News

Tax planning before 1 April 2018

Tax planning before 1 April 2018

For most taxpayers, 31 March represents the end of the financial year. In the lead up to ‘year-end’ there are a number of actions that business owners may want to take to avoid missing the boat on simple tax planning opportunities. Trading stock...

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Unusual tax balance date

Unusual tax balance date

Tax balance dates around the world are often quite straight forward. Most incorporate a full calendar month, like the standard New Zealand balance date of 31 March. However the standard balance date in the UK is the 5th of April – and there’s...

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FBT changes on the horizon

FBT changes on the horizon

Currently, companies that provide a motor vehicle for the private use of their employees must register for and pay FBT. Draft legislation has been introduced which will enable some small businesses to avoid having to pay FBT. The proposed...

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Importance of good record keeping!

Importance of good record keeping!

A recent case Taxation Review Authority (TRA) decision has highlighted the importance of good record keeping. The taxpayer, an accountant, was accused by Inland Revenue (IRD) of using a company as a vehicle to create a tax advantage. He claimed...

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Trust Reforms

Trust Reforms

Trusts are a popular way of protecting property and managing assets in New Zealand. The number of trusts we have in New Zealand is unknown, but estimates put the figure between 300,000 and 500,000. The legislation governing NZ trusts has remained...

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We are jealous

We are jealous

We are jealous of the Norwegians Whether it is our waistlines or our bank balance, we tend to find ourselves in recovery mode after Christmas. However, for those living in Norway they don’t find this to be as much of a problem as we do. In...

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Australia shames

Australia shames

Australia shames non-tax paying firms The Australian Taxation Office (ATO) has shamed large corporates by publishing revenue and tax information of more than 1,500 companies with reported total earnings over A$100 million (US$72.11 million) for...

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Student loans

Student loans

Student loans – sharing with Australia Compliance with student loan repayment obligations remains a continued focus for IRD and the Government. IRD currently estimates that $3.2billion is owed by student loan borrowers who are currently living...

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Structuring

Structuring

Structuring – to put your eggs in different baskets or not? When establishing a business, there are a number of considerations to take into account to determine the ideal structure to adopt. One such consideration is protection of assets, not...

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Changes to IRD

Changes to IRD

Changes to the IRD’s administration system The manner in which we interact with Inland Revenue (IRD) is likely to change dramatically over the next two years as the upgrade of IRD’s IT system and associated legislation comes on-line. IRD’s broad...

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