Date: 9th April 2015
We’ve clicked over to 2015/2016 – Happy Financial New Year! It’s time to start thinking about getting your accounts ready to hand over to your accountant so we’ve included a handy end of year checklist below to help you get started. Plus, as of the 1st of April 2015 came a number of law changes that may affect your business. Check out the changes to the minimum wage, employment law and ACC levies.
The minimum wage will increase to $14.75 per hour. Training and starting-out minimum wages will increase to $11.80 per hour.
More flexibility and choice at work underpin changes in the Employment Relations Amendment Act, which came into effect on 6 March. The Act includes a handful of changes that will affect small to medium businesses, including more flexibility around rest and meal breaks, and opening flexi-time up to everyone not only parents and caregivers. Read more.
The IRD are making it easier to work out what your PAYE tax obligations are for accommodation meals and clothing allowances, and how to comply with them. More details.
The ‘Mondayisation Bill’ states that from now on, when Waitangi Day (6 February) or ANZAC Day (25 April) fall on a weekend, the public holiday must be treated as falling on the following Monday for employees who would not otherwise work on that Saturday or Sunday. For employees who would normally otherwise work on that Saturday or Sunday, the public holiday must still be treated as falling on that day. More details.
From the 1st of April the average work levy paid by employers and those who are self-employed fell from 95c to 90c on every liable $100 earned. This is an average decrease of 5%.
The ACC Motor Vehicle levy will also fall from 1 July. The average levy which you pay through your licensing fee (your vehicle registration) will fall by an average of 41%; and you will save 3c a litre when purchasing petrol. More details.
Please contact us if you have any questions or concerns about preparing for end of year; or how the above changes may affect your business.