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Tax Pooling

Inland Revenue (IRD) charges a high rate of interest on late tax payments (currently 8.22%), and in some circumstances the complexity of the provisional tax regime makes interest charges hard to avoid. Add on late payment penalties, and the cost of meeting your tax obligations starts to feel punitive. Tax pooling was introduced in 2003

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Payments to Shareholders

Broadly speaking, a payment from a company to a shareholder is likely to be a salary / wage or a dividend, and therefore taxable income. However, loans from a shareholder to a company and therefore loan repayments are also commonplace. Whilst interest on such loans is taxable to the recipient, loan repayments should not be.

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Tax Working Group

The Tax Working Group (TWG) released its long awaited Final Report (‘the Report’) on 21 February 2019, following a 13 month review during which the Group received over 7,000 public submissions. The report contained 99 recommendations for the Government’s consideration; including the introduction of a broad Capital Gains Tax (‘CGT’). Two months later the coalition

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From My Desk…

Greetings Happy New Tax Year! We have been super busy with work and recruitment/training of new staff. We have recently opened the New Plymouth branch of Hughson & Associates.  It’s on the corner of Devon Street East & Hobson Street.  We have two dedicated client carparks out the front.  Call in Monday to Friday 8.30am

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And Lastly…

Mark Hughson, Pottsy and Anna are walking to lunch when they find an old oil lamp. Anna rubs off some of the grime and a Genie comes out in a cloud of smoke.  The Genie says “I only grant three wishes, so I will grant one for each of you”. “Dibs on the first one!”

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In the Office…

To all our clients based in either Opunake or Patea, EFTPOS is now available to pay your accountancy invoices at our respective office. Our Opunake office (26 Napier Street) is open every Wednesday from 10.00am to 3.00pm and our Patea office (Lincoln Street) is open every Thursday from 9.30am to 2.30pm.

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Snippets: Aug – Oct 2018

Takeaway? New Zealand may be perceived as clean and green by the rest of the world, but we have a significant and growing problem. As a country we guzzle our way through approximately 295 million cups of takeaway coffee a year. But coffee cups are recyclable, I hear you say. Unfortunately not; they’re treated with

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Anti-Money Laundering Legislation

WHY WE NEED TO ASK YOU FOR INFORMATION? New Zealand has passed a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“the AML/CFT law” for short). The purpose of the law reflects New Zealand’s commitment to the international initiative to counter the impact that criminal activity has on people and economies

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Foreign Shares

The global economy is seeing New Zealand (NZ) taxpayers invest in overseas companies. However, many people acquire foreign investments without understanding how they will be taxed. Taxpayers that purchase shares in a foreign company should ensure they are familiar with the Foreign Investment Fund (FIF) rules. The FIF regime was introduced to prevent NZ taxpayers

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