The Trusts Act 2019 came into force on 30 January 2021 – your Trust must now be compliant with the new Act. The aim is to make the law more accessible and easier to understand. Most of the changes relate to Trustee obligations and strengthening the ability of beneficiaries to hold Trustees to account. If […]
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What do I need to know about PAYE for my business?
Is it only PAYE that’s deducted when I do the wages? PAYE includes income tax and ACC earners’ levy. Depending on each employee’s situation, you may also deduct child support and/or student loan repayments. Occasionally Inland Revenue may notify you of additional deductions they require you to make. If the employee is in KiwiSaver, you […]
Client gift expenses and tax deductibility
If you provide a gift to a client, depending on the type of gift, you may be able to claim a tax deduction. It may be completely deductible or only 50% deductible.If the gift is in the nature of ‘entertainment’, such as food and wine, it will be 50% deductible. If gifts consist of food […]
Budget 2021 – Budget at a glance
The government has announced the Well-being Budget 2021, focusing on ‘securing our recovery’ with heavy investment in health, welfare, and infrastructure but for most business owners there were no substantial new initiatives to help continue their recovery in a COVID-19 world. Welfare Budget 2021 brings an increase to the weekly main benefit of between $32 […]
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