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Limited guidance on Interest limitation rules
On 10 June the Government released their discussion document “Design of the interest limitation rule and additional bright-line rules”. The discussion document provides details on the proposed interest limitation and bright-line rules, following the 23 March 2021 announcements.
Employees Taking Excessive Sick Leave
Many employers have grappled with a small group of employees that take excessive amounts of sick leave over and above their statutory entitlement.
Bereavement Leave for Pregnancy Loss
The Holidays (Bereavement Leave for Miscarriage) Amendment Act 2021 (Act) came into force on 1 April 2021.
New Trust Disclosure Rules
From 1 April 2021, there was a new 39% tax bracket for individuals earning above $180,000. However, the tax rate for income from trusts remains at 33%.
The Family Home Can Still Attract Bright-line Tax
“Our target is not the family home. ” Whilst that might be true, it is not entirely the result achieved. If you’re selling your main home, you don’t have to pay tax on the sale.
New Fair Pay Agreement System
On 7 May 2021 the Government announced a new policy on Fair Pay Agreements (FPAs). The Fair Pay Agreement System sets out the union/employer bargaining process and will set minimum standards for all employees and employers in an industry/occupation.