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NEWSLETTER

Issue 10 March, 2018

INSIDE THIS EDITION

PAYE FILING CHANGES …………………………………………. 1
MINIMUM WAGES ………………………………………………… 1
TAX CHANGES DAMPEN PROPERTY SPECULATION … 1
GST RECORDS ………………………………………………………. 2
EASTER CLOSER ……………………………………………………. 2

PAYE Filing Changes

Currently we have been filing PAYE schedule monthly.
Under the proposed changes available from 1st April 2018 and required by the 1st April 2019:

For employers using payroll system and those doing online filing would be required to file their PAYE information by the second working day after payday.

The due date for PAYE information from other employers such as those who are not using payroll system or filing PAYE electronically would be seven working days after payday.

PAYE payment due date will not change.

GST Records

Since April is going to be a short working month Please ensure that all GST records ending 31st March MUST be received by the 10th April. Any records sent later to this date will be on our least priority list.

Minimum Wages

As of the 1st April 2018 adult minimum wages will be increased from $15.75 to $16.50 an hour, starting-out minimum wages from $12.60 to $13.20 an hour and training minimum wages from $12.60 to $13.20 an hour.

Tax Changes Dampen Property Speculation

Revenue Minister Stuart Nash has confirmed the bright-line test on residential property sales will be extended from two years to five years in legislation currently making its way through Parliament.
The extension means that profits from residential investment properties which are bought and sold within five years will generally be taxable.
The extension to the bright-line test will apply to residential investment properties purchased from the date on which the bill receives the Royal Assent, which is expected in March. The passage of the bill will also enable the Tax Working Group to factor the change into any consideration of a comprehensive capital gains tax.

Easter Closure

We wish you and your family a Happy Easter.

Our office will be closed from Friday 30th March 2018 and will re-open on Wednesday 4th April 2018.
However – For URGENT MATTERS ONLY Ravi will be contactable on mobile.

All information in this newsletter is to the best of the authors’ knowledge true and accurate. No liability is assumed by the authors, or
publishers, for any losses suffered by any person relying directly or indirectly upon this newsletter. It is recommended that clients
should consult a senior representative of the firm before acting upon this information.