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March 2015                                                                                                                 Issue No 17

 

 

MINIMUM WAGE

From 1 April 2015 the minimum wage is being increased:

  • over the age of 16                                                         from $14.25 to $14.75
  • starting out and training wage                                  from $11.40 to $11.80    

As a self employed person (and perhaps an employer) there is no legal minimum as to what you can earn!   

                 


KIWISAVER

Changes are being enacted for a first home buyer with income of under $100,000 that:

  • Increase the house price caps (WBOP + Tauranga $450,000)
  • Allow withdrawal of government contributions (in addition to member contributions)
  • Maximum grant increased to $10,000 for new houses

Worth making sure your children or grand children take advantage of this if possible so make sure they join kiwisaver.

           

BAD DEBTS

If you run a debtors ledger, the IRD requirement to get a deduction for a bad debt write off in the year is, that you must have physically written the debt out of your debtors ledger, prior to the year end (ie 31 March 2015 for the 2015 tax year).

   

STOCK

 

If you have a 31 March year end and have inventory or livestock, please make sure you carry out a year end stock take at 31 March.

 

 

 ACC

For anyone who is self employed, we recommend that they consider ACC's Cover Plus Extra "CPX" product rather than the default Cover Plus. CPX allows you to agree a level of cover and in the case of injury/inability to work, avoids the necessity to evidence your income and demonstrate loss. If you have private income protection insurance you should establish whether you are paying twice for similar cover. 

 

We wish you a happy and prosperous new year from all of us at Accumulus