Greetings, Belated Happy New Year, we trust everyone had a lovely Christmas/New Year period and hopefully got to put their feet up for a bit. We hope that the recent weather events have not affected our clients too much. Recently we had wind, rain then sunshine and an earthquake – Crazy! If you were badly […]
From my desk: February – April 2023 Read More »
A new year’s resolution to grow your business is likely to require growing your team. It’s fair to say that the labour market is tight at the moment and seems to be getting tighter with each passing month. Recruitment for staff is taking much longer, with a reduction in both the number and skills of
Greetings, We are working hard to get all your financials completed and tax returns filed. Currently we are about 10% behind last season (similar to many dairy farmers). Whilst we have not been impacted by the climate, staff have been off work for many reasons causing delays in our production. If you do require your
From My Desk: Nov 2022 – Jan 2023 Read More »
Here in New Zealand, we value simplicity and we call things as we see them. A spade’s a spade and a marshmallow is confectionary. However, over in the UK, things are a bit more complicated. Value Added Tax (VAT) is charged on goods and services (like GST is in NZ) but is subject to a
Snippets: Is it confectionary or ingredient? Read More »
For example, where parents dispose of residential land to their child within the bright-line period, the sale will be taxable to the parents based on the market value of the land, regardless of how much the child paid for it. Similarly, where a person wholly-owns land and wishes to become co-owners with their partner, a
Snippets: IRD and close relationship transfers Read More »
New Zealand’s Goods and Services Tax (GST) system is often praised for being a simple broad-based tax. But this doesn’t mean mistakes don’t happen. Going back to basics, if you carry out a taxable activity in New Zealand and your turnover is more than $60,000 in a 12-month period, you are required to register for
On 29 August 2022 Inland Revenue released a 49-page report: “Fringe benefit tax: regulatory stewardship review”, which reports the summary, findings and recommendations of a review of New Zealand’s current Fringe Benefit Tax (FBT) regime – a regime whose design and operation has not been subject to a full review for nearly 20 years. The
In 2017 Inland Revenue released an Interpretation Statement, IS 17/02, which formalised the long-standing practice of allowing a farmer to claim a portion of their farmhouse expenditure on the basis it is the “headquarters” of the farm. But then in 2020 Interpretation Statement IS 20/05 was released by Inland Revenue which overthrew the common practice
Update – GST on farmhouses and holiday homes Read More »
In today’s workplace environment, expectations around employee benefits are changing, with the norm shifting in the employee’s favour. For many, the days of a 9-5 workday and mandatory workplace attendance are a distant memory, to the point where flexible hours and working environments are considered a bare minimum. As the war for talent has evolved,
The employees’ market Read More »
Greetings, I feel we have had enough rain for now. With the majority of the clients in the middle of calving season we hope for more fine sunny days like today! This issue includes an article on sick leave. Last year Jacinda doubled every worker’s entitlement and my experience this winter shows that it was
From My Desk – August 2022 Read More »