will close on Friday December 22nd and reopen on Monday January 8th. For urgent
enquiries, we will be checking emails and the office answer phone on a regular
basis so please leave a message.
a staff perspective there were few changes to the team. Karyn Walters and Anna
Davey have returned after maternity leave. Ben Blackett now has Nate to keep
him awake and Michael Candy, true to his 2016 prediction is to become a dad in
CGGC (Candy Gillespie Grandparent Club) is looking forward to welcoming Alan
Candy as the 8th member.
for the Christmas period
Employees may request to cash up one week of
annual leave per year after the entitlement has arisen. The net payment will
not be the same as a normal week, the PAYE will need to be calculated at lump
sum rates and house rental (if any) is not deducted.
If you're employing relief staff over the
Christmas period make sure they fill out an IR330 and if we process your PAYE, please
let us know about any staffing changes.
Timesheets – we are now getting used to this as
being good practice. For those who have employees with a work visa, timesheets
are now often requested by Immigration NZ to ensure compliance.
are checking your ACC bill, make sure that you are on the correct industry
classification. If you are on the wrong classification, you could be paying too
much. If ACC don't know what industry you are in, they default to industries
with high levy rates. Making sure this is correct could save you money. If you
are unsure, we can review this for you.
- IRD due
dates and payments
you are paying IRD by cheque, allow plenty of time for delivery (say 5 days) before
due date to avoid additional interest and penalties. Internet banking is the
safest and best option and we encourage clients to use this method of meeting
- Brightline Test
you are selling residential property you have owned for a short period then be
careful that the transaction does not become subject to the potential of any
profit becoming taxable through a breach of the Brightline Test. You should
2 years starts from the date the solicitor lodged the title – not the date
that settlement occurred. This could add up to 2 weeks onto the time
looking at selling, the contract (Sale and Purchase agreement) cannot be
dated before the 2 years is up. It does not depend on the settlement
but when the initial negotiations occurred.
family home is exempt from these rules.
2017 May balance date clients received around $5.52 per kg/ms with a variance
due to the previous year's production and capacity adjustments. In 2018, on
current estimate the payout, subject to the same variables, will be $6.42 which
is a +16% increase.
minimum wage will increase to $16.50 per hour from 1 April 2018.
Government and 2018
now you should be aware that there is a new government in place and 2018 is
almost upon us. In no particular order, here are a few of the government
initiatives that will face us in the coming years.
Assistance Package - significant changes to the family assistance package starting
July 2018 plus cash payments for new parents.
Working Group - an investigation into the fairness of the tax system. There
is a generous time frame for reporting back and a commitment to public
consultation so we expect no significant changes to the tax system for
three to four years. The two standout issues are the question of capital
gains and the taxing of NZ made profits by offshore companies.
Card Clients – the introduction of a Winter Energy Payment of $450 single
and $700 per couple for those on main benefits (including NZ Super).
Brightline Test will be extended from two to five years and tax rental
losses ring fenced against future profits.
repeal of the tax cuts announced by the previous government which were to
take effect on 1 April 2018.
Paid Maternity Leave from 1 July 2018.
fees for first year of post-secondary education from 1 January 2018.
in Student Allowances by $50 per week.
standards for warm and dry rental homes. The Healthy Homes Guarantee Act
2017 has been passed by parliament.
introduce a ban on overseas property speculators from buying existing
tighten the criteria for overseas investors in rural land.
stop Housing NZ selling state houses and will establish the Kiwibuild
resume contributions to the NZ Superannuation Fund.
Independent Climate Commission will be setup. A process will be
established for setting net zero carbon emission goals.
of our buoyant economy and relatively low unemployment rate, nearly every
business type suffers from a skill shortage. Every employer should have a plan
that answers these questions.
How do I
train my staff better and faster?
How do I
retain better staff longer?
client's individual circumstances change, so does the need or desire to protect
assets through Trust ownership. New rules are being introduced around trust
compliance. We will advise of the implications of these as they become law.
all our loyal clients a Merry Christmas and a Happy New