News
14 June 2023
HEALTH & SAFETY – The new rules under the Health and Safety At Work (Health and Safety Representatives and Committees) Amendment Act is now law. Read a summary of the changes: https://www.mbie.govt.nz/about/news/health-and-safety-law-change-to-help-keep-workers-safer/
27 February 2023
Natural Disaster Resources: Our governing body, Chartered Accountants Australia New Zealand has published a list of organisations and links where victims of natural disasters, such as those living in the northern half of the North Island affected by the recent flooding, can seek support, relief or grants to assist them during times of hardship:
Please do not hestate to contact us if you are facing any difficulties and if we can be of assistance.
27 February 2023
Tax Relief for recent weather emergency events in the North Island – if you have been affected and may be subjected to late filing or late payment penalties, please contact us and we will assist in notifying the IRD.
1 February 2023
Auckland Floods: After another soaking between 4 and 6am today, many flood victims from last Friday have been affected again. The Auckland Chamber of Commerce has published information in relation to flood support. If you have been affected and have issues in relation to payments to the Inland Revenue Department, please contact us for assistance.
4 Jan 2023
Helping Children into their first home - It comes as no surprise that owning a first home is no easy feat, financially. With property prices averaging around $1m, most will find it a struggle without the assistance from the Bank of Ma and Pa.
https://www.oneroof.co.nz/news/42806
26 November 2022
Healthy Homes Act – changes to the Act came into force following issues the industry has sustained through issues arising from the Covid-19 pandemic.
22 November 2022
SMALL BUSINESS APPS: Apps to assist you in running your business effectively and efficiently are plentiful and we are now spoilt for choice. Xero’s New Zealand Country Manager comes up with 7 of her picks: https://www.nzherald.co.nz/brand-insight/seven-apps-to-improve-small-business-productivity/NYAAT4ZWISI5O354NSF2VR4KBM/
15 November 2022
NIL GST RETURNS: How long can you continue to file NIL GST Returns for? Has your taxable activity ceased? What adjustments do you need to make on cancelling your GST Registration?
https://www.ird.govt.nz/updates/news-folder/gst-registration-nil-filing-clients
12 September 2022
Removal of COVID Restrictions: The government has announced the removal of a number of rules in relation to the traffic light system, mask wearing other than in some healthcare facilities, isolation of household contacts, vaccination mandate and vaccination requirements for travellers.
25 May 2022
Discounted Road User Charges: The scheme offering a discount for RUC was due to cease in July, but this has now been extended to 21 September 2022. There are conditions and you can also get a credit for RUC purchased before the scheme came into place. For more, go to: https://www.nzta.govt.nz/vehicles/road-user-charges/road-user-charges-ruc-temporary-reduction-scheme/
3 February 2022
Home Loans: How banks assess your loan application under the new CCCFA environment and what it means for your old Kmart and KFC habits:
8 September 2021
Government Financial Assistance: there are a number of ways that the Government can assist where the COVID-19 alert level is at 2 or higher:
10 August 2021
New Rules & Regulations Introduced in 2021 (so far): We have seen changes in Tenancy Law effective from 11 February 2021, Investment Property Bright-Line and Interest Deductibility changes from 27 March 2021, Minimum Wages Increases from 1 April 2021, Healthy Home Standards from 1 July 2021, Doubling of Sick Leave entitlements from 5 to 10 days from 24 July 2021, and Vaping Law changes from 11 August 2021. Still to come are changes to our Consumer Credit regulations from 1 October 2021.
12 July 2021
Protecting your Business from RANSOMWARE: Following a well-documented attack on a NZ DHB in May, no one is immune to a crippling ransomware attack. Steps can be taken to protect your business.
12 July 2021
Buying/Selling a Business and Allocating the Sale Price: As of 1 July 2021, new rules are in place for the allocation of the sale price to the assets of the business.
14 June 2021
HEALTHY HOMES CHECKLIST: From 1 July 2021the new Healthy Home standards will take effect. Are you well prepared for this?
10 May 2021
Covid-19 Vaccinations: Your questions as EMPLOYERS answered by MOH and MBIE experts.
23 March 2021
HOUSING PLAN: Prime Minister Jacinda Arden announced today that the proposed changes to soften the New Zealand residential property market by extending the Bright-line Test from 5 to 10 years and removing the deductibility of interest on investment property loans. The new bright-line test rules will take effect from 1 April 2021 and the new interest rules will commence from 1 October 2021.
22 February 2021
Resurgence Support Payment (RSP): From 23 February 2021, eligible businesses that experienced a drop of 30% or more in revenue over a 7 day period when alert levels were increased, can apply for the payment.
15 February 2021
Alert Level 3: At 11:59pm on Sunday 14 February 2021, Auckland was forced into Level 3 lockdown for fear of a widespread community outbreak of the UK variant of Coronavirus. Read what financial support is available:
9 February 2021
Residential Tenancies Amendment Act 2020: Phase 2 of the New Tenancy Rules for Landlords takes effect from 11 February 2021. The rules cover security of rental tenure, changes for fixed-term tenancies, making minor changes, prohibitions on rental bidding, etc.
https://www.tenancy.govt.nz/law-changes/#phase2
9 February 2021
Healthy Home Standards: A reminder that these standards covering heating, insulation, ventilation, moisture ingress & drainage and draft stopping came into force on 1 July 2019.
https://www.tenancy.govt.nz/healthy-homes/
27 October 2020
TRUST LAW REFORM: If you have a Trust, you should have been contacted by your solicitors about the new Trust Act that comes into force from 30 January 2021. There are a number of very important changes.
29 July 2020
Wage Subsidy Repayments: If you think that you may not have been entitled to the Wage Subsidy or the Extension, please contact us to review your position and if required, assist in repaying it to MSD. We totally understand that some businesses haven’t been affected as badly as first anticipated due to proactive measures put in place by some employers.
17 July 2020
Trusteeship: You have been asked by a valued friend or relative to act as a Trustee for their Trust. Should you accept? https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12347932
20 April 2020
For Landlords (Residential): For the latest coverage on issues relating to landlords as a result of the Covid-19 crisis, in respect of rent increases/decreases, restrictions on ending tenancies, maintenance, inspections, bonds, etc., please refer to:
18 March 2020
COVID-19 Government $12.1b Economic Package: The Government announced its Stimulus Package on Tuesday 17 March 2020. Prior to its announcement, Prime Minister Jacinda Ardern said, ‘ it will be the most significant package I will announce while I am Prime Minister’. The $12.1b package includes $2.8b for business tax changes, Wage Subsidies of $5.1b, Covid -19 Leave of $126m, Income Support of $2.8b, Extra Health Funding of $500m, Aviation Support of $600m and Redeployment Package of $100m. To find out how the Package supports Employers, go to:
1 March 2020
Is your business open for business over Easter? Is Easter Sunday a holiday? Our friends at MBIE have provided employers with some guidance:
19 February 2020
Rental Reforms: This is a good report by stuff on the Residential Tenancies Amendment Bill. Among the proposed changes that will impact every landlord, is the end to the 90 day ‘no cause’ eviction notices. Is this another burden for the over-regulated landlords?
14 February 2020
CORONAVIRUS – COVID-19: This deadly virus has impacted a lot of businesses in NZ and this special publication from the Ministry of Business, Innovation and Employment (MBIE), provides some very useful information for anyone who may be impacted. https://ub.comms.business.govt.nz/mail/view/bfbz8lpsg46430wz13cw2q2nbs0h5bhw5y4hw_21r4wjkmdj1yd2bpgdb3b_pcpg9z_dx26rpsg8wz0hr59jd
Please be careful out there and stay safe.
11 February 2020
IRD wants the Hospitality Industry to play Fair; you may get a visit from the IRD:
We're contacting business owners in the hospitality industry
30 October 2019
The IRD is cracking down on the estimated $1b black economy; targets include the self-employed, cafes, restaurants, takeaways, bakeries, bars and liquor store.
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12280572
8 April 2019
KiwiSaver: Changes made to KiwiSaver came into play from 1 April 2019 with the addition of 2 new contribution rates for employees – 6% and 10%. Westpac’s NZ General Manager of Consumer Banking and Wealth has been quoted as saying, ‘The 6% option looks like a real winner, with almost half of those planning to change their contribution choosing this rate.’ There is no change to the employer contributions, hence, no reason why employers shouldn’t be alerting staff about the change. For further commentary on this:
12 March 2019
New Employment Law Changes taking effect on 12 December 2018 and 6 May 2019 are now legislated. The changes that took place in December includes the entry of Union delegates to the work place and where businesses must enter into bargaining for multi-employer collective agreements. The changes in May includes the restriction of the use of 90 day trial periods and the right to set rest and meal breaks.
https://www.employment.govt.nz/about/employment-law/employment-relations-amendment-bill-2018/
12 March 2019
IRD Tax Investigation 101: what do you expect with an IRD investigation of your financial affairs.
23 October 2018
Prenuptial Agreements (Contracting Out Agreements) demystified.
https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12146229
20 September 2018
The first interim report is issued by the Tax Working Group. Highlights include Capital Gains Tax, GST and Business Tax.
https://taxworkinggroup.govt.nz/resources/future-tax-interim-report
5 September 2018
Our clients are reminded every year to ensure that their Wills represent their current wishes, yet there are a few who can't seem to find the time to put one in place.
https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12107427
23 August 2018
The way we file our PAYE Returns will be changing from 1 April 2019. Read the IRD fact sheet and be prepared for the changes.
29 March 2018
The Bright-line test to determine if the sale of a residential property is subject to income tax has been extended from 2 to 5 years.
8 February 2018
Food Act: If you are in the business of selling food, you must register under the new Food Act by 31 March 2018.
https://www.mpi.govt.nz/food-safety/food-act-2014/
20 December 2017
The cost of your entertainment
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11963261
30 November 2017
With the Loan To Value (LVR) restrictions meeting some of the objectives in cooling the property market, the Reserve Bank is looking at easing these: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11949644
20 November 2017
The Government Announces changes to tertiary funding from 2018:
http://www.ird.govt.nz/news-updates/like-to-know-changes-tertiary-funding.html
17 October 2017
The IRD is cracking down on cash-jobs that are not declared by tradesmen: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11933837
From fart tax to google tax; weird Tax Rules from around the world; https://www.cnbc.com/2014/02/14/top-12-weirdest-tax-rules-around-the-world.html
22 September 2017
Australia taxes ghost homes:
http://www.smh.com.au/business/property/dear-ghost-home-owner-prepare-to-be-hit-with-more-tax-20170922-gymo2m.html