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Plentiful Job Opportunities In 2018

“Skilled workers are in pole position and can expect pay increases in the coming year as businesses scramble to retain and recruit staff.”

According to Robert Walters New Zealand's latest salary survey, over 80 per cent of employees are confident of "plentiful" job opportunities in 2018, driven by a thriving economy and large government project roll-outs.

Last year salaries rose for nearly 60 per cent of professionals and, according to the recruitment consultancy's survey, 74 per cent expected a bump this year.

Source: Matthew Theunissen (NZ Herald)

What this means for employers and accountants:

Greater emphasis on staff training, staff retention, remuneration packages, home based offices, overseas recruitment and outsourcing globally. 

Recruiting candidates strong in Science and IT, more mechanisation with data processing equipment, graphics, CAD, smart phones, scanning.

Special packages including fringe benefits (FBT), glide time and contracting.

IRD's Latest Unclaimed Money List

This list names tax payers who are owed cash that has been left untouched for six or more years in companies such as financial institutions and insurance companies, or is an unpaid wage or salary.

After six years of trying to locate a person, a company must hand over the cash to IRD under the Unclaimed Monies Act (1971). There is no time limit to when money can be claimed. The IRD has put together an alphabetical list of 18,500 people owned $21 million unclaimed cash. The site is easily accessed and is in alphabetical order: 

Just go to www.ird.govt.nz/unclaimed-money if you think they may have some of your money?

There is another huge list (still in paper form) of $57 million owed to 193,000 people from pre-2005, and not is accessible online.

GST Treatment Of Credit Card Fees & Surcharges

Some retailers charge an additional fee or surcharge as reimbursement for the fee they are charged by their credit card processing company.

If your business is registered for GST and you charge a fee or surcharge to customers who pay by credit card you must include that fee or surcharge as income (Box 5) on your GST return.

When you pay the amounts of the surcharge to the credit card company you can claim these charges in (Box 12) as an expenses.

How Long Do You Keep Business Records?

When it comes to keeping business records the question is often asked what should be kept and for how long.

Tax records include any information or document about sales, income, expenses, assets, and liabilities. Records can be paper-based or stored electronically. 

Examples of paper records:

  • Cashbook, journals, ledgers
  • Wagebook
  • Invoices
  • Receipts
  • Cheque books / deposit books
  • Lists of debtors and creditors
  • Bank statements / dividend statements
  • Lists of assets and liabilities
  • Depreciation schedules
  • Profit and loss statements
  • Balance sheets
  • Till tapes

Examples of electronic records:

  • Accounting software
  • Payroll system
  • Spreadsheets
  • Scanned invoices
  • Online bank statements
  • Online interest and dividend statements
  • Invoices received by email
  • Lists of assets and liabilities
  • EFTPOS transactions

Records must be kept for seven tax years. Electronic records should be backed up, and kept in a secure place. If you change to new software check that you can still read your old records using the new system.

Keep all your records throughout the year. Everything is important. This includes records of cash and non-cash sales and expenses. All records, including those in electronic form, must be kept for seven tax years.

Your records must be in English unless you get approval to use another language.

New Zealand Ranks 22nd In World For Easy Tax Paying

Countries are assessed on the time a company takes to prepare, file and pay its taxes, the number of taxes that it has to pay, the method of payment and the total tax liability as a percentage of its commercial profits.

It is the second consecutive year New Zealand has ranked 22nd, with PwC tax and private business leader Geof Nightingale citing the country's consistent tax policy for the steady result.

He said there had been "no radical shifts having occurred in the way New Zealanders pay tax or in the way in which it's administered in the last year".

But, there is still work to be done.

"Inland Revenues (IR) business transformation project will be key to making paying taxes easier in the future and is on the right trajectory, remaining a key priority for IR."

"Transforming New Zealand's tax administration system will be crucial to ensuring we remain a country that is easy for businesses to operate in and pay tax."

Against its major trading partners, New Zealand is ranked behind Singapore (fifth) and the United Kingdom (15th) but ahead of Australia (42nd), the US (53rd), Japan (121st) and China (132nd).

Qatar and the United Arab Emirates were ranked the easiest countries to pay tax while Bolivia is the hardest.

New Zealand has ranked 22nd out of 189 countries when it comes to how easy it is to pay company tax according to the 10th annual Paying Taxes 2016 report by Pricewaterhouse Cooper and World Bank Group.

Gilligan and Company Limited

PO Box 9606
Newmarket
Auckland 1149

Level 4
20 Kent Street
Newmarket
Auckland 1023
New Zealand

Ph +64 9 522 7888
Fax +64 9 522 7893

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Latest News

Plentiful Job Opportunities In 2018
Monday, 22 January 2018
“Skilled workers are in pole position and can expect pay increases in the coming year as businesses scramble to retain and recruit staff.” According to Robert...
IRD's Latest Unclaimed Money List
Thursday, 07 July 2016
This list names tax payers who are owed cash that has been left untouched for six or more years in companies such as financial institutions and insurance...
Local Auckland time is currently: Sunday, 25th February 2018 8:30:am