Aotearoa New Zealand Newsletter
Welcome to the first edition of our quarterly Aotearoa New Zealand newsletter! Catch up on important DSP updates below...
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Minimum wage
increasing
The
minimum wage rates are increasing from 1 April 2024:
- The adult minimum wage
will increase from $22.70 to $23.15 per hour
- The starting-out and training minimum wages will increase from $18.16 to $18.52 per hour.
Read more about the minimum
wage rates increasing here.
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Minister
for Workplace Relations speech to Auckland Business Chamber
Minister for Workplace Relations and Safety, Hon. Brooke van Velden, recently addressed the Auckland Business Chamber and shared the
priorities for her portfolio for the first time. Minister van Velden confirmed that delivering improvements to the Holidays Act is one of
her top priorities. The Minister will look to consult with stakeholders in the coming months on the policy issues under consideration. Read
the full speech here.
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Taxation
(Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill Select Committee
The Finance and Expenditure Committee recently published their commentary on the Taxation (Annual Rates
for 2023-24, Multinational Tax and
Remedial Matters) Bill. This commentary provided several recommendations, including:
-
Amending Clause 44 of the Income Tax Act 2007, which will implement the global anti-base erosion rules (GloBE), to provide clarifications
and include the following application dates:
- Amendments to the trustee tax rate which would mean that for the 2024-25 and later income years:
-
Applying a
flat tax rate of 33% to deceased estates, which applies for the income year of the person’s death and the three subsequent
income years, rather than applying the deceased’s personal tax rate.
- Proposed changes to backdate lump sum payments also apply to payments for attendant care.
-
Limiting the application of the new method for calculating the applicable tax rate for all extra pay to specific situations where extra
pay
arises from the termination of employment and extending the application dates of this provision from 1 April 2024 to 1 April 2025.
Read the Select
Committee report here.
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Stronger
Requirements for
eInvoicing
In
case you missed it, Minister for Small Business and Manufacturing, Hon Andrew Bayly, announced the Government’s intention to repeal
the Business Payments Practices Act 2023 and pursue non-regulatory measures to improve payment times to small businesses - including
eInvoicing. The Government is proposing the following:
- Require government agencies to send and receive eInvoices
- Introduce a 5 working
day payment target for government agencies to pay eInvoices
- Consult with larger Crown Entities on extending these eInvoice requirements and additional payment time targets to them
- Publish government agency payment times
Read more about this exciting announcement for eInvoicing
in
New Zealand here.
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Until next time,
The Team at DSPANZ.
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