A few key points you might find of interest.
- Holiday pay sorted? Working out what an employee gets paid for taking a day off on annual holidays will depend partly on what they have earned in the previous 12 months. Find out more at https://www.employment.govt.nz/leave-and-holidays/ or in New Zealand Workforce Manager
- Boxing Day and the second of January fall on a Saturday this year. So, if you have an employee who wouldn’t normally work on Saturday, their holiday entitlement is transferred to the following Monday. If your employee would normally work on Saturday, then they’ll get their holiday entitlements on Saturday (the calendar date of the public holiday).
- The Trusts Act, which aims to update trust law and make it accessible to all (not just lawyers), comes into force on 30 January 2021. If we haven’t already spoken about how this affects your family trust, please get in touch.
- Take a look at your cashflow forecast and tax obligations over December-January, especially if you are impacted by seasonal revenue (such as Christmas revenue as a retailer). Both November and December GST are due for payment in January as well as provisional tax. If you are concerned you may not be able to pay the tax due, please let us know and let’s look at your options.