There is currently significant public interest in the New Zealand housing market, whether it be issues relating to the Auckland ‘bubble’, property speculation, non-resident buyers, banking restrictions or a combination of these. In response, the Government is introducing a number of changes designed to either directly influence the market, or assist with decision making when […]
Land – themes of change Read More »
Fonterra’s latest estimate of the dairy payout for the 2015/16 season is $3.85/kg milk solids. This comes off a record $8.40/kg for the 2013/2014 season. It is estimated the average dairy farmer needs $5.60/kg of milk solids to breakeven, so it goes without saying that financial upheaval is coming, but how significant and wide reaching
The impact of ‘dairy’ Read More »
The 2015 budget didn’t really throw up anything too exciting. If you are interested, here is a brief summary courtesy of CCH New Zealand: “No surprises” Budget — well, mostly The big tax headlines were made prior to the budget, with pre-Budget announcements extending the tax rules for residential property sales. Budget 2015 sees some
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 »
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 »
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 »
Gifting is again a topic of conversation A prominent local law firm is suggesting that people should be aware that if the government is to change there could be a re-introduction of gift duty. Therefore, it could be a good time to look at any upcoming lump sum gifting you are considering. We thought it
Inland Revenue is warning its customers to beware of aggressive telephone scammers who are targeting people for money and threatening actions such as deportation and prison if not paid. “We have received numerous reports of scammers telephoning our customers claiming they owe money. The caller is threatened that if they don’t go to NZ Post
Warning – New Phone Scam Read More »
Although the tax rules around the private use of motor vehicles have been stable for some years now, other variables can change, such as a person’s circumstances. This makes it worthwhile to regularly revisit how vehicles are accounted for to make sure the most efficient outcome is being achieved. Most small businesses operate through companies
Motor vehicle options Read More »