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Tax Talk Newsletter Autumn 2021
Tax shakeup for business sales Proposals in the new tax Act will mean sellers of a business must notify buyers and Inland Revenue about the amounts they have allocated for various assets. If they don’t do this there will be rules about how this is to be handled. Also, Inland Revenue will be able to interfere with the figures, if it thinks the ...
The minimum wage is increasing on 1 April 2021
As a business owner or manager, you need to be ready for the increase in minimum wage rates from Thursday,1 April 2021. The adult minimum wage will go up, from $18.90 to $20.00 gross per hour, and the starting-out and training minimum wage will go up from $15.12 to $16.00 gross per hour. Employment New Zealand has information to help you prepare.If ...
$5,000 Asset threshold to expire on 16th March 2021
Last Year the Government passed legislation that temporarily increased the low-value asset threshold for depreciation from $500 to $5,000. This will allow you to deduct the full cost of your business assets with a value of less than $5,000 in the year they purchased them. This is instead of having to spread the cost over the life of the asset. The ...
2019/2020 Kilometre rates now finalised
The 2019/2020 kilometre rates are now published on IRD’s website. See here: https://www.ird.govt.nz/updates/news-folder/finalised-kilometre-rates-2019-2020 Source: www.ird.govt.nz ...
COVID-19 Short-Term Absence Payment now available
On 8 February 2020 the Government announced a new COVID-19 Short-Term Absence Payment (STAP) to support employers and self-employed workers. The STAP is available from 9 February 2020, through Work and Income, to employers for employees, and self-employed workers, who: need to miss work to stay at home while waiting on a COVID-19 test result, and cannot work from home. The STAP ...