How To Get A New Zealand Business Number

A New Zealand Business Number (NZBN) is a unique 13-digit number for all New Zealand businesses, including companies, sole traders, partnerships, registered charities, trusts and government agencies. It is designed to make it easier for businesses to connect and interact with each other as well as government agencies. In recent times, a NZBN has become

2020-07-08T13:43:58+12:00July 8th, 2020|Business Resources|

COVID-19 Relief Packages For Farmers

We look at two options for COVID-19 relief packages for farmers who have been affected by the crisis.  Wage Subsidy Extension One of the options for COVID-19 relief packages for farmers is the wage subsidy extension, created to support employers who continue to be significantly impacted by the COVID-19 crisis. Applications will open on 10th

2020-06-04T09:54:56+12:00June 4th, 2020|COVID-19, Farm Accounting|

Do Residential Ring-fencing Rules Apply To Mixed-use Assets?

Our previous article “Ring-fencing Of Residential Rental Property Losses” explained what these rules are and the circumstances under which they apply. Now we take a look at these residential ring-fencing rules on mixed-use assets. A common mixed-use asset scenario is where a person owns a rental property that is rented out for short-term accommodation as

2020-05-27T11:34:24+12:00May 27th, 2020|Property Accounting|

Working From Home Determination

The IRD has issued a determination (EE002) for employers who are paying employees working from home costs during the COVID-19 crisis. It provides that employers can pay employees who are working from home up to $20 per week tax-free for expenses (for example additional heating costs) without needing to estimate or demonstrate the employee’s actual

2020-05-20T09:50:18+12:00May 20th, 2020|COVID-19|

Rates Payment Extension

Auckland Council is offering ratepayers an extension on instalment four of their rates. Normally due on 28th May 2020, the deadline for this payment is now extended until 31st August 2020. The extension is additional to any existing payment plans and does not include any outstanding payments or penalties. Note that instalment one for the

2020-05-18T11:14:22+12:00May 18th, 2020|COVID-19|

COVID-19 Wage Subsidy Extension

5/06/2020 A wage subsidy extension will be available for employers who continue to be significantly impacted by the COVID-19 crisis. It is an additional lifeline to allow employers to keep paying their employees for an additional 8 weeks when the original 12-week wage subsidy ends. The wage subsidy extension can only be applied for when

2020-06-08T12:46:45+12:00May 18th, 2020|COVID-19|

COVID-19 Implications On GST

COVID-19 is having a serious impact on New Zealand businesses in many ways. These include potential GST implications if supplies have been cancelled or there is a change in the use of an asset. GST On Cancelled Supplies If GST is returned on a supply that is subsequently cancelled, a GST adjustment will be required

2020-05-14T09:49:32+12:00May 14th, 2020|COVID-19, Tax|

Changes In myIR For Employers

IRD have made a number of employment information changes in myIR for employers. myIR Account Changes Employer accounts have been combined into a single Employer Activities (Payroll) account. All deductions will be made in that account, making it easier to track transactions and payments. New Payment Code A new payment code “EMP” has been introduced

2020-05-12T16:44:25+12:00May 12th, 2020|Tax|

Verifying Identity During COVID-19 Restrictions

Although the number of people who are seeking new business relationships during the COVID-19 crisis is significantly less than in previous ‘normal’ times, there are still new business relationships and/or new activities commencing. In current circumstances, a person’s identity cannot be verified face-to-face due to the COVID-19 restrictions. However, if you are establishing a new

2020-05-12T15:53:47+12:00May 12th, 2020|Assurance, COVID-19|