PKF International
PKF Poutsma Lemon Limited
PKF Poutsma Lemon Ltd, Keri Keri, New Zealand
Accountants and business advisers

New Consumer Law in force next year

The Consumer Law Reform Act just passed will replace several existing consumer laws including updated versions of the Fair Trading Act, Consumer Guarantees Act and the Weights and Measures Act.

While some changes will take effect as soon as the Bill receives Royal Assent, the majority of changes that may affect the way businesses operate will come into force six months later.

This will give businesses time to review practices if necessary.

You can read more detail for businesses and consumers on consumer affairs

http://www.consumeraffairs.govt.nz/legislation-policy/changes-to-consumer-laws

On 2 December 2013, the ACC Minister, the Hon Judith Collins, announced new Work Account and Earners' Account ACC levies for the levy year which starts on 1 April 2014.

Work Account

2014/15 levy rates    :    average levy per $100 of liable earnings    =        $0.95
2013/14 levy rates    :    average levy per $100 of liable earnings    =        $1.15

Earners' Account

2014/15 levy rates    :    levy per $100 of liable earnings (incl GST)    =    $1.45
2013/14 levy rates    :    levy per $100 of liable earnings (incl GST)    =    $1.70

The new rates will be in place for the levy year which starts on 1 April 2014.

Source:  www.beehive.govt.nz

ACC - Cover Plus Update

Did you know that if you have an employee carrying out the day-to-day running of your business then your Personal ACC Classification Rate does not need to be that of your business.  This applies to Cover Plus Extra and Cover Plus clients.

For further information please contact either PKF Poutsma Lemon Limited Kerikeri Office 09 4077142 or Paihia Office 09 4027926.

ACC Update - Latest Rates Update for 2013/2014

1.New rates for 2013/14 have been decided. Whilst the average work rates were decided to stay the same for new levy year, you will find that there are still fluctuations within individual classification units. Some have gone up and others have gone down. You can view the rates on the front page of the acc website www.acc.co.nz and click the 'levy rates for 2013/14 now available" topic...It is at the bottom of the front page on the left. It gives comparisons against the current year. Also the calculators show the new rates on our website. Please don't be confused by the terminology 'indicative rates' on the calculators, these will be the rates for the 2013/14 after 1 April 2013. .

2.Invoicing error: It's been identified that clients with CoverPlus (CP) and CoverPlus Extra (CPX) in the same tax year may not have been invoiced correctly, It is may be that we have used incorrect liable earnings or just did not sent out a reassessment for the 2013 year..ACC is fixing these, and the fix date is for mid February 2013. It is possible to request for a hold on the affected invoices, as you may find the reassessments come out close to due dates. You can contact ACC to request a hold.

3.New Levy Minimum and Maximums for the new financial year are

Self Employed Max $113,167

Self Employed Minimum is $28,080

Employers & Shareholders and Earners account $116,089

CPX maximum will be $92871

CPX minimum will be $22464

Proposed Company Law Changes

PROPOSED COMPANY LAW CHANGES

Director Residency Requirements

Under likely upcoming changes to New Zealand company law, it is likely that every New Zealand incorporated company must have:

    • a director who lives in New Zealand (doesn't need to be a citizen), or
    • a director who is also a director of a company incorporated in, and who also lives in, a country with which New Zealand has reciprocal enforcement arrangements for low-level fines – initially, this may be limited to Australia i.e. so a director of a company incorporated in New Zealand will satisfy the requirements if they live in Australia. For companies incorporated in New Zealand where no director lives in New Zealand or Australia, a director who meets those requirements will need to be appointed.

Companies that are already incorporated will have 6 months within which to comply with the new requirements. Non-compliance at the end of that period will be grounds for the Registrar to remove the company from the register.

Other requirements - information
Under the likely upcoming changes:

    • in addition to the current requirement to provide their residential address, every director must, at the time of appointment, provide their date and place of birth. This will be held by the Registrar of Companies, but will not be publicly available. Existing directors will need to provide this information in a manner still to be determined by the Registrar;
    • on registration and within 20 working days of any change, every company must disclose the name of any ultimate holding company, the country of registration, the registration number or code (if any) and the address for service. These details will be publicly available. Existing companies will need to provide this information in a manner still to be determined by the Registrar.

There are likely to be penalty provisions for failure to comply with these information requirements.

 

We look forward to sharing with you our blogs - about the Bay of Islands, about our website, about our firm.

 

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