Our Articles

May 30, 2016
The Property (Relationships) Act 1976 (“The Act”) provides an equal sharing presumption to relationship property for qualifying relationships. Qualifying relationships are marriages, civil unions or de facto relationships that are a minimum of three years in duration. Section 2D of the Act defines a…
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May 30, 2016
We all know the adverts that promise the world, only to find that buried in tiny print at the bottom or at the end, there’s a “BUT”. Even worse, there are the advertisements or offers that are blatantly misleading, if not dishonest. Then there are advertisements that require you to opt out of a…
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May 30, 2016
Inland Revenue has recently updated its mileage rates for expenditure incurred for the business use of a motor vehicle and use-of-money interest rates. Mileage rates A recent review of the Commissioner's mileage rate has resulted in a reduction to the 2016 income tax year rate. The new rate has…
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May 30, 2016
If you are a trustee of a trust this information applies to you. Trustees are personally liable for the tax obligations of the trust. If you resign as a trustee, IRD must receive this in writing, as soon as possible following the resignation, so they can update their records. If you resign…
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May 30, 2016
The Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 received Royal Assent on Friday 13 May 2016. From 1 July 2016 this introduces a requirement to have residential land withholding tax (RLWT) withheld from a sale/disposal of residential land where:…
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May 30, 2016
There are many differences between contractors and employees that affect the rights and obligations of the business and the worker. Note: Don’t get it wrong as it may cost you, To make the correct decision you must focus on the real nature of the working relationship not just the label the…
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May 30, 2016
At a Pre-Budget 2016 speech in April 2016, the Prime Minister, the Rt Hon John Key, announced the release of a business tax package which includes proposals to simplify business tax. One of the proposals allows businesses to use the Accounting Income Method (AIM) to pay provisional tax through…
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April 18, 2016
IRD have a new Property sale information (IR833) form for you to include in your 2016 and future income tax returns, if you: have a taxable property sale, and show the income from the sale in the "Other income" box of their tax return.A separate IR833 should be filed for each…
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April 18, 2016
Do you ever listen to the news and find yourself thinking that the world has gone to the dogs? The rollcall of depressing headlines seems endless. But look beyond what the media calls news and there also are a lot of things going right.It's true the world faces challenges in maintaining stable and…
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April 18, 2016
It is an unfortunate reality of business that Companies fail. When this happens, it can affect a wide range of different parties and their ability to recover money they are owed.Any Company can be placed into receivership by one of its secured creditors if the Company has defaulted on its…
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April 18, 2016
Is there something wrong with this picture? You might think so.An employee came back from his holiday late. While overseas, he ran up a $23K phone bill, at the expense of his employer. He was dismissed, and later raised a personal grievance. While the ERA held that dismissal was justified, the…
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April 18, 2016
It has been highlighted in the media recently that IRD have been requesting information from NZ pension providers in respect of taxpayers who transferred their overseas pensions to NZ prior to 31 March 2014. We have also seen some IRD risk review letters asking how pension transfers have been…
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April 18, 2016
The Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 has been enacted and introduces the R&D loss tax credit initiative. The Government wants to encourage business innovation and recognises that research and development is a key element in this…
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April 18, 2016
The Government has recently announced a number of proposals to simplify business tax. These are outlined in the Officials' Issues Paper Better Business Tax.One of those proposals is a new way of calculating and paying provisional tax, called the Accounting Income Method (AIM). Under AIM,…
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April 18, 2016
In New Zealand it seems we've been indoctrinated on trying to 'get the best deal' and negotiate the 'lowest possible interest rates'. We often forget that it's the overall cost of the loan or mortgage that is the most important thing to remember. Banks make money off you having your mortgage with…
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April 18, 2016
In 2015, four years ahead of schedule, ACC reached the funds milestone needed to support people who were injured before privatisation occurred in 1999. The Accident Compensation (Financial Responsibility and Transparency) Amendment Bill was passed into legislation, allowing the Minister for ACC Hon…
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April 18, 2016
Upcoming seminars:6th May we are holding a Payroll Seminar. Starting at 10am with morning tea this seminar should end around 11.30am. The seminar will cover Recent MBIE Changes and how they affect small businesses, what’s changing and what you need to do now; Holiday Pay and how to…
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March 8, 2016
The Employment Standards Legislation Bill is designed to address growing concerns with enforcement of employment standards and employee protection. A raft of changes in employment law will happen over the next 18 months and small businesses in particular are being advised to take note.Employment…
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March 8, 2016
With the 31 March 2016 year-end fast approaching it is an appropriate time to consider some long-term tax planning initiatives and undertake some short-term measures to minimise tax for the current year.THINGS TO DO:Review doubtful debts and write off any bad debts prior to balance date. Bad debts…
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March 8, 2016
New Year is a customary time to speculate. In a digital age, when past forecasts are available online, market and media professionals find it harder to hide their blushes when their financial predictions go awry. But there are ways around that.The ignominy that goes with making bold forecasts was…
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