Archive for August, 2009

All payments must be made on termination

Posted: August 28, 2009 by paularetallick in Payroll Stuff
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Employees must be paid when they terminate (or in the next normal payrun) all wages, holiday pay or money outstanding as per the Wages Protection Act 1983. An Employer may not deduct any money without the employees consent .This  should be stated in the employees contract and signed by both parties.

In Lieu of  Notice payments  can be paid to an employee if the employer requests the employee to leave immediately once notice has been given.  The number of weeks to be paid is specified in the employment contract which should have been signed by both parties. Conversely, the employer may make deductions from the employees [...]

Student Loans – 10% bonus

Posted: August 21, 2009 by paularetallick in Tax Related
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Early repayments of $500 or more in any tax year off a student loan will earn a 10% bonus. In some cases it may be worth accepting the offer.  However, don’t overlook the time value of the money.

Redundancy Rebate

Posted: August 21, 2009 by paularetallick in Tax Related

There is a special rebate for redundancy payments of 6 cents in the dollar. If you have to make any of your staff redundant, remind them they can complete form IR524, immediately, and may get a rebate of some tax, depending on the rate they pay and the total pay-out.

Tax Rates in New Zealand

Posted: August 20, 2009 by paularetallick in Tax Related
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The PAYE for primary employment is -  14.2 % on income up to $14,000, plus – 22.7% on income over $14,000 up to $48,000, plus – 34.7% on income over $48,000 up to $70,000, plus – 39.7% on income over $70,000 up to $106,473. Income over $106,473 is taxed at 38% as this is the [...]

Holiday in Crete

Posted: August 20, 2009 by paularetallick in Staff Ramblings
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I have just returned from four glorious weeks in Crete, Turkey and Dubai and I have to say it has been difficult adjusting to the cold temperatures back here in Christchurch. While I was away the  temperatures ranged from 30 to as high as 45 degress and everyday was just the same – HOT! The food [...]

Will you get money back?

Posted: August 17, 2009 by paularetallick in Tax Related
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Inland Revenue are currently running a campaign to encourage tax payers to find out if they are entitled to a Tax Refund. There are a number of companies that can do this for you but they will charge a fee, whereas the IRD service is anonymous and FREE. To find out more click HERE

The role of an effective Payroll Bureau

Posted: August 17, 2009 by paularetallick in Payroll Stuff
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Every now and then, you might ask yourself what things you can do to streamline some of the operations of your business. Whether this means cutting back on some of the things that you do personally or simply finding a job in the office that can be outsourced to cut costs and reduce the time [...]