It is common from a layman’s perspective to not appreciate the relevance of treating separate legal entities as separate. Where expenditure is incurred to derive income, it is typically deductible for income tax purposes to the person that derived the income. Documentary evidence should be held that reflects this connection to ensure the expenditure comprises […]
You versus your Trust Read More »
Inland Revenue (IRD) charges a high rate of interest on late tax payments (currently 8.22%), and in some circumstances the complexity of the provisional tax regime makes interest charges hard to avoid. Add on late payment penalties, and the cost of meeting your tax obligations starts to feel punitive. Tax pooling was introduced in 2003
Broadly speaking, a payment from a company to a shareholder is likely to be a salary / wage or a dividend, and therefore taxable income. However, loans from a shareholder to a company and therefore loan repayments are also commonplace. Whilst interest on such loans is taxable to the recipient, loan repayments should not be.
Payments to Shareholders Read More »
The Tax Working Group (TWG) released its long awaited Final Report (‘the Report’) on 21 February 2019, following a 13 month review during which the Group received over 7,000 public submissions. The report contained 99 recommendations for the Government’s consideration; including the introduction of a broad Capital Gains Tax (‘CGT’). Two months later the coalition
Greetings Happy New Tax Year! We have been super busy with work and recruitment/training of new staff. We have recently opened the New Plymouth branch of Hughson & Associates. It’s on the corner of Devon Street East & Hobson Street. We have two dedicated client carparks out the front. Call in Monday to Friday 8.30am
When starting a new business, it’s important to establish solid bookkeeping and accounting systems. Here’s how you can go about getting everything sorted.
How to set up accounting and bookkeeping for a new small business Read More »
Doing the books should be a slog – it should be an exciting opportunity to add value to your business! Here are a few of our small business accounting tips.
7 accounting tips for your small business or farm Read More »
If you want to start a business in New Zealand, you need the help of experienced accountants to plan for long-term success. Here are three major steps to take.
3 major steps to starting a business in New Zealand Read More »
Mark Hughson, Pottsy and Anna are walking to lunch when they find an old oil lamp. Anna rubs off some of the grime and a Genie comes out in a cloud of smoke. The Genie says “I only grant three wishes, so I will grant one for each of you”. “Dibs on the first one!”
To all our clients based in either Opunake or Patea, EFTPOS is now available to pay your accountancy invoices at our respective office. Our Opunake office (26 Napier Street) is open every Wednesday from 10.00am to 3.00pm and our Patea office (Lincoln Street) is open every Thursday from 9.30am to 2.30pm.