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Heavy fines for lack of employment records

Posted on Dec 7, 2018 by admin

Employers must keep complete and accurate records of their employees to avoid severe fines. Remain compliant with the Employment Relations Act 2000 and the Holidays Act 2003 and follow the checklist given below. As an employer you must: Be able to show you have paid your employees all minimum employment entitlements like the minimum wage rate and four weeks’ annual holidays Keep records with the name, age, address, and date employees started working, what their job entails, public holiday payments and tax declarations Keep records for seven years even if they have left Ensure all employees have complete and current […]

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New Research and Development tax incentive

Posted on Oct 12, 2018 by admin

The Coalition Government will introduce a new tax incentive aiming to unlock further spending on research and development. The research and development (R&D) tax incentive is the government’s response to extensive consultation with businesses. As part of the incentive the government has stated that the rate will be higher, the threshold lower and the definition more inclusive so that as many businesses as possible can benefit from this incentive. The R&D incentive aims to give business’ the opportunity to increase productivity and boost wages. The Coalition agreement will work to increase R&D spending to two per cent of GDP over […]

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Everything you need to know about payday filing

Posted on Sep 24, 2018 by admin

From 1 April 2019 employers must comply with the new payday filing scheme. The due date for employer deductions filing and payment remains the same as the 20th of the month. Employers must: File employment information every payday instead of an Employer monthly schedule Provide new and departing employees’ address information, and their date of birth- if they have provided it to you File electronically (from payday compatible software or through myIR) if your annual PAYE/ESCT is $50 000 or more. How to payday file Employers must Include employment information (and correct a file), employee details and employer deductions. It […]

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Introduction of Best Start

Posted on Jul 5, 2018 by admin

From 1 July 2018, eligible parents who have a baby born on or after 1 July 2018 will receive a Best Start payment of $60 per child. Eligible individuals will receive $60 a week until the baby turns one regardless of household income. For those with a household income of less than $79,000, you will receive $60 a week until the child turns three. The eligibility requirements are as follows: – You must be the principal caregiver of the child – You must be a New Zealand resident or citizen and have been in New Zealand for a continuous period […]

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Budget 2018: Ensuring fairness across the tax system

Posted on Jun 7, 2018 by admin

This year’s Budget focused on the Government’s commitment to creating a fairer tax system for all New Zealanders. New initiatives aimed at cracking down on tax dodgers are expected to generate an extra $726.3 million in revenue. The additional revenue is set to assist the Government in addressing significant under-resourcing of critical public services. Inland Revenue will receive $31.3 million of operating spending over the next four years, and $23.5 million to ensure outstanding company tax returns are filed. This is expected to recover approximately $183.3 million. Initiatives designed to reduce distortion in the tax system are also set to […]

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Registering for GST

Posted on May 25, 2018 by admin

Businesses need to register for GST once they earn more than $60,000 in 12 months. Penalties may be enforced if businesses do not register when they are required. This applies to all business structures including sole traders, contractors, those in a partnership and companies. Although business owners need not register if they do not think they will turnover that much, voluntary registration means you may be able to claim a GST refund. Once you register, you must complete regular GST returns. When registering, you must decide on how often you will file returns, i.e., monthly, two-monthly or six-monthly. You will […]

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Deductibility of legal expenses for rental property investors

Posted on May 11, 2018 by admin

Previously, rental property investors could not deduct legal expenses under section DB 62 unless they were in the business of providing residential rental accommodation. Recent changes have been made to allow property investors who are buying a residential property to access these deductions. Under section DB 62 of the Income Tax Act 2007, an individual can deduct legal expenses if they are $10,000 or less in an income year, including legal expenses that relate to spending on capital assets such as property. The legal expenses still need to meet the general permission of being incurred in deriving income or as […]

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Recent tax changes

Posted on May 3, 2018 by admin

The beginning of April marks the start of the new financial year in New Zealand. And along with the new financial year, there are many tax changes that have come into effect. Here are four important tax changes affecting employers, individuals and contractors: The bright-line test The bright-line test for residential property has been extended from 2 years to 5 years from 29 March 2018. The extended bright-line test only applies to properties for which an agreement to purchase the property was entered into on or after 29 March 2018. The 2-year bright-line test will remain for properties entered into […]

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Changes to provisional tax

Posted on Apr 16, 2018 by admin

Small businesses, sole traders and contractors can choose a new pay-as-you-earn option rather than paying provisional tax instalments several times a year as changes to pay-as-you-earn tax have come into place this April. The changes were made to help small businesses pay provisional tax based on their cash flow rather than the previous year’s earnings or estimated earnings for the current year. Paying provisional tax as you earn profit provides more certainty about cash flow. This new method is known as the Accounting Income Method (AIM). It is optional and only available for businesses with an annual turnover of less […]

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Short term rentals: the basics

Posted on Feb 2, 2018 by admin

Entering into the short-term rental field can be a very lucrative decision, but there are considerations to be made. To ensure you cover all bases and don’t find yourself caught out financially, make sure you understand the following: Tax obligations Remaining compliant in terms of your tax obligations when you rent your property as a short-term rental is important. According to the New Zealand Government, you: – Must include income generated through providing accommodation on an Individual tax return (IR3). This is due by July 7th each year. – Must keep clear and accurate details of all income and expenses […]

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