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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

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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

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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

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Snippets: Aug – Oct 2019

New provisional taxpayers beware Changes to the provisional tax regime, effective from the 2018 tax year, have generally been well received by taxpayers. Prior to the change, Inland Revenue charged interest from each provisional tax date if a taxpayer’s actual liability exceeded their ‘uplifted’ amount from prior year(s). This effectively meant taxpayers were required to

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GST on land – Holdaway v Ellwood

It is common for disagreements to arise between taxpayers and Inland Revenue on the GST treatment of land transactions, but less common for these disputes to arise between a vendor and purchaser. However, this was the case in a recent High Court case, Holdaway v Ellwood (2019). The case highlights the importance of completing the

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ACC – Supporting your business to be safer

Every year quad bikes are a major cause of death and serious injury in rural workplaces associated with accidental rollovers. An average of five people die in work-related quad bike incidents every year. WorkSafe strongly recommends that crush protection devices (CPDs) are installed on all quad bikes used for work. ACC has collaborated with WorkSafe

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Residential Bright-line

The Income Tax Act 2007 has long contained provisions to tax the sale of property (or other assets) acquired with the intention of disposal. However, ‘intention’ is a subjective concept and has been difficult for Inland Revenue to police. Hence, the brightline test, (section CB 6A) was introduced as a means to tax profits made

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From My Desk…

Hi All, It’s getting lighter in the mornings and I can drive home without needing my headlights! Our farming clients are all busy (as are we) getting on with our jobs. The economy is still flat and hence the unpredicted 0.5% cut in the cash rate.  This will flow through to the borrowers in time

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And Lastly…

What do Accountants suffer from that ordinary people don’t?             Depreciation Why was Mark Hughson so excited that he completed a jigsaw puzzle in only 59 weeks?             Because on the box it said 8 – 12 years   Where do homeless accountants live?             In a tax shelter What kind of things does a

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In the Office…

Introducing our new staff… Clare Moss I joined the Hughson Team in 2018.  My roles include preparation of Financial Statements and End of Year Tax Returns, GST Returns, and assisting with Payroll. Previously I have worked in Hospitality, Retail and Facility Management.  I enjoyed the financial side of these jobs, so I went on to

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Snippets: May – July 2019

Tax bounty Wanting a job that is flexible? Well a tax informant may be the job for you! An increasing number of countries operate reward or bounty systems where informants receive payments for assisting revenue authorities. The USA initiated a ‘tax bounty’ program in 2006, with a Whistleblowers Office established by the US Inland Revenue

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Payday Filing

The way employers report payroll information to Inland Revenue (IRD) is changing. From 1 April 2018, IRD introduced a new electronic reporting system, providing employers the option of filing payroll information every payday. From 1 April 2019, the new system will be compulsory for most employers, so it is imperative business owners get to grips

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