Minimum Wage Increase
Effective 01 April 2017, the Government announced that the adult minimum wage increased by $0.50 cents to $15.75 an hour.
Minimum Wage Increase Read More »
Effective 01 April 2017, the Government announced that the adult minimum wage increased by $0.50 cents to $15.75 an hour.
Minimum Wage Increase Read More »
On 8 December 2016, the Minister of Revenue, the Hon Michael Woodhouse, released the discussion document, “Making tax simpler — proposals for modernising the Tax Administration Act”. The document contains detailed proposals developed following the first round of consultation in November 2015. In November 2015, the Government released the discussion document, “Making Tax Simpler: Towards
Further TAA Consultation Announced Read More »
The Student Loan Scheme (Repayment Threshold) Regulations 2016 came into force on 1 April 2017 and increased the annual repayment threshold for the purposes of the Student Loan Scheme Act 2011 from $19,084 to $19,136 for the tax year commencing on 1 April 2017 and subsequent tax years.
Student Loan Annual Repayment Threshold Increased Read More »
On 7 December 2016, the Acting ACC Minister, the Hon Nathan Guy, confirmed the ACC levy rates for the 2017/18 and 2018/19 years. The Minister said that there will be reductions totalling $126.2m per annum to work and motor vehicle levies, while the earners’ levy will remain unchanged. The announcement means that: the average
Further ACC Levy Reductions Read More »
Partnership income earned as a result of “active” (physical or administration) involvement is liable for ACC levies, which will be invoiced by ACC. If your involvement in the partnership income is an administration only role we can change your classification to “administration”. If your share of this income is received in recognition of your capital
It is important for individuals to correctly determine their residency status for tax purposes, as a New Zealand tax resident is taxed on their ‘worldwide income’. A person is considered to be a New Zealand resident for tax purposes if they have been physically present in New Zealand for more than 183 days in any
The Perils of a PPOA Read More »
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 to have sold his sole trade accountancy practice to his own company for $2m in
Importance of Good Record Keeping Read More »
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 unchanged for decades as it has been predominantly governed by the Trustee Act 1956.
New legislation enacted in February substantially simplifies obligations under the provisional tax regime. Most taxpayers pay their provisional tax at three times through the course of their financial year, being the 28th day of the 5th, 9th and 13th months after their balance date. The ‘standard uplift’ method determines a person’s liability based on a
Provisional Tax Improvements Read More »
Greetings After a wonderful summer for dairy farmers we now get a very wet autumn. The team at Hughson & Associates are all back from their breaks and working hard on the 2017 financials that flow in after 31 March. This edition contains an article relevant to our TRUST clients. This New Act is a