Your 2018 Accounting Reminders

Minimum wage increase:

As you will be aware the NZ minimum wage increased to $16.50 per hour from 1 April 2018.  Farmers who have staff on salaries need to ensure that they are not in breach of this minimum hourly rate, in relation to existing staff and anyone new.  For example, a farm worker is on a salary of $34,320 (based on standard 40 hour working week at $16.50 per hour) however if they actually work on average 45 hours per week then this would breach the minimum rate threshold, as the true hourly rate is only $14.67.

 

Home/office split – updating your cash book systems:

A reminder that you may still need to update your cash book systems for the new home office splits.  Some farmers are still using the 75/25 split when they may well need to adjust this to 80/20 or less.  Please click on the link below to read my previous article on the changes made to these tiers.

http://www.farminggrowth.co.nz/how-will-the-new-rules-on-farmhouse-expenditure-affect-you/