Are you ready to shift to payday filing?
Payday filing and the Employer Deductions (IR345) form.
Payday Filing seminars are coming to a town near you.
Are you owed a refund from ACC. Lack of employment records can lead to fines up to $10,000.
CRS obligations are dynamic and constant.
Changes made to modernise taxation of Employee Share Schemes (ESS) come into effect on 29 September 2018. These changes ensure that the tax treatment is in line with other forms of employment income. More than 1,100 small businesses with turnover under $5m have opted for more certainty around their provisional tax obligations by signing up to the new accounting income method (AIM). We have recently published a standard practice statement SPS 18/03: Effective date of GST registrations. The statement sets out the effective date the Commissioner will register a person for GST. For the 2018 and later tax years, companies that receive schedular payments will in some circumstances be able to transfer the tax deducted from these payments directly to the company's shareholder-employee(s). On 1 October a new Customs and Excise Act comes into force. Are you a payroll officer, payroll manager, CFO or tax manager in your business? Then attending one of our payday filing seminars is a must for you.
Get ready to shift to payday filing. From April 2019 all employers will need to file their employment information every payday.
Choose your business structure - three quick questions and you're on your way
The structure you choose can impact your ability to grow or sell the
business, so it's important to get it right. We'll still accept late submissions for CRS & FATCA disclosures
Although the due date for CRS & FATCA disclosures has passed, we'll still accept late submissions. Business running of a motor vehicle – kilometre rate. Foreign investment fund income – deemed rate of return. Income tax – what is the treatment of allowances paid and benefits provided to farm
workers?. War pensions paid under the Dutch ABVP Scheme. Taxation of trusts – income tax
Combatting global tax evasion,
Best Start tax credit,
Sharemilkers and contract milkers - deduction for farmhouse expenditure,
Foreign investment fund deemed rate of return for 2017-18,
Non-payment penalty on Employer monthly schedule/Employment information (IR348),
Minimum wage has increased to $16.50 per hour,
KiwiSaver for new employees
Remember to file your tax return by 7 July – on time
Get set for AIM
R&D loss tax credit claims for 2017/18 tax year
Granting myIR access to another person
What to do if you’re amalgamating companies
Are you making the most of your KiwiSaver?
CRS, FATCA annual disclosures due 30 June
Handling voluntary repayments on student loans
Employees going overseas
Employees taking a KiwiSaver contributions holiday
Sign up for the latest news and tips from Employment New Zealand (part of MBIE)
Make sure you are filing your fringe benefit tax returns correctly
Pay provisional tax only when you make a profit The Accounting Income Method (AIM), the new pay-as-you-go option for managing provisional tax through accounting software, is now available for small businesses with an annual turnover of under $5 million.
The scheme is open to Sole traders and self employed as well as employers.
You will have to declare:
30% or more decline in revenue compared with last year for any month between January 2020 and the end of June 2020.
Applications can also be made on the basis of forecast revenue loss within the period of the scheme.
Maximum claim is $150,000 for any one employer.
Subsidy based on 20 hours or more of work is $585.80 per week or a total of $7029.60 for the 12 weeks. For part-time workers this figure is $350 per week or a total of $4200.
Employer must pay a minimum of 80% of the employee’s normal wages to qualify for a claim.
Employers must also have taken active steps to mitigate the impact of Covid 19. For example “engaged with their bank/financial adviser”. A declaration has to be signed to that effect.
The scheme is administered by the Ministry of Social Development. MSD will aim to make first payments no later than 5 working days from when the applications are received.
Covid 19 leave
From 17 March 2020, there is financial support to businesses that have workers unable to work because they are in self isolation, are sick with Covid 19 or are caring for others with Covid 19. The scheme applies to employees, contractors and the self-employed.
Payment rates of the same as above and the employee must be in a situation where they are not able to work from home.