Safeguard Your Business (Spring 2016)

We have long known we’re a nation powered by small business. And that lends itself to highly personalised ways of doing business, strong relationships going back a long way, teams that feel like family. That’s why it’s so devastating when a business finds out someone they’ve trusted has cheated them, sometimes over a long time: a so-called ‘person in a special relationship’. There have been a number of high profile…  Read more

Setting the Record Straight (Autumn 2016)

Inland Revenue have signalled they will be looking at businesses’ record keeping systems. Key targets will be that all jobs and all income are being recorded and that GST is being handled properly. Recent prosecutions indicate that PAYE records are another hot topic, along with the corresponding employment records. If sketchy records are a quick way to set off the IRD alarm bells, this could be a great time to…  Read more

Targeting the Cash Economy (Autumn 2016)

Inland Revenue’s crackdown on ‘cashies’ continues with their focus on undeclared cash in the construction and hospitality sectors. Last year, the Auckland region saw the most activity. Inland Revenue are now widening their reach. They’ve been trying to change attitudes among tradies and subcontracting businesses and their efforts seem to be getting results. Inland Revenue acknowledge people trying to cheat on tax are in the minority but stress that they’re…  Read more

Foreign Superannuation Withdrawal Amnesty (Summer 2015)

Have you ever had a Foreign Superannuation Scheme and withdrawn funds or transferred funds from this? Did you account for New Zealand tax on these funds? If you have answered YES to the first and NO to the second question, you should be talking to us about using the Inland Revenue amnesty, which runs out on your 2015 income tax return. If you withdrew or transferred funds at any time…  Read more

Sensible Seasonal Housekeeping (Summer 2015)

If your business peaks during the holidays, have your marketing organised and plan your staffing. – Is there a planned approach to when everyone is taking their holidays? Have extra business cards or other marketing giveaways on hand – it’s a great season for networking. Magnetic car signs can attract enquiries as well Everyone is used to being cash strapped in the New Year but no one ever really prepares…  Read more

IRD Numbers for Property Sales (Summer 2015)

All vendors and purchasers of property other than their main home must now provide an IRD number as part of the land transfer process. Non-residents Offshore buyers must provide a New Zealand bank account number before they can obtain a New Zealand IRD number. And all non-resident buyers and sellers must provide their tax identification number from their home country, along with current identification requirements such as a passport. Family…  Read more

Health and Safety (Spring 2015)

The Health and Safety Reform Bill, which started its slow progress last year, took another step forward in late July with its second reading in Parliament. Meanwhile, tragically preventable accidents, particularly in high risk sectors such as quarrying, forestry, farming, manufacturing, transport and construction, keep the pressure on for better safety outcomes. The lengthy gestation period of the proposed legislation has aggravated employer uncertainty about the implications of the proposed…  Read more

New Property Tax Rules (Summer 2015)

New legislation affects property sales made from 1 October 2015 onwards. The changes hit in a variety of ways. Bright-line test and residential land New tax rules now apply to residential property sales made from 1 October 2015. A new ‘bright-line test’ will apply where a person who has purchased a residential property on or after 1 October 2015 then sells it within two years. The sale will be taxed…  Read more

Employment Standards (Spring 2015)

The Employment Standards Legislation Bill has been introduced to parliament, proposing changes to strengthen enforcement of employment standards. This will introduce tougher sanctions for breaches and greater accountability for people and entities associated with the employer – such as directors, senior managers, legal advisors – if they are knowingly involved when an employer breaks the law. The changes target unfair practices such as unreasonable deductions from employees’ wages; or where…  Read more

Double Tax Agreement with US (Spring 2015)

Are you a US citizen living in New Zealand? If so, your income is subject to both USA and New Zealand income tax requirements. The United States tax system requires its citizens and its resident aliens to report their worldwide income to the US Internal Revenue Service (IRS) regardless of where they live. However, if you are a New Zealand tax resident, your New Zealand tax return is likely to…  Read more

Reporting Requirements for Charities (Winter 2015)

New reporting requirements for registered charities came into force from 1 April 2015. This means that registered charities will need to prepare financial statements in line with these new standards. These will now require quite a bit more non-financial information than in the past. While we’re geared up to continue to prepare your financial returns, we’d like to flag to you that from the 2016 financial year, we’ll need more…  Read more

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