November 2012 E Newsletter

Welcome

Welcome to November. Or, Movember, if you are taking part in this annual fundraiser. Here are our Walker Wayland Mo Bros at the start of the month. Let’s see who makes it to the end – check out the next Focus edition for the results!

It is hard to believe that Christmas is only seven weeks away. Early next month, we will be sending you the reminders for the provisional tax due on the 15th of January 2013. Don’t forget to schedule the payment! For those of you who have not yet sent us the information to prepare your 2012 financial statements, we suggest that you to do so before Christmas.

In this Focus edition, read about the pitfalls of wage overpayments, the new way to do GST returns and the parental leave scheme payment increase. Our client profile is Auckland Plumbers Group – no job too big or too small!

Car Parks to be subject to FBT

Revenue Minister Peter Dunne announced 3 October 2012 that Cabinet had made its final decisions on the suggestions outlined in the April 2012 issues paper Recognising salary trade-offs as income.
Following numerous public submissions on the issues paper, Cabinet has narrowed the proposed new rules to focus on employer-provided car parks and explicit salary trade-offs. Although perhaps one should be grateful for the change in focus, the proposed changes are still not without significant compliance cost to employers. It also seems that we continue to introduce new legislation that is not a one size fits all and therefore creates extra compliance costs and complexity for the average business to get their heads around.

Wage overpayments - Know the Pitfalls

The payment of wages or salary to workers is fundamental to the employment relationship. Employees’ pay is one of the most significant expenses in many businesses. Efficiency and accuracy in the payment of wages is crucial to a business’s bottom line. Sometimes, however, things go wrong and wages are overpaid.

Online GST Returns - An even better way to get your GST returns done.

Did you know that you can submit your GST return online through myIR? This is made available in your account usually at the end of your taxable period. Once you've completed your first GST return through myIR you will no longer have a paper return mailed to you. Instead, Inland Revenue wil let you know that your GST return is available in myIR to be completed and submitted by the due date.

Parental leave payment increased

The maximum level of parental leave payment has been increased for employees and the self employed to $475.16 per week. For the self-employed, the payment cannot fall below $135.00. The changes effected by the Parental Leave and Employment Protection (Rate of Parental Leave Payment) Regulations 2012 took effect on 1 July 2012.

Client Profile - Auckland Plumbers Group

Why choose Auckland Plumbers Group?

100% Happiness - Guaranteed. Backed with a 12 month workmanship guarantee.
Experience.
No job to big or small.
Free estimates for renovation work.
We are always here for you. We cover all of Auckland (Hibiscus Coast to Bombay) 24/7.

We can help you with all aspects of Plumbing, Gasfitting and Drainlaying.

Call Auckland Plumbers Group on 0800 867 458 or email info@plumber.org.nz