CLIENT NEWSLETTER – SPRING 2018

In each article below we have given a short summary of the topic so if you would like to read more please click on the link to our website for the full article and newsletter.

Anti Money Laundering

From 1 October 2018 all accounting firms must comply with the requirements of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML for short). This is another reminder that we must now verify the identity of our clients, and various other persons who may control the client or act on a client's behalf in certain circumstances. Click here to read more. 

Parental Leave

Until recently, new parents received paid parental leave for just 18 weeks, one of the lowest allowances in the OECD. Parliament originally voted to increase paid parental leave to 26 weeks back in 2016, however the previous Government vetoed the change. The increase will now take place incrementally, Click here to read more

The idea of a four-day working week might previously have seemed like a dream, but one Kiwi company is looking to make it a reality. Perpetual Guardian recently concluded an eight-week trial of the shortened working week, with managing director Andrew Barnes, claiming it was a "massive success", adding that he wants it to become a permanent fixture. The trial began in March, with employees enjoying ongoing three-day weekends with no sacrifice to their salaries or adjustment to their normal daily working hours. To measure the results of the trial, Barnes invited academic researchers to observe the impact on staff productivity. The results found that staff stress levels dropped by 7% Click here to read more

Proposed Tax Changes

The Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Bill was introduced into Parliament in June 2018. The Bill seeks to improve tax administration and modernise the revenue system by making tax "simpler and easier" for individuals. However, the majority of the proposed improvements are heavily reliant on the success of the Inland Revenue's shift toward increased automation. Click here to read more....

Holiday Pay

The MBIE Labour Inspectorate have recently announced that they are going to prioritise employer compliance with the Holiday Pay Act. They expect businesses to calculate leave and holiday pay entitlements accurately. However, a growing number of non-compliance cases suggest that this is easier said than done, with both small and large businesses finding the rules complex to tackle. Click here to read more...

Proposed R&D Tax Credit

The Labour-led Government recently released the Research and Development (R&D) Tax Incentive Discussion Document, which proposes a 12.5% R&D tax credit on eligible expenditure from 1 April 2019. Click here to read more...

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Please note: The above E-newsletter notes and the related articles on our website are of a general nature and therefore we urge clients who may be affected by these changes to contact us to discuss your specific circumstances before making any changes or drawing any conclusions.

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