Currently, employees working for the same employer for more than six months are entitled to at least 5 days of sick leave per year.
Parliament has passed the Bill to increase the minimum employee sick leave entitlement from 5 days to 10 days per year. This will come into effect from 24 July 2021.
Employees will be entitled to sick leave under the new rule on their next entitlement day.
This could be:
Six months after employment, or
12 months after the last time you entitled to sick leave.
Tips for employers:
Please ensure your system is updated to record the correct entitlement for employees.
Encourage better communication within your team to better arrange workload when someone needs a rest!
Tax Issues?
Contact one of our tax advisory team by emailing bas@ursacorp.co.nz or simply call 09 281 8885 to discuss your situation today!
As part of the COVID-19 Recovery response, the Inland Revenue allowed depreciation for commercial and industrial building, starting from 1 April 2020.
Now if your business is eligible you’ll be able to claim depreciation deductions in your tax return for commercial and industrial buildings.
Depreciation Method
Building Depreciation Rate (%)
Diminishing Value
2%
Straight Line.
1.5%
Previously, tax depreciation on all buildings was at 0% because of 2011 tax changes.
Residential buildings are not part of these depreciation changes.
But you may be able to claim depreciation for short-stay accommodation (such as AirBnB) if it’s seen as having a commercial substance.
Generally speaking, if there are 4 or more separate units within the same property and they’re used for short-stay accommodation, they can be depreciated.
Tax Issues?
Contact one of our tax advisory team by emailing bas@ursacorp.co.nz or simply call 09 281 8885 to discuss your situation today!
