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Broader effects of Covid-19
Over the last two years most of us have had to deal with working from home in some way, shape or form, and for those who are parents, added difficulties arose with trying to entertain and educate children whilst also fulfilling employment duties. Employers have helped employees as much as possible, in some cases providing
Tax due diligence when buying or selling
The summer break is a time for reflection on the year that has been. For business owners, this break is an opportunity to evaluate their future strategy and consider whether it is time to exit, or conversely, grow by purchasing someone else’s business. Whether buying or selling, it is a demanding exercise. A business sale
Inflation pricing pressures and consumer engagement
From initial fears of a prolonged economic slump due to Covid-19, the global economy has seen a resurgence led by unprecedented demand. To experience such strong activity following months of lock-down where key industries cut back on activity to reduce costs, a backlog has been created such that global supply chains may take years to
Purchase price allocation
After undergoing over a year of consultation, the purchase price allocation legislation is now in effect. At a high-level, the purpose of the legislation is to ensure vendors and purchasers allocate consistent prices to business assets for tax purposes when selling and buying assets. For a vendor, the prices allocated will determine the extent to
From my desk – February 2022
2022 has taken off with a bang! We have rising interest rates; rising inflation and still property prices push upwards… Now we have Omicron on the horizon you will find that the Hughson & Associates team are working as remotely from each other as practical. We are making full use of our satellite offices in
From My Desk-November 2021
Phew, that was close. With Covid getting to Stratford last week we all worried that we would again be working from home. Seems we got lucky, but even so Covid is impacting on many clients, with us undertaking many wage subsidy & resurgence payment applications on behalf of those affected. We await the outcome of
Covid rewards
As the world moves to a vaccine-based approach to manage Covid-19 there have been some interesting incentives to boost vaccination rates. Across New Zealand, organisations including KFC, New Zealand Rugby and local burger and kebab joints have got on board by giving away freebies to vaccinated individuals. However, Amazon’s incentives top these freebies after
GST warranty
Near the top of the first page of the Auckland District Law Society “Agreement for Sale and Purchase of Real Estate” sits the following question: The vendor is registered under the GST Act in respect of the transaction evidenced by this Agreement and/or will be registered at settlement: Yes / No. The answer to the question
Where is this going?
On 2nd December 2020, legislation was introduced by the Government that increased the top personal marginal tax rate to 39% on income over $180,000 from the start of the 2021/22 income year. Three other changes were included in that legislation. It introduced: new information gathering powers for the purpose of tax policy development, a new
New tax legislation
On 9 September 2021, the Government introduced the Taxation (Annual Rates for 2021-22, GST and Remedial Matters) Bill (“the Bill”) into Parliament, containing over 100 tax amendments. Changes of note are summarised as follows. One significant amendment is in relation to purchases from associated persons. Under current law, if a GST registered person (‘the purchaser’)
Challenges and opportunities in a turbulent job market
In the middle of a pandemic, it can seem at times that the grass is greener elsewhere. Almost two years into a global health crisis that many could not have imagined in their lifetimes, the concept of lockdowns, working from home, a fading connection to the workplace, and the overwhelming feeling of burn-out is driving
Clarity for property investors
In March 2021 the Government announced changes to the bright-line test and interest deductibility for residential properties. Following the release of a discussion document in June, there has still been significant uncertainty regarding the specific details of how the new rules will apply. However, the government has now provided clarity through the release of draft
