ACC has announced it will be refunding around $100M to 300,000 business customers whose levies were incorrectly assessed during their first year of self-employment between 2012 and 2017 or that ceased trading and then paid provisional invoices during that time. Customers in the first category will receive average refunds of $340 and those in the second around $145. Details linked below.
MBIE has reminded businesses of forthcoming changes to the Customs Act that will take effect from 1 October 2018. The changes will alter the way declarations are made to Customs by importers, exporters, and customs agent, are are detailed and highly technical. Customs has issued industry-level fact sheets to aid transition to the new system.
IRD is strongly encouraging all employers to start preparing to meet their new obligation, in force from 1 April 2019, to file their employment information with IRD every payday. In order to ease compliance with the requirements, IRD recommends that companies adopt IRD-compatible payroll software. Over 400 employers have already started filing, replacing filing EMS' through MyIR.
The FMA has released new KiwiSaver tools aimed at the owners and managers of SMEs to aid in them in discussing KiwiSaver obligations with their staff. Referring employees to the tools allows employers to secure their employees more detailed advice about their Kiwisaver options, which employers are not allowed to make recommendations regarding as they are not financial advisors.