The government will contribute $0.50 cents for every dollar contributed to KiwiSaver, up to a maximum of $521.43 each year (for those over 18 years old). This is called the annual government contribution.  Individuals must contribute at least $1,042.86 every year betwee...
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We often get asked the question “what is the best way to pay myself as a business owner?”  Remuneration is usually paid in one of two ways: A PAYE wage or a shareholder salary.  There is no right or wrong way – both options suit different individuals cashflo...
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The Holidays Amendment Bill that increases the amount of paid employee sick leave from 5 to 10 days per year passed its final reading on 19 May 2021. The law change was one of Labour’s 2020 election promises and was introduced the same time as the Covid-19 pandemic. It hig...
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GST Due Dates for 2021

June 25, 2021
We have listed all GST return and payment dates below. We will be providing regular updates throughout the year, however you may wish to set calendar reminders to ensure these important dates are not missed.  28 Jun - GST return & payment is due for period end...
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Bright Line Extension

March 30, 2021
After 27 March 2021, if you sell a residential property within 10 years of purchasing it, any increase in value will be taxable income. There are some exemptions such as the main home, if the property is transferred to you under a relationship property agreement, or if the p...
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For residential rental properties purchased after 27 March 2021 that are not new builds, you will not be able to claim any interest deductions. Interest incurred on a new build that is bought for investment purposes is still able to be claimed as an interest deduction. There...
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Minimum Wage Increase

March 12, 2021
From 1 April 2021, the adult minimum wage will increase from the current rate of $18.90 per hour to $20.00 per hour.The starting-out and training minimum wage rates will also increase on 1 April 2021, from $15.12 to $16.00 per hour remaining at 80% of the adult minimum wage....
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Prior to 17 March 2020, if an asset was purchased that cost more than $500, the asset was capitalized, and no immediate tax deduction was available. Depreciation (the write down of the asset over the assets life, calculated at a specific rate set by the IRD) was allowed as a...
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We are often asked “what expenses can be claimed as a deduction against contracting income?” To claim a deduction, there must be a nexus between the expense incurred and the income being earned.  If there is no nexus, the expense is unlikely to be deductible (and wo...
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In 2011, the government changed legislation to remove depreciation being claimed on all buildings. Due to Covid-19, the government have done a U-turn on this decision and from 1 April 2020, have reintroduced depreciation on commercial and industrial buildings. The appli...
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