News
Personal Information: What it is and how to protect it
All businesses collect information about people they work with or for, eg staff, suppliers, customers. New privacy laws may affect how you collect and store personal information. But what makes information personal?The Privacy Act is changing. If you collect, store or use personal information about employees or customers, you need to know about these changes.Get ready for privacy law change. What you ...
Higher Bank Capital means Safer Banking System for all New Zealanders
5 December 2019 The Reserve Bank of New Zealand today released its final decisions following its comprehensive review of its capital framework for banks, known as the Capital Review. Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. ...
Mandatory Barcodes for customers paying over the counter at Westpac
Customers can choose to pay their taxes over the counter (OTC) using cash or EFTPOS at a Westpac branch/smartATM even if they don’t bank with Westpac. Currently OTC payments make up less than 1% of all payments. From 1 July 2020, all OTC payments at Westpac must be accompanied by a barcode which identifies the customer, tax type and period. The ...
Trade Marks: Do you own your brand?
A great brand can set your business apart from the competition. But if you haven’t taken steps to protect your name, slogan or logo, they may not be yours. Check them now with a free online tool. Why trade marks matter A trade mark protects your logo, name or brand. It could include words, logos, shapes, colours, sounds, smells or any combination ...
Customers using Secondary Tax Codes
Some employees are using a higher tax rate, such as a secondary tax rate (ST code), to help offset tax bills based on other income they get. Law changes from 1 April 2019 mean this is no longer allowed if the income being taxed at the higher tax rate is their only source of PAYE income. If this situation affected any ...
Government Improving Protections for Consumers and Workers when businesses fail
On Monday 4 November 2019, Minister Kris Faafoi released a statement announcing changes that will favourably affect consumers and workers of failed businesses. Changes to insolvency law announced by the Government on 4 November will include requirements to honour up to 50 per cent of the value of gift cards or vouchers held by consumers. "When a business is insolvent, these consumers ...
Investment Income - what's changing in April 2020
From 1 April 2020, Inland Revenue is making changes that will affect investment income payers and recipients. Investment income includes interest, dividends, PIE income, taxable Maori authority distributions and royalties paid to non-residents. For payers this means More frequent reporting of investment income becomes mandatory and must be done electronically. Investment income returns will generally be due by the 20th of the ...
Your guide to working Multiple Jobs
From claiming expenses to paying tax and ACC levies, here’s what you need to know if you’re a freelancer or contractor working in temporary jobs. Are you a gig worker? Gig workers are part of a flexible and on-demand workforce who do multiple short-term jobs (gigs), and can be anyone from part-timers looking to make extra money from a second or side ...
What New Zealanders don’t know about cancer
Annually, an estimated 750-900 people die from work-related health issues in New Zealand. Approximately 250 deaths are work-related lung cancers, 90 deaths are from asbestos-related mesothelioma, and 25 breast cancer deaths can be linked to the ill effects of shift work. A recent study by The Lancet Oncology highlights concerns around the standard of diagnosis and treatment being offered in New ...
Get ready for upcoming Privacy Law changes
Changes to the Privacy Act are coming. If you collect, store or use personal information about your employees and/or customers, here’s what you need to do. What you need to know When: The Privacy Bill is making its way through Parliament and will most likely become law before the end of 2019. What: Privacy changes include the following: Businesses will need to report serious ...