International measures to prevent tax evasion When some individuals move overseas they stop fulfilling their NZ tax obligations (e.g. student loans and child support). In 2012 NZ signed up to The Convention on Mutual Administrative Assistance in Tax Matters, however it only came into effect for NZ from 1 January 2015. As a result of […]
The IRD appears to have been busy before the holidays, with a number of documents released in the lead up to, and after Christmas. A summary of the documents that have been released is provided below. PUB0214 – Scholarships and Bursaries Income tax law exempts certain scholarships and bursaries from income tax. The IRD has
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
Attribution of Personal Services Income Read More »
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
ACC’s Levy Reductions Read More »
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
New Requirement for Companies Read More »
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
Some News that May Excite You… Read More »
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.
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.
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
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
Major Transactions Read More »
