Latest News
IRD to share information with police
Currently, most information provided to the IRD is confidential and is not able to be shared with third parties, including other Government departments. This means that in the event the IRD investigates a taxpayer and uncovers evidence of illegal activities, under current law this information cannot be shared with the police. Under recently enacted legislation,
Declaring insurance payments
If you receive any insurance payments, they may affect the amount of tax you pay. If you’re a business or rental property owner, you may need to declare some insurance payments in your income tax and GST returns. These could affect the amount of tax you pay. For example, the following insurance payments are taxable:
2014 Mileage Rates
The motor vehicle mileage rate is reviewed every year and the rate for 2014 will remain at 77 cents a kilometre for both petrol and diesel fuel vehicles. You can choose to use the actual costs rather than the mileage rate. If you do this, you must keep records to support any expenditure you claim.
From My Desk…
Hi all, Spring is almost here and most of our farming client’s are flat out with calving. The winter hasn’t been too harsh to us this year but I don’t want to jinx that for the upcoming months. Fonterra have done what many expected and reduced the pay-out with many expecting a further decrease. As
Capital gains tax – ready or not here I come…maybe
Depending on the election outcome, after 20 September 2014 New Zealand may join other developed countries and introduce a ‘capital gains tax’ (CGT). CGT is on the agenda of several political parties. Where the general left/right divide sees National, ACT, the Conservatives and United Future against introducing a CGT, the other side sees Labour, the
Motor vehicle options
Although the tax rules around the private use of motor vehicles have been stable for some years now, other variables can change, such as a person’s circumstances. This makes it worthwhile to regularly revisit how vehicles are accounted for to make sure the most efficient outcome is being achieved. Most small businesses operate through companies
Paid parental leave maximum entitlement rate increases
The paid parental leave (PPL) weekly maximum entitlement rate increased from $488.17 to $504.10 (before tax) from 1 July 2014. This rate applies to employees and self-employed workers who are entitled to receive the maximum PPL rate. IRD have updated the following publications with the new rates: PPL application for an employee (IR880) PPL transfer
Election Day Workers
Election day workers are people employed on a casual basis by the electoral office immediately before, on, or after polling day. They are taxed through the PAYE system at a flat rate of 17.50 cents in the dollar (plus ACC earner’s levy – currently 1.45%). These employees will need to complete a Tax code declaration
Managing Working Capital
Irrespective of the stage of a business’s life cycle, managing working capital is extremely important. During the growth phase, many businesses have failed due to growing too rapidly, and not having the corresponding cashflow to keep up with the expanding needs of the business. Meanwhile, mature businesses need to maintain sufficient working capital to ensure
Working with Difficult People
A ‘difficult person’ might oppose ideas, be irritating, appear negative or simply not like other people. When it comes to communicating and working with a person who is particularly difficult, we often resort to one of three assumptions: the person is ignorant the person is stupid the person is evil and simply trying to be
From my Desk…
Hi all, Well it’s been a busy start to the financial year for us here at Hughson & Associates with a number of you handing in the required information very promptly. Thank you for this. I trust you all had an enjoyable Easter and ANZAC weekend(s) and made the most of the days off. Some
Tips
Subject Line Don’t underestimate the importance of a clear and concise subject line. This may mean the difference between your email being treated as spam, deleted or designated low priority. Including a clear subject line can also help the recipient find your email in future. Sign on/off Remember that an email is effectively a letter.
