Bookkeepers perform daily tasks such as (but not limited to)
Rates - $30 - $80 per hour
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:
If I can be of assistance - get in touch: firstname.lastname@example.org
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 :-)
- 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.