Devine Accounting Newsletters
Changes to the Holidays Act 2003 and Employment Relations Act 2000 have been passed in December by parliament.
Employment Relations Act updates
Three important changes in the Employment Relations Act which will become effective on 1 April 2011 are:
- The transferring public holidays to another working day
- Employees wil be able to exchange for "cash" one weeks annual leave
- The 90 trial periods for new employess is being extended to included employees of larger organisations
Another change effective 1 July 2011 requires employers to keep a signed copy of an individuals employment agreement or current signed copy of the terms of conditions.
LAQC Changes
On 1 April 2011 LAQC (Loss Attributing Qualifying Companies) will no longer exist. This emans that LAQC's will not be able to attribute losses to shareholders. A new tax entity called a Look Through Company (LTC) has been created, which will allow losses to be claimed up to the amount of the risk of the investor in the company.
More details will be available in April and LAQC's will have six months to change their company structure without adverse tax implications.