Category Archives: IRD updates

Sick leave change – What applies to your business.

Sick leave changes When: From 24 July 2021 What: The number of sick leave days employees are entitled to will increase from five to 10. Employees will get the extra five days when they reach their next entitlement date – either after being employed in a job for six months or on their sick leave entitlement anniversary […]

IRD Update-Income tax and GST – Treatment of meal expenses

Inland Revenue has released a final version of the interpretation statement IS 21/06 “Income tax and GST – treatment of meal expenses”. The Interpretation Statement concludes that in general, self-employed taxpayers cannot deduct meal expenses for income tax purposes. In a broad sense, expenditure on the necessities of life are incurred by a person in […]

PACC Reminder-Standard FBT rates increase from 49.25% to 63.93% from 01.04.2021

Fringe benefit tax rates There are 3 different options when calculating fringe benefit tax (FBT) rates. You should choose the one that best suits your business. The rate you can choose depends on whether the benefit must be attributed to a particular employee. Attributed and non-attributed benefits Attributed benefits are fringe benefits that only one […]

IRD Updates-Minimum sick leave entitlements are increasing to 10 days from 24 July 2021

Parliament has passed the Holidays (Increasing Sick Leave) Amendment Bill to increase the minimum employee sick leave entitlement from 5 days to 10 days per year. Most employees who have worked for an employer for six months or over are entitled to sick leave if they, or a dependent, are sick or injured. Currently, employees […]