In today’s business environment, effective decision-making is key to navigating change and achieving sustainable growth. For small to medium sized enterprises where there can be fewer individuals at a senior decision-making level, there is arguably a greater need to have a strong decision-making process to ensure decisions are not made in a vacuum. However, how […]
Effective decision making Read More »
Tax compliance can be complex, between income tax, GST, PAYE there is often a lot to manage and get right. It is therefore inevitable that from time-to-time mistakes will happen. When these moments occur the question then becomes “what do we do?”. The Inland Revenue requires taxpayers to make a correct assessment of their tax
When errors are made Read More »
A common complaint made by employers is that the amount of time it takes to meet their FBT obligations is disproportionate to the amount of tax it actually generates. This frustration is arguably borne out in the number of mistakes that are often made when calculating the amount of FBT payable. A good example is
Snippets; FBT and home to work travel Read More »
For some, the increase in the trust tax rate from 33% to 39% has prompted them to ask the question – should we wind up our trust? Rather than looking at the purpose of having a trust with a narrow tax lens, it may be of benefit to consider your circumstances more broadly and ask
Snippets: Trusts – The big picture Read More »
Over the last 18 months there have been a number of businesses fall over – which in and of itself has not been surprising given the recent economic climate. However, one element that serves as a warning for us all is the flow on effect of those failures. Not just in a tangible sense, where
Protect your reputation Read More »
If a company sells a capital asset (e.g. commercial land) and derives a non-taxable capital gain, it’s reasonable to expect the shareholders to want access to the cash. However, the problem often arises that in order for a capital gain to be distributed tax-free, the company needs to be wound up. This is a result
As businesses expand, a common decision is whether to create new companies to accommodate new ventures, risks, products and/or acquisitions. A well-designed group structure enables a ‘parent’ company to create distinct entities that operate independently. This approach has several benefits – it provides flexibility as it allows control and visibility over each entity’s direction, policies,
Amalgamation could be the solution Read More »
For the first time since 2010, personal tax rate thresholds will change from 31 July 2024. The change was announced as part of the 2024 budget. When personal tax thresholds are not regularly adjusted to take into account inflation or wage growth, individuals end up paying a higher percentage of their income in taxes over
Changes in marginal tax thresholds Read More »
Given the necessity of providing fast relief, the wage subsidy scheme provided during COVID in NZ was largely based on trust. Today, MSD operates a Wage Subsidy Integrity and Fraud Programme aimed at ensuring the integrity of the payments and who received them. So far, 38 people have been brought before the courts in relation
Snippets: Covid fraud Read More »
Given the outcome of the general election, we expect to see legislation that will make the following tax changes. The ability to claim interest deductions on debt relating to some residential rental properties acquired before 27 March 2021 will be progressively phased out. National’s tax policy promises to retain a 50% allowable deduction in the
Snippets: National’s tax policies – property Read More »
