Can you steal GST? Whether a price includes GST or not is important to know for the price of a product. In the case between the New Zealand Police and Genesis Pure, ‘GST’ became the difference between a maximum penalty of seven years in jail, or one. Mr Pure was charged with stealing an iPhone […]
Snippets: May – Jul 2020 Read More »
In addition to the tax loss carry-back scheme, the New Zealand Government has introduced a number of other tax changes to assist businesses and individuals to get through COVID-19. Currently, if an asset is purchased for less than $500 it does not need to be depreciated. The cost is immediately deductible in the year of
Other tax changes in response to Covid-19 Read More »
Ordinarily, if a taxpayer incurs a tax loss within a particular year, they are able to carry that loss forward and offset it against income derived in a future year, thereby reducing the taxpayer’s future tax payable. As part of the Government’s Covid-19 response, on 30 April 2020 legislation was passed under urgency which allows
Carry back of tax losses Read More »
On 24 February, Inland Revenue released an Officials’ Issues Paper seeking feedback on various GST issues. A long-standing rule that has proved a source of frustration for those affected applies to transfers of goods between associated persons. The issue is highlighted in the following example. Joe buys a block of land on the edge of
As New Zealand moves down the COVID-19 alert levels businesses face a long transition period from the unknown to the ‘new normal’. Social distancing, strict health and safety guidelines, restricted international and regional travel are amongst numerous practises that will likely continue to apply for as long as COVID-19 remains a global threat. This may
Emerging from Covid-19 Read More »
Introducing our new staff… Kecia Laing-Timu I started at Hughson & Associates back in November after being a manager at a local restaurant for 4 years. You will find Kecia at reception at our Hawera office. Outside of work I like to keep active and social by playing sport and catching up with friends. I
Wacky business ideas Ever dreamt of being your own boss? Well, millions of people have turned that dream into a reality and some even claim it’s easy! Recent studies conducted by the Global Entrepreneurship Monitor reveal that 40% of respondents thought starting a business was easy and 46% thought there were plenty of opportunities to
Snippets: Nov 19 – Jan 20 Read More »
The land taxing provisions deem certain sales of land to be subject to income tax, subject to a limited number of exceptions. One such is exception is for ‘business premises’. However, the circumstances in which it applies can be a grey area. Hence, two recent ‘Questions We’ve Been Asked’ (QWBA) issued by Inland Revenue (IRD)
Property sales – business premises exclusion Read More »
The rise of Generation Z (‘Gen Z’) is imminent in today’s workforce. Comprised of those born between mid-1990s and early-2000s, Gen Z has grown up in a world with technology at their fingertips. Common traits include: confidence, desire to succeed, thriving on recognition, being adaptable and tech-savvy. However, their most valuable aspect is they represent
Generation Z – our future workforce Read More »
From 01 March 2020, the IRD will no longer accept cheques. Developments in electronic payment methods and improved ease of online payments from your smartphone or tablet, means processing cheque payments has become a rather laborious task. However old habits die hard, and a significant amount of people continue to use cheques – IRD alone
IRD – Non acceptance of cheques Read More »