Stay informed about recent legislative updates affecting small businesses with our comprehensive summary:


1. Expansion of 90-Day Trial Periods


Effective Date: From December 23, 2023

Details: Previously limited to employers with fewer than 20 employees, 90-day trial periods are now accessible to all employers in New Zealand.

Purpose: Enhances employer confidence in new hires.

Action Required: Ensure mutual agreement in writing between employer and employee before commencement of employment.


2. Repeal of Fair Pay Agreements Legislation


Effective Date: From December 20, 2023

Details: The Fair Pay Agreements (FPA) Act has been revoked, while rights and obligations under other employment legislation remain intact. Collaboration between employers, unions, and employees is encouraged for determining suitable employment terms.

Action Required: Dispose of any personal information collected for Fair Pay Agreement activities in compliance with privacy laws.


3. Potential Tax Changes on the Horizon


Expected Implementation: Starting June 2024

Details: Anticipated tax plan adjustments include:

  • Increasing income tax thresholds
  • Expanding eligibility for the Independent Earner Tax Credit (IETC)
  • Introducing the FamilyBoost childcare tax credit
  • Expanding Working for Families tax credits
  • Reinstating mortgage interest deductibility for rental properties
  • Exempting higher CO2-emitting vehicles from fees
  • Reversing the app tax
  • Repealing the foreign buyers tax.

Purpose: Addressing inflation and cost-of-living concerns in New Zealand.

Stay vigilant and proactive in adapting to these legislative changes to ensure compliance and optimal business performance.

 

Your Outside Team

 

 

Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.


Aside from business consultation, we are business accountants Wellington who offer accountingbookkeeping, payroll services designed to help you achieve greater financial success.


You can click here to speak to a businessaccounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business. 

 


AddressLevel 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand 

Mail: PO Box 24-457, Wellington 6142

Phone04 889 29 75

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