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Effective from 1 April 2018, IRD has introduced a range of new processes and rules. It’s important to keep informed about these changes, so we have put together a quick summary and some useful links:
1. PAYE filing – instead of filing PAYE information once a month (regardless of your payday cycle), employers using payroll software can file directly from their software on payday. For more information follow the link below.
2. Minimum wage increases – this increases by 75 cents an hour to $16.50 an hour. This is the first step towards the government’s 2021 target minimum wage of $20 an hour.
3. New provisional tax option – businesses that have a turnover less than $5 million p.a. have the option of using new functionality to calculate and pay provisional tax. If you chose this method (called AIM) you will only pay tax when your business makes a profit. For more information follow the link below.
4. Planning on buying or selling a property? The bright-line property rule has changed. From 29 March 2018 people selling a house within 5 years of buying it must pay tax on any gain, unless it’s their main home or another exception applies. For more information follow the link.
If you are unsure about how these changes affect your business, please give us a call.