can provide valuable insights and help you develop strategies to manage your expenses more effectively.  Regularly checking your expenses is vital for all small businesses. By tracking every dollar, categorising expenses, analysing costs, and seeking professional advice, you can find ways to save money and improve your financial health. Remember, every little bit helps in building a successful and sustainable business!

In today's constantly changing business environment, it's essential to frequently evaluate if your business model is still effective and relevant. What worked a few years ago might not be suitable today, especially with the rapid changes in technology, consumer behaviour, and market dynamics. Here are some key points to consider when evaluating if your business model is still fit for purpose. Market trends and consumer behaviour The first step in assessing your business model is to understand current market trends and consumer behaviour. Are your products or services still in demand? Have there been significant shifts in your industry that require adaptation? For instance, the rise of e-commerce and digital platforms has transformed how consumers shop and interact with businesses. Staying attuned to these changes can help you identify opportunities and threats. Technological advancements Technology is a major driver of change in the business world. New tools and platforms can enhance efficiency, improve customer experiences, and open up new revenue streams. Evaluate whether your business is leveraging the latest technologies to stay competitive. This might include adopting cloud computing, utilising data analytics, or implementing automation in your operations. Financial performance Reviewing your financial performance is essential to determine if your business model is still viable. Analyse key financial metrics such as revenue growth, profit margins, and cash flow. If you notice a decline in these areas, it might be time to rethink your strategy. Consider whether your pricing model, cost structure, or revenue streams need adjustment to improve profitability. Customer feedback Your customers are a valuable source of insights. Regularly seek feedback to understand their needs, preferences, and pain points. Are they satisfied with your offerings? Do they see value in your products or services? Use this feedback to make informed decisions about potential changes to your business model. Engaging with customers can also foster loyalty and trust. Competitive landscape The competitive landscape can change rapidly, with new entrants and innovations disrupting established markets. Conduct a thorough analysis of your competitors to see how they are adapting and what strategies they are employing. This can provide valuable insights into areas where you might need to innovate or differentiate your offerings. Regulatory environment Changes in regulations and compliance requirements can impact your business model. Stay informed about any legal or regulatory changes that might affect your industry. This could include new environmental standards, data protection laws, or industry-specific regulations. Ensuring compliance can help you avoid legal issues and maintain a positive reputation. Regularly evaluating your business model is essential to ensure it remains fit for purpose in a dynamic and competitive environment. By staying informed about market trends, technological advancements, financial performance, customer feedback, competitive landscape, and regulatory changes, you can make strategic adjustments to keep your business thriving. Adaptability and innovation are key to long-term success.

We’ve recently assisted with ACC claims for a number of clients who are also receiving National Super. During the process ACC clarified the rules around eligibility for “earnings related compensation” for superannuitants. They make interesting reading, so we’ve summarised them below.  If the claimant is injured before they turn 63, they are eligible for weekly compensation payments until they turn 65. If the claimant is injured after they turn 63 but before they turn 65, they are eligible for weekly compensation payments for two years from the date the payments start. If the claimant is injured after they turn 65, they can receive both National Super and weekly compensation payments for two years. After two years, they can only receive the National Super.