Latest News
Attribution of Personal Services Income
Many people are not aware that specific tax rules exist that can deem income derived by a company or trust to be derived by them personally. The rules were first introduced when the 39% tax rate was introduced to stop people getting a tax advantage by trading through a company or trust to access the
ACC’s Levy Reductions
ACC is continuing to deliver on levy reductions. This year the average levy paid by employers and self-employed people in Work Account levies will fall to 90 cents per $100 of liable earnings, down from 95 cents. Indicative rates for levels of cover for the 2015/16 levy year will be effective from 1 April: ACC
New Requirement for Companies
From 1 May 2015 new registration requirements come into force for applications to incorporate a New Zealand Limited Liability company. All New Zealand incorporated companies must have at least one director who lives in New Zealand or who lives in Australia and is a director of an Australian incorporated company. Existing companies on the companies
Some News that May Excite You…
Going forward we will be sending you a simpler checklist with the essentials. If we require anything else we will call you when completing your accounts. The most important thing is to sign the terms of engagement we send you which allows us to compile your accounts. The institute that governs chartered accounting firms requires
Minimum Pay Rates
With April fast approaching it’s a timely reminder that minimum pay rates have now increased to $14.75 per hour, so please ensure your staff are being paid the correct amount. Call the office if you need help with this or are unsure.
Trustee Changes
A reminder that when you are making any changes to your trust in terms of trustees, we need to be informed. The IRD require that we pass this information on for their records also.
Asset Review
Through the process of completing the 2014 annual accounts we had a number of clients tell us that they no longer had certain assets on their books/asset schedule. It can be well worth informing us of this especially when they have been scrapped/thrown out/replaced. The remaining balance of this asset can be ‘written off’ which
Major Transactions
With the end of the financial year nearly here it’s mindful to think about the implications of any major financial transactions you may be planning. Examples include: large value purchases of feed or fertiliser. Paying for rental repairs. Purchase or sale of assets. Re-payment of debt. If you are planning anything which you think may
A Lesson for Us All
The “general permission” under the Income Tax Act broadly allows expenditure to be deductible if it is: incurred in deriving assessable income, or incurred in the course of carrying on a business for the purpose of deriving assessable income. A recent Taxation Review Authority (TRA) case provides a strong reminder to us of the importance
From My Desk…
Welcome to the first newsletter of 2015. I trust you all had an enjoyable break (what break?) and have made your new year’s resolutions an everyday habit by now. It was a pretty quiet start to the year here but things have started to pick up with some re-estimation of farmers tax in line with
Snippets
Tax residency case overturned A recent Taxation Review Authority (TRA) case concluded an individual was a New Zealand tax resident despite being absent from New Zealand for a long period of time. In brief, the decision was a consequence of having an investment property that was ‘available’ to him in New Zealand and an on-going
Bizlink Awards
Hughson and Associates were honoured to be nominated as finalists in the Professional Service category for the recent Bizlink awards. We didn’t quite take home any awards, competing with some other outstanding businesses. It was a great excuse to dress up and celebrate the nomination as an office. Check out some of the snaps below.
