News
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 ...
The Holidays Act 2003 - reduce your risk of non-compliance
(Published on behalf of Employment New Zealand)As we start the New Year, now is an ideal time to review and ensure your payroll systems and processes are up to date and reduce your risk of non-compliance with the Holidays Act 2003 (The Act). Employment New Zealand has free resources to help you comply with the Act. Common issues for businesses include: Strategic ...
Minimum family tax credit
The annual rate minimum family tax credit (MFTC) threshold will increase from $27,768 to $29,432 for the 2020-2021 tax year and subsequent years which is a maximum of $32 per week extra. To get this payment customers must work for salary or wages and not be self-employed. IRD began paying the higher rate in weekly or fortnightly payments from late December ...
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 ...
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 ...
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 ...
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, ...
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 ...
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 ...