We have recently gone through the end of another financial year, and we now turn our minds to looking forward and where to from here. As part of this process, it is worthwhile looking at your business’s structure and whether it needs a ‘spring clean’. It is surprising how often companies are set up for […]
On 26 February 2015, the Government introduced the Taxation (Annual Rates for 2015 – 16, Research and Development, and Remedial Matters) Bill (the Bill). It is the first sizeable bill to introduce amendments to the tax rules since November 2013. The Bill contains changes intended to address tax impediments to research and development (R&D) and
Attention all wage clients, if we complete wages and/or PAYE for you and/or your business/company/trust etc, could you please make sure that you are informing Lillian with any of the following leave/bonus details: Sick leave taken Annual leave taken Statutory/Public holidays worked – employee will receive time and a half plus a day in lieu
Do Hughson & Associates pay wages and/or PAYE on your behalf? Read More »
The Government has released two discussion papers to engage in public consultation on options for simplifying and modernising New Zealand’s tax system. The documents introduce taxpayers to the general direction the Government intends to take to improve administration of the tax system. Basically, the Government wants to simplify tax for individuals and businesses by reducing
Modernising New Zealand’s Tax System Read More »
The new financial year is here and the work seems to be flying in faster than previous years. I suspect that for our farming clients this is due to worry around the payout and the effect this will have on the resulting tax. It certainly is going to be a testing time for many farmers
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
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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 »