Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Removal of the KiwiSaver kick-start payment

Posted on May 26, 2015 by editor

The Government has decided to remove the $1000 KiwiSaver kick-start subsidy, which had created considerable costs for taxpayers since it began running in 2007. The increasing number of enrollments into the KiwiSaver scheme indicated that the kick-start payment was no longer required to entice people to join. However contributing KiwiSaver members aged 18 or over or under 65 will continue to receive an annual Member Tax Credit from the Government of up to $521. Employers will also still be required to contribute at least 3 per cent of an employee’s gross wage or salary. The removal of the payment means […]

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Taxing cashed-in annual leave

Posted on May 26, 2015 by editor

Employers who agree to cash-in an employee’s annual leave, where up to one week of the employee’s annual holidays is paid out, must be aware that the payment is considered a ‘lump sum’. PAYE on lump sums is calculated at a flat rate, and this may vary depending on the employee’s grossed-up annual income. It is important for employers to be mindful that the lump sum will increase their employee’s annual income. This means they will also have to adjust their family income if they have child support and Working for Families Tax Credits. Lump sum payments also include annual […]

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The seven numbers every business should know

Posted on May 26, 2015 by editor

Every small business should keep a close watch on the seven basic figures that can help predict business success. Businesses that do not take these numbers into consideration will never be able to progress as quickly as they should. 1. Cash flow Cash flow gives business’s an overview of the economic state of the business. Small business owners should always make sure they have the necessary cash flow to meet all business expenses. 2. Net income Just like cash flow, a business’s net profit provides a good indication of whether a business is earning or losing money. 3. Profit and […]

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When an employee announces their pregnancy

Posted on May 26, 2015 by editor

Small businesses that fail to meet the obligations that arise once an employee announces their pregnant risk attracting hefty penalties. To avoid facing any legal risks, employers should ensure they have effective policies and procedures in place to manage pregnancy and maternity leave. The policies and procedures should ensure that the employer: – assesses the pregnant employee’s situation, in consultation with the employee – understands the business’s obligations – identifies the fundamental requirements of the employee’s role.

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Latest news

Business tax bill is now law

Posted on April 12, 2017 by BDS Hughes

The Taxation (Business Tax, Exchange of information, and Remedial Matters) Act 2017 received Royal assent on 21 February 2017. The new legislation focuses on changes to business taxation to make tax simpler. From 1 April 2017, the threshold for self-correction of errors under section 113A of the Tax Administration Act 1994 has increased from $500 to $1000; the use-of-money interest will be reduced or removed for the vast majority of business taxpayers; and most RWT exemption certificates can now be issued for more than one year. For the 2017-18 and later income years: The 63-day rule for employee remuneration has […]

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