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Employment recovery

Over a year on from NZ’s level four lockdown, businesses and communities alike have experienced their fair share of highs and lows. Many have had to rapidly adapt to the Covid-19 induced restrictions. For some, they have benefited from unpredictable productivity gains, meanwhile others have struggled to regain pre-pandemic momentum. Employment levels slumped to an

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Government addresses housing affordability

On the 23rd March 2021 the Government announced that it would make a number of changes to the taxation of residential property to address housing affordability. Legislation has been enacted implementing some of the announced changes, whilst the balance are to be consulted upon before further legislation is drafted. Legislated changes – The bright-line test

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From My Desk- May 2021

Good morning, The rain that has been forecast is yet to materialize. Taranaki, whilst not as dry as other areas of NZ we certainly need some rain. We have started the 2021 tax filing season with a ‘hiss and a roar’ with work flooding into the office. Our client managers have begun processing the work

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Pink collar crimes

Pink Collar Crimes

We have likely all heard about white collar crimes, where financially motivated nonviolent crimes such as embezzlement are committed by high profile business people. However, pink collar crimes, referring to typically female office workers in low-to mid-level positions who steal money from their employers, have been on the increase. One of the largest instances was

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COVID support packages

COVID support packages

While we have enjoyed relative freedom in New Zealand, the Government has continued to work on Covid-19 support packages. The COVID-19 Leave Support Scheme allows those who have been told to self-isolate, to receive two weeks income if they are unable to work from home. In addition to this scheme, from mid-February 2021 a Short-Term

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Is the grass greener over the ditch?

Is the grass greener over the ditch?

Australia has recently released its 2020-21 Federal Budget where they plan to combat the effect of Covid-19 by investing in infrastructure, job creation, asset write offs and personal tax cuts. Meanwhile in New Zealand, Labour continues their plan to keep New Zealand moving by investing in people, jobs, small businesses, infrastructure and global trade. Australia’s

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GST on the family farmhouse

On 26 June, Inland Revenue (IRD) released Interpretation Statement 20/05. The statement describes how GST applies to the sale of a dwelling that is included within a wider supply of land. A common example that the statement applies to is the sale of a farm that comprises both farmland and a farmhouse. The generic GST

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Purchase price allocations

Purchase price allocations

Currently, if you enter into a sale and purchase agreement for the sale of business assets, there is no standard practice for how the price should be allocated to the assets. For example, a single price may be agreed for all assets, or the agreed price might be allocated on a line by line basis

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Deductibility of Healthy Homes costs

Deductibility of Healthy Homes Costs

If you are an owner of a residential property, you will be familiar with the Healthy Homes Standards that were introduced on 1 July 2019. The standards set out the minimum requirements all landlords are required to comply with. Examples of the mandatory requirements include fixed heaters in the main living room, smoke alarms, ceiling

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Employee accommodation

Employee Accommodation

The treatment of employee accommodation (and taxable allowances) can be confusing. In 2015 the rules around employer-provided accommodation were subject to a reform, with the changes intended to provide greater clarity and cohesion for employers to understand their tax obligations. Previously, a net benefit approach was acceptable, where accommodation provided to an employee was not

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Employee benefits for millennials

Employee benefits for millennials

Say what you want about millennials, there is no denying their presence in the workforce. According to Statistics New Zealand, millennials currently represent the largest age group in the workforce. Millennials are also attributed with having become problematic to attract, develop and retain – perhaps in part due to their unique preferences when it comes

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New trustee disclosure obligations

New trustee disclosure obligations

In 2013 the law commission was asked to review the Trustees Act 1956 and NZ Trust law generally. Following this initial review, nearly eight years later, the long-awaited “Trusts Act 2019” will finally come into effect on 31 January 2021, replacing the entire 1956 Act. One of the most significant changes in the new Act

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