In the past, an IRD audit could be commenced for no other reason than the business had not been audited in recent years. Audits would start with the stereotypical interview comprising a series of broad questions that may or may not apply to the business, before the investigator would commence trawling through invoices looking to […]
Inland Revenue Scrutiny Read More »
Productivity, budgets, utilisation, cash flow and market penetration are all areas that most businesses focus on as they strive for improved performance and growth. However, many organisations are also exploring and implementing ‘healthy’ initiatives that provide the dual benefit of improving the health of their employees, and the business. Sick days and staff turnover There
Fit staff / fit business Read More »
When purchasing a business it is important to understand its value. The value of a business will ultimately determine whether to purchase it and if so, how much to pay. A number of factors need to be considered when determining the value of a business, including; it’s financial position, future forecasts, existing customer relationships, staff
Doing your own Due Diligence Read More »
As part of Budget 2015, the Government has passed into law a “bright-line” test for the sale of residential property. The test will require income tax to be paid on any gains from the sale of residential property that is bought and sold within two years. This came into effect from 01 October 2015. What’s
Bright-line Property Rule Read More »
In New Zealand, companies are often the preferred vehicle when setting up a new business. They are well understood, underpinned by well-functioning legislation, flexible, and liability is generally limited to the amount of a shareholder’s investment. However, the tax rules surrounding companies can be complex and not well suited to small businesses. In acknowledgement of
Changes to closely held company tax rules Read More »
Imposing Goods and Services Tax (GST) on the digital economy has been a hot topic this year as New Zealand retailers push for equal GST treatment between local and foreign suppliers. At present, foreign providers of cross-border services and intangibles (including music, e-books, videos and software purchased from offshore websites) do not have to pay
GST on Foreign Supplies Read More »
The warmer weather and holiday period is looming fast. December is a busy month for the office with many GST returns to file in a reduced number of working days. Fonterra continues to keep us guessing with the payout. The recent auction volatility indicates that there may be a cut to the predicted milk payout
Tax inspectors without borders A new initiative, dubbed “tax inspectors without borders” has been launched to help poor countries crack down on tax avoidance and fund their own development. According to policy research group, Global Financial Integrity, nearly US$1 trillion is estimated to leave poor countries each year in illicit finance, stemming from tax evasion,
The Government wants to change the law so that everyone renting in New Zealand can live in safer, warmer and healthier homes. Lets see what this means for tenants and landlords. If the changes go ahead, all rental properties would have to meet new insulation standards and be fitted with smoke alarms. This would ensure
Are you a Landlord? Tenancy Law Changes coming Read More »