A bright-line rule is a clearly defined rule that leaves no room for interpretation.
You can think of it as someone drawing a line in the sand. It’s clear when you cross that line.
The bright-line property rule was updated on 29 March 2018. It says you’ll pay tax when you buy and sell a residential property within five years, unless an exception applies. It’s easy to know if this rule applies in your situation.
All existing property tax rules still apply. So even if the bright-line rule doesn’t apply in your situation, that doesn’t necessarily mean you won’t need to pay tax on your property profits.
You must take the greater of the average or ordinary pay
What’s included? Gross Earnings Include • Salary/wages • Overtime • penalty payments • taxable allowances • payments made from annual or public holidays • sick or bereavement leave • first week for work injury • any top-up payments, commission, productivity or incentive payments, value of board or lodging
*BONUS'S are included in 52 weeks calculation but not in weekly (x4) calculation Car/Tool/Petrol Allowance – should all be included in holiday pay ... See MoreSee Less
Go Cardless - NZ’s newest payment service GoCardless in Xero offers a simple way to automatically collect payments via direct debit. Get your one-off or recurring invoices paid on time and maintain a healthy cash flow without having to go to great lengths.
Xero and GoCardless have teamed up to streamline online payments and help small businesses get paid sooner. Give your customers the option to pay in pounds or euros, with one-off or recurring direct d...
From 1 October 2018, Customs will have a new Act that may affect your business. If you deal with Customs, check if your business is impacted.
When: 1 October 2018
New Customs and Excise Act 2018 takes effect 1 October 2018. Some business will be affected by the changes. You need to ensure you understand if and how you’re impacted, and prepare your business to comply from 1 October 2018.
This updates the 1996 Act, which wasn’t in step with modern business practices. The new Act addresses these issues and makes it easier for you to meet your compliance obligations. It also provides you with greater transparency around how Customs works.
importers, exporters, excise manufacturers, brokers, other service providers like declarant and logistics services, and businesses who provide storage and transport of imports and exports.This is an overview of the new Customs and Excise Act 2018 ... See MoreSee Less
Intellectual Property - your ideas are worth protecting!
Before setting up shop and going to market, make sure no one else can claim your name or great ideas – your valuable intellectual property (IP). And on the flip-side, make sure your ideas are safe to use and don’t conflict with someone else’s IP.
You can use the ™ symbol to show you’re using a sign as a trade mark even if it isn’t registered. When a trade mark is registered, you can use the ® symbol.
Registering your IP is cheaper and easier than you might think Here are some of the common ways you can protect your intellectual property:
Register a trade mark: $150 + GST per class Trade marks distinguish your goods or services in the marketplace from those of other traders. Your trade mark could include particular words, phrases, or images. Trade marks are the most common type of registered IP in New Zealand. Many businesses register their product names as trade marks, as well as their company name.
Register a design: $100 + GST to apply New or original product features like shape and pattern, produced through an industrial process, can be registered as a design. You should apply to register your design before going public or selling the product. If you go public before then, eg advertising online, the design may not be considered new and you won’t be able to register the IP.
Register a patent: Initial fee of $250 + GST to apply Patents are granted to protect inventions. You can patent a new product or process, the material it is made from, or how something is made. The initial cost is less if you make a provisional application.
File employment information every payday instead of an Employer monthly schedule (IR348). Provide new and departing employees' address information, as well as their date of birth - if they have provided it to you. File electronically (from payday compatible software or through myIR) if your annual PAYE/ESCT is $50,000 or more.
Note: The due date for employer deductions filing and payment remains the same at the 20th of the month (or 5th and 20th of the month for twice-monthly filers).
Do you use a car for your business? The kilometre rates to calculate deductions for business use of a motor vehicle have been updated for the 2017-18 income year.
If you’re eligible, for the first 14,000 kilometres your vehicle travels in a year, you can claim 76 cents per kilometre for any business-related kilometre you travelled. This rate applies whether your vehicle is electric, hybrid, petrol, or diesel.
After your vehicle travels 14,000 kilometres (including both business and personal), the rate you can claim reduces and varies depending on the vehicle type.
Find out more about more about the kilometre rates for self-employed people & employees ... See MoreSee Less