s of 1 May 2015 new registration requirements will be introduced by the Companies Amendment Act 2014 (the Act) which will affect new applications to incorporate a New Zealand Limited Liability company with the Companies Office. Existing companies on the companies register will have 180 days to comply with the New Zealand 'resident director' requirement listed below.
Important changes introduced by the Act coming into effect will require:
All NZ incorporated companies to have a director who:
The aim of the Act is to assist with the prevention of misuse of New Zealand companies and provides the Registrar with additional powers.
The Act will also enhance the powers of the Registrar of Companies to investigate non-compliance of companies by:
The new minimum wage will come into effect from 1 April 2015.
The adult minimum wage has risen from $14.25 to $14.75 an hour.
The starting-out and training minimum wage will increase by 40 cents an hour to $11.80 as this is set at 80 percent of the adult minimum wage.
The Employment Relations Amendment Act 2014 came into effect on 6 March 2015.
The key changes include:
Who has to pay it?
Under the current penalties regime, penalties may be imposed for late filing of tax returns, late payment and tax shortfalls.
Late payment penalties apply if the full amount of tax is not paid by a due date.
The penalties are:
Tax shortfalls may result in:
For babies born on or after 1 April 2015, the Government will increase the parental tax credit from $150 a week to $220 a week, and extend the payment period from eight weeks to ten weeks. How much you receive also depends on:
You can either receive PTC or paid parental leave. You can't receive both at the same time. And you can't receive PTC if your family income for the full eight to ten weeks includes an income-tested benefit, NZ Super, a veteran's pension, a student allowance or accident compensation from ACC (unless you are receiving this for less than three months).
The current 14 weeks of paid parental leave will be increased to 16 weeks for babies expected or born on or after 1 April 2015.
Changes to vehicle licensing fees in 2015
On 1 July 2015 the ACC levy portion of your vehicle licensing fee (rego) is going down by an average of 41% depending on your type of vehicle.
To make sure you don't pay more than necessary you may want to consider opting for a shorter licensing renewal period, for example one, two or three months. That way you'll be ready to take full advantage of the new lower price when your vehicle licence comes up for renewal after July 2015.
Disclaimer
This publication has been carefully prepared, but it has been written in general terms only. The publication should not be relied upon to provide specific information without also obtaining appropriate professional advice after detailed examination of your particular situation.
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