General Updates - FBT Rate, Minimum Wage, Health and Safety and Super, Pensions and Benefits

The Employment Standards Legislation Bill has been passed, bringing into effect from 1 April 2016 some important changes to the employment statutes. These include extending parental leave, spearing zero hour contracts and strengthening compliance...

Inland Revenue have signalled they will be looking at businesses’ record keeping systems. Key targets will be that all jobs and all income are being recorded and that GST is being handled properly.

Inland Revenue’s crackdown on ‘cashies’ continues with their focus on undeclared cash in the construction and hospitality sectors.

Tax Due Dates for July 2016

Holiday pay has been in the news recently and we know the Labour Inspectors from the Ministry of Business, Innovation and Employment will be checking that other employers have been recording and paying entitlements correctly.

It has been highlighted in the media recently that IRD have been requesting information from NZ pension providers in respect of taxpayers who transferred their overseas pensions to NZ prior to 31 March 2014.

Well-run businesses have excellent systems that produce key information about the business’ status. Regular monitoring is important to ensure the business owner or chief executive always has a finger on the pulse of business activity.

Many small businesses experience difficult periods where they need to generate additional sales in the short term, and many small businesses believe discounting their stock is the best way to move it. But is this really the case?