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The Government unveiled today, detailed tax rules for landlords first announced in March.
At present, Landlords can claim on the interest portion of mortgage payments from their rented properties. The new tax laws include exempting "new" builds and for owner-occupiers who rent out their rooms. So what is classified as a "New" build? The Government has clarified, stating a home stays "new" for 20yrs after it receives it's code of compliance - the exemption will then cease beyond the 20yr point. The exemption will apply to properties that received it's certificate of compliance on or after 27 March 2020. Read the full article here: www.nzherald.co.nz/politics/news/article.cfm?c_id=280&objectid=12475081 Will this new tax law affect you? .. post your comments below
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Bookkeepers perform daily tasks such as (but not limited to)
Rates - $30 - $80 per hour Accountants: Higher schooling - Degrees, CPA License
From 01 April 2021: New Minimum Wage: - 16yrs & Over - from $18.90 to $20.00 - Training Wage - from $15.12 to $16.00 New Top Tax Rate - 39% on income over $180,000 Student Loans - Threshold increased from $20,020 to $20,820 New Tax Codes for Secondary Income Tax: SA (39%) - for income greater than $180,000 *ACC Not Incl SASL - for income greater than $180,000 + Student Loan *ACC Not Incl New Payday filing Specifications: From 1st April 2021 it will be mandatory to send IRD more details about employees Kiwisaver This means it is imperative your Payday filing information is up to date and correct. If you use Accounting Software ensure employees on Minimum Wage pay rates are updated to $20.00 from 01 April 2021 - if this falls within a pay period - split pay rates will need to be applied. Check all employees ESCT from 01 April 2021 and update where necessary - here is a handy link below: www.ird.govt.nz/employing-staff/deductions-from-income/employer-superannuation-contribution-tax/find-the-esct-rate-for-each-employee If I can be of assistance - get in touch: info@bookieondemand.co.nz Please Note: this information was correct at time of publication - please check IRD website for any updates or changes. Since the move to Cloud Accounting in the early 2000's there are many, many accounting packages available to choose from.
- Business Insurance Policies - Business Mobile Phone & Internet - Depreciation on Assets - Home Office Expenses (% of) - Interest on borrowing money for the business - Memberships of professional Organisations - Rent on business premises - Tax agent fees - Incl Bookkeepers :-) - Uniforms - Vehicle Expenses - Repairs & Mileage (or % of) Check out these resources www.business.govt.nz/tax-and-accounting/reducing-your-tax/claiming-expenses/ and www.ird.govt.nz/income-tax/income-tax-for-individuals/types-of-individual-expenses to help reduce your tax bill. End of year Income Tax 2020 is due 7th Feb - I am currently offering a complimentary report for Xero users to provide valuable financial insights on where your business is currently tracking. |
Tracey Riordean - Director Bookie on Demand LtdXero Partner Archives
September 2021
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