August Tip Bits
We run events monthly to keep you up to date on important issues and improvements you can make to your business.
Find out about our business coaching seminars and don’t miss out on our next FREE webinar.
Click here to find out what’s happening this month.
We have begun sending out Provisional Tax reminders to our clients. If you have received one and think it is incorrect or if you are unable to pay it please get in touch. We are able to help and it is better to get it sorted early rather than wait until the payment date is past.
If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. The amount you have to pay relates to your expected profit for the year.
It’s important to keep your tax plan current. If circumstances change for your business, we need to adjust your plan. Let us know as soon as you can about the situation for your business.
Law Changes that may affect you
This year there have been a number of law changes that may affect your business or investment property.
- Sick leave – The number of days an employee is entitled to will increase from five to ten days per year from 24 July 2021.
- Minimum Wage Increase – The adult minimum wage rate increased on April 1 2021. Rates for starting-out workers or trainees have also changed.
- Tenancy Law Changes – These include changes to the rules around termination, rent bidding and requests by tenants to make minor changes to the property.
- Healthy Homes Standards – From 1 July 2021 landlords are required to meet the five healthy homes standards for boarding houses, and within 90 days of a new tenancy in a private tenancy.
- Investment Property Tax Changes – Including the extension of the bright-line test from five to ten years (excluding new builds), and changes to the treatment of times when the property is not the owner’s main home.
- Changes to Consumer Credit Laws – From 1 October 2021, all directors and senior managers of lenders providing consumer credit contracts or acting as mobile traders are to be certified ‘fit and proper’ (unless exempt).
- Vaping Law Changes – New regulations that control the sale, marketing and display of vaping products, plus other regulation.
For more information on the new laws, The Ministry of Business, Innovation and Employment have a summary including links for more information here.
If you are unsure how these laws will impact your business or investment property, we can help. Call us today.