The “general permission” under the Income Tax Act broadly allows expenditure to be deductible if it is: incurred in deriving assessable income, or incurred in the course of carrying on a business for the purpose of deriving assessable income. A recent Taxation Review Authority (TRA) case provides a strong reminder to us of the importance […]
A Lesson for Us All Read More »
Welcome to the first newsletter of 2015. I trust you all had an enjoyable break (what break?) and have made your new year’s resolutions an everyday habit by now. It was a pretty quiet start to the year here but things have started to pick up with some re-estimation of farmers tax in line with
Tax residency case overturned A recent Taxation Review Authority (TRA) case concluded an individual was a New Zealand tax resident despite being absent from New Zealand for a long period of time. In brief, the decision was a consequence of having an investment property that was ‘available’ to him in New Zealand and an on-going
Hughson and Associates were honoured to be nominated as finalists in the Professional Service category for the recent Bizlink awards. We didn’t quite take home any awards, competing with some other outstanding businesses. It was a great excuse to dress up and celebrate the nomination as an office. Check out some of the snaps below.
The Smart way to pay your professional fees Astute cashflow management is essential for operating a successful business. In today’s competitive environment many businesses prefer to spread their professional fees over the year rather than paying as a single lump sum just like rent or insurance premiums. feeSmart is a monthly payment option available to
Whether you are starting a new business or looking at expanding your existing business, deciding on the commercial structure to adopt can seem daunting and the help of an advisor is likely to be sought. Irrespective of that help, the final decision will be made by you – based on your answers to the following
Business Structuring Read More »
Messy, expensive and time-consuming Most people know that it’s important to have a Will and to keep it up to date. But what happens if you die without a Will? You might assume everything will go to your spouse or partner but that’s not usually the case. In fact, dying without a Will can mean
Dying without a Will Read More »
Recent changes to the Financial Reporting Act 2013 Despite our best efforts, many of us are familiar with the consequences of making late tax payments to the IRD. Often, the problem is not just that we forget and leave it to the last minute, but that the payment we make is not processed or received
Tax Payments – when received in time Read More »
With the large decrease in the Fonterra pay-out it is worthwhile for our farming clients to have an estimate of their provisional tax. As you are aware provisional tax for the 2015 financial year is based on the income you made in 2014. You are going to make significantly less profit in 2015 therefore it
Recent changes to the Financial Reporting Act 2013 (FRA 2013) have changed the requirements for entities that are not “large” by definition. Broadly, this means that most NZ businesses will no longer have to prepare financial statements that comply with New Zealand Generally Accepted Accounting Practice (NZ GAAP). Recognising that this could lead to a
Reduced financial reporting requirements for SMEs Read More »
