Snow in Christchurch

Posted: July 25, 2011 by paularetallick in Payroll Stuff, Staff Ramblings
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I am sure you have all heard that Christchurch along with other cities in NZ have had the biggest snow fall in 15 years.  In Christchurch, only four wheel drive vehicles are allowed on the road so I had to be picked up by Justin this morning in his sturdy land cruiser. Most of the businesses are closed which is not so good for them. People have been urged to stay home.  As you all know pays must go on,  so I am delighted to say all our Monday payrolls have  been done and dusted. Thank you Harvey and Julia for managing to get here !!

TAX BILLS AND REFUNDS

Posted: July 7, 2011 by paularetallick in Frequently Asked Questions, Tax Related
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At the end of the tax year we are frequently asked why an employee has a tax bill ( never a refund !!) to pay.  Naturally they find this very frustrating and would rather pay more tax each pay period than be landed with a tax bill.

Under New Zealand’s current tax system we operate on the more we earn the greater the percentage of tax payable.  If we had a flat tax system then we would never have a square up at the end of each tax year as every dollar earned would be at the same tax rate.

Each pay period is taxed on the basis that what you earn in that pay period is the same for every pay period.  As we know our pay can vary from time to time with overtime, commission and bonus payments etc.   Also, depending on how the dates fall, some employees can have 27  fortnightly or 53 weekly pay periods during the year. All these factors can affect the amount of tax you have paid.

IRD Mileage Allowance Increased

Posted: June 30, 2011 by paularetallick in Payroll Stuff
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The IRD mileage allowance used by employers to compensate employees for using their private car on company business has increased from 70 cents per kilometre to 74 cents per kilometre for the 2011 tax year.

Tuesday 21st of June 2011

Posted: June 24, 2011 by paularetallick in Earthquake, Staff Ramblings, Uncategorized
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Normally I blog about payroll related topics , but this morning when I opened The Press, on the front page one of the headings was ” This is  why you had a sleepless night”  On Tuesday night from 10.34 pm when the 5.4 aftershock  hit ( I would swear it was closer to a 5.9 !) until 10.26 am we had 19 aftershocks, and only 0ne of these was under a three.  So for all you people in Canterbury who were  tired and grumpy – you had a right to be !! Keep on keeping on.

Earthquake Update

Posted: June 13, 2011 by SpaceBug in Earthquake
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We have completed all Monday pays so going to head home soon.

Tomorrow we will wait and see but here’s hoping all will be well.

Cheers

Justin

Earthquakes again…………….

Posted: June 13, 2011 by SpaceBug in Earthquake
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We are experiencing a heap of earthquakes at the moment, the largest being a 6.0.

Everything is still standing and working but some of the staff have left.  We have managed to complete all the Monday payrolls but there is a problems with sending reports so we will leave those where not critical.  We will keep working here as the road are all blocked anyway but we have lost our water again.

The phones are working so hopefully things will settle down a bit, watch this space.

Redundancy Tax Credits

Posted: June 9, 2011 by paularetallick in Payroll, Tax Related
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The entitlement to a redundancy tax credit was due to expire on March 31, 2011 but it has been extended to September 30. 2011. If an employee is made redundant they are entitled to receive the redundancy tax credit of 6% for the first $60,000. ( i.e a maximum of $3,600.) To claim the rebate the employee must complete an IR524.

Earthquake Tax Changes

Posted: June 9, 2011 by paularetallick in Payroll Stuff, Tax Related
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After the September and March earthquakes some companies paid their employees an ex gratia payment to help them over this unsettling period.  Originally, the IRD deemed the payments were taxable but tax changes have been introduced to respectively fix this.  This applies to any payments made within 8 weeks of either earthquakes ( some conditions do apply) If an employer has already deducted PAYE or FBT then this must be corrected either via an employers monthly schedule amendment ( IR 344) or as the fourth quarter square up for FBT.

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