Latest News

Property sales – business premises exclusion

The land taxing provisions deem certain sales of land to be subject to income tax, subject to a limited number of exceptions. One such is exception is for ‘business premises’. However, the circumstances in which it applies can be a grey area. Hence, two recent ‘Questions We’ve Been Asked’ (QWBA) issued by Inland Revenue (IRD)

Read More »

Generation Z – our future workforce

The rise of Generation Z (‘Gen Z’) is imminent in today’s workforce. Comprised of those born between mid-1990s and early-2000s, Gen Z has grown up in a world with technology at their fingertips. Common traits include: confidence, desire to succeed, thriving on recognition, being adaptable and tech-savvy. However, their most valuable aspect is they represent

Read More »

IRD – Non acceptance of cheques

From 01 March 2020, the IRD will no longer accept cheques. Developments in electronic payment methods and improved ease of online payments from your smartphone or tablet, means processing cheque payments has become a rather laborious task. However old habits die hard, and a significant amount of people continue to use cheques – IRD alone

Read More »

Is a Trust beneficiary also a settlor?

Family Trusts are used widely in New Zealand; often being viewed as beneficial for asset protection and to keep assets in the family for future generations. A reason for their popularity has been the relative simplicity of the legal and tax regime. However, the rules are evolving. In addition to the widely publicised re-write of

Read More »

Court case – tax avoidance arrangement

Two recent (connected) cases at the Taxation Review Authority (TRA) demonstrate that unnecessarily complex transactions can raise a red flag for IRD. Both cases related to a taxpayer referred to as Mr Brown, who acquired a 2/3 interest in a joint venture known as the NPN Partnership (NPN) back in 1981. NPN held several residential

Read More »

Corporate governance for small businesses

Good corporate governance is often viewed as important for large companies with an established board of directors. However, the principles that underpin good corporate governance can benefit any organisation, irrespective of size. Why is it then that the term governance often raises alarm bells with small business owners? Perhaps it’s the fear of losing control

Read More »

From My Desk…

Hi All, In the lead up to Christmas our business is frantic getting GST and Tax Returns completed.  By the 24th we will all be looking for a place to put our feet up and enjoy some family time. Our New Plymouth office is gaining favour with our northern clients who are finding the location

Read More »

Finicky Bothersome Tiresome (FBT)

Fringe Benefit Tax (FBT) on privately used vehicles is neither new nor rare. However, errors in FBT calculations are common due to the murky and complicated nature of the rules and principles that apply. Generally, FBT is payable when a business-owned vehicle is available for private use by an employee. The availability component of this

Read More »

Working remotely

In recent years, we have seen many businesses shift away from traditional office spaces and make the move to an open plan work environment. Whilst open plan offices have been credited with boosting collaboration, breaking down hierarchies and encouraging conversation, new research suggests that working remotely can be a great way to increase productivity and

Read More »

Saving time and cost with tax

Various tax concessions exist that can save significant time and money, but they are often overlooked. You may want to save this article as a handy reminder to take advantage of these options whenever possible. Business-related legal fees are tax deductible irrespective of whether they are capital in nature, provided the total amount for the

Read More »

Ring-fencing of Residential Rental Losses

It’s official, property investors will no longer be able to deduct their expenses relating to their loss-making residential investment properties from their other income like salaries and wages or business profits. The changes are already in force with the Act including the changes receiving royal assent on the 26th of June.  The rules will apply

Read More »

In the Office…

Introducing our new staff… Sarah McIntyre I am a Chartered Accountant with over 10 years experience working in Public Practice accounting having previously worked for Tandem Group and then Baker Tilly Staples Rodway Taranaki. I also have a Bachelor of Commerce and Administration majoring in Accounting, having studied at Victoria University in Wellington. During my

Read More »
Scroll to Top