News

The new top tax rate

A new top tax rate of 39% will apply on personal income in excess of $180,000 for the 2021-2022 and later tax years. For most taxpayers this begins on 1 April 2021. Those who are provisional tax payers may need to adjust their provisional tax payments throughout 2021 to account for the larger year-end tax bill. Source: www.ird.govt.nz ...

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Discounted tax for your first year in business

If you’re new to business, you may be eligible for a discount for paying your income tax early. This applies to sole traders, contractors and partnerships. Start by checking if the early payment discount makes sense for your situation and your cash flow. Then set yourself up with good systems and get your tax ducks in a row. How it works In ...

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Wishing you all a Safe and Happy Holiday

As 2020 comes to a close we wish you all a Safe and Happy Holiday. What a year 2020 has been!! Thankfully in NZ we have been spared from the terrors of Covid-19 that many other parts of the world have had to endure. So let’s be thankful and happy and take this Holiday season to recharge our batteries and get ready to ...

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Tax Talk Newsletter Summer 2021

Be realistic with social media  expectations You’re starting out in business, or maybe you’ve been in business a while but everyone is saying you need to have a social media presence. If you agree, and if you’re a small business, you have to be realistic in what you can do with social media. The first rule is not to overdo the number of ...

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2020 Law changes round-up

From tax changes and parental leave, new vaping rules to marketing during the America’s Cup, check out this summary of 2020's new laws. A lot has changed this year, so make sure you know the new rules that apply to your business. Parental leave When: From 1 July 2020 What: Government-funded parental leave payments extended from 22 weeks to 26 weeks. Unpaid parental leave, ...

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Reserve Bank proposes reinstating LVR restrictions

The Reserve Bank of New Zealand- Te P?tea Matua is seeking views on its plan to reinstate loan-to-value ratio (LVR) restrictions on high-risk lending with effect from 1 March 2021. LVR restrictions are used to reduce the risks to financial stability caused by higher-risk lending. The restrictions were removed in April to best ensure credit could flow and avoid an adverse ...

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Law change: Privacy Act for the digital age

Law change: Privacy Act overhaul to protect personal information in the digital age If you collect, store or use personal information about employees and/or customers, it’s important to:  check your business meets existing privacy requirements  get ready for the law change. Here’s what you need to know and do to keep people’s information safe and secure. What’s new When:    From 1 December 2020What:     Changes ...

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Introduction to holidays and leave

Introduction to holidays and leave There are different rules for different types of leave. Understanding your obligations as an employer makes it easier to work out leave entitlements and approve leave applications — leading to happier, more productive employees. Holidays and leave at a glance All employees working in New Zealand are legally covered by the Holidays Act (2003). The Act requires that: as ...

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Changes to Small Business Cashflow (Loan) Scheme

12 November 2020 The Government has announced some changes to the Small Business Cashflow (Loan) Scheme. No interest will be charged if the loan is repaid within 2 years. Currently, it is 1 year. Restrictions on how the loan can be used have eased. As well spending on core operating costs, businesses will be able to choose to use the loan to invest ...

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Is your business name available?

Use this website to check if your proposed business name is available or not. It checks on business name, Trade Mark, Web Domains and Social Media. Click here: https://www.business.govt.nz/onecheck Source: www.business.govt.nz ...

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