ROUND-UP OF 2018 LAW CHANGES – What has changed for small business and self-employed?

We’re already into the fifth month of the year today, so it is timely to consider some key changes made to this area of the law so far this year:

Minimum Wage – Minimum wages increased from 1 April 2018;

Payday Reporting – From 1 April 2018 (voluntary) and then from 1 April 2019 (compulsory) all businesses need to file payroll information every payday, rather than once a month.

Parental Leave – Changes apply to children born after 1 July 2018. Parental leave increase from 18 to 22 weeks and the number of hours an employee can do paid work while they on parental leaves increases from 40 to 52 hours.

Food Act

From 31 March 2018, the Food Act changes mean if you sell food then it is very likely these new rules that apply to you. Most people and businesses that sell food need to register but there are some exceptions. There is also a tool available on the Ministry for Primary Industries website you can use to see what Food Act rules you need to follow.

Anti-Money Laundering and Countering Financing of Terrorism

Many businesses will be captured by these requirements over 2018 and 2019. The main groups affected this year and early next year include not only lawyers and conveyancers, accountants and bookkeepers and real estate agents but especially of course members of the public who are their clients. You should first check if the law applies to you and if it does then immediately take steps to ensure you will be complying with the law when the time comes.

They are mainly about proving identity and showing where the money came from: but also look at connections to other countries, and especially their tax departments.

You can find more information about each of these topics at https://www.business.govt.nz/news/law-changes-across-government-2018/

Hazardous Substances Regime

From 1 June 2018, new regulations apply in relation to additional training for hazardous substances, and requirements for storing certain classes of hazardous substances. WorkSafe has also published some information around these changes. If you think these changes could impact you, should check this now.

If you have questions about anything mentioned, please give us a call

 – we’re here to help you.

This is not a substitute for detailed legal advice as every individual situation differs, and also government policies, laws and general conditions constantly change. We are happy to assist anyone who wishes to obtain more detailed advice or information on these or other matters.