An early repayments of $500 or more in any tax year off a student loan will earn a 10% bonus.
In some cases it may be worth accepting the offer. However, don’t overlook the time value of the money.
Tags: student loans
Student Loans – 10% Bonus
Aug 21st, 2009 by paymaster
ACC Calculations over $106,473
Aug 21st, 2009 by paybug
This is a question for Payroll Software providers. If ACC levies are capped at a Gross Income of $106,473 do you automatically tax all income above this threshold at 38% or are you using a rate of 39.7%?
If it is the latter then are you not overtaxing employees to the tune of 1.7%?
If this is the case then surely employees are entitled to a refund of their ACC Levies on any payments made after their income exceeded $106,473?
Tags: ACC, acc levies
Looking for Payslips?
Aug 19th, 2009 by paybug
If you still use paper based payslips then checkout what Payroll Systems can offer.
We supply three types of payslip, one lineflow for use with Dot-Matrix printers and two types for Laser printers.
They are not specific to any payroll software package. To view samples click HERE.
Tags: dot matrix, laser, Payslips
Latest NZPPA Newsletter
Aug 19th, 2009 by paymaster
Have your say on the Holidays Act
Aug 18th, 2009 by paybug
A Ministerial Advisory Group, consisting of employer and employee representatives, has been appointed to review the Holidays Act 2003 (the Act). The Group will advise the Minister of Labour on options for amending the Act (without reducing current entitlements) to:
- make it easier to understand
- reduce direct and compliance costs, and
- make it more flexible in application.
The Group is interested in receiving your written submissions on the following matters. To help focus your submissions on the areas of the Act the Group will review, a list of questions is provided below. Other areas of concern with the Act have already been identified in previous reviews. The Group will take any relevant concerns previously raised into consideration.
The closing date for submissions is Friday August 21st at 1700.
To make a submission click HERE!
Tags: Holidays Act
KiwiSaver top-ups still available
Aug 18th, 2009 by smoothpay
Did you know that over $700million (approx $650 per KiwiSaver employee) can still be claimed at no expense to employers?
During the year ending 31 March 2009, the government provided a rebate on employer KiwiSaver contributions of up to $20 per week, per employee.
Most NZ employers did not take advantage of this free subsidy – meaning their staff have missed out on substantial extra savings, and it doesn’t cost the employer anything at all to provide this extra money to employee’s KiwiSaver funds.
To the best of our knowledge, SmoothPay payroll is the only payroll provider in NZ to have encouraged employers to claim the top ups (over $1million so far), and to successfully claim top ups by using computer generated IR344 Amendment Schedules for the direct benefit of employees. These extra saving far outweigh the losses incurred by most KiwiSaver fund managers, placing these KiwiSavers well on the way to a better retirement – in fact, the later the claim is left, the better it is for the employee.
The rebate can be claimed even if you’re not a SmoothPay user, by importing your data into SmoothPay, producing the claim forms, and sending them in to Inland Revenue for processing.
SmoothPay are happy to provide free advice and limited assistance to help you gain these benefits for your employees.
Have you got a payroll backup plan in place?
Aug 18th, 2009 by ezypaynz
Recently we have been receiving a number of calls from companies wanting to know if we can provide a payroll backup service for them. I think this has come about from the swine flu scare which may not be over yet.
As a Bureau I guess we are the backup plan for all our clients but there are many companies out there where there is only one person available to do payroll which is a huge business risk for them
Although we cannot offer a backup service we would do our best to help them and to aid them in there preparation we have developed a Payroll Backup Contingency document. This document sets out all the information someone would need to know in order to run a payroll in an emergency situation.
You can download a copy of the document from our website by clicking HERE!
Tags: backup planning, payroll backup
Do you want some money back?
Aug 17th, 2009 by paybug
Inland Revenue are currently running a campaign to encourage tax payers to find out if they are entitled to a Tax Refund.
There are a number of companies that can do this for you but they will charge a fee, whereas the IRD service is anonymous and FREE. The service lets you calculate any tax refunds payable to you or tax payable by you. If you don’t like what you see then you can choose not to proceed.
You need to register with the IRD first but once you do you have access to all your tax information.
To find out more click HERE
Tags: ird, tax, tax refunds
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Redundancy Rebate
Aug 21st, 2009 by paymaster
There is a special rebate for redundancy payments of 6 cents in the dollar.
If you have to make any of your staff redundant, remind them they can complete form IR524 immediately, and may get a rebate of some tax (depending on the rate they pay and the total pay-out).
The maximum amount that you can get back is $3,600.
Tags: redundancy rebate
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