Our Articles

December 20, 2019
Inland Revenue (IR) have introduced several significant changes dealing with the way investment income is reported.Payers will be required to provide more detailed investment income information more frequently, and in an electronic format. For most types of investment income, that will mean…
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December 20, 2019
Better safe than sorry . . . Are you prepared? You may have noticed that Inland Revenue (IR) has been featuring in the media quite a bit lately.Reported to have received additional funding, it has resulted in a sharp increase in audit activity and now, more than ever before, individuals and…
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December 20, 2019
Declare it all. Or risk everything. Tradies who do undeclared cash jobs can be hit with tax penalties, or criminal convictions that could lead to prison – costing them their business and their income. Doing jobs for cash or for your mates is okay - as long as you record them and declare the…
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December 20, 2019
Inland Revenue says new measures to ensure large multinationals pay the right tax in New Zealand are working well and should mean an extra $200m in tax collected each year. The Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 made a series of changes to New Zealand's…
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December 20, 2019
You’re at risk if you’re in business and using a standard form of contract, you supply goods or services: to non business customers orto business customers and the goods or services are of the kind ordinarily bought for personal household or domestic use (unless the business customers are buying as…
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December 20, 2019
There are many types of trusts that can be tailored to achieve a specific purpose. The general purpose of a trust is to protect your assets and provide for desired succession planning for future generations. A trust is created by a trust deed whereby a person (the settlor) transfers property to the…
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December 20, 2019
The financial media is currently full of gloomy-sounding references to ‘inverted yield curves’ as a harbinger of a global recession. In lay terms, what does all this mean and how should a long-term investor respond? A yield curve is a line that plots the yields of bonds of the same credit quality…
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December 3, 2019
What is direct debit? When you set up a direct debit with a customer, you can collect payments straight from their bank. Of course, you have to notify them ahead of time what you’re taking and when, but the customer doesn’t have to do anything to make the payment happen. Benefits of direct debit…
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November 1, 2019
Team Changes: Accounting Team: Kristine Boyose has left the accounting team as she and her family have moved overseas. Prabhjit Singh has joined the accounting team and will be working alongside Venay Nair. Ashreen Lochan has also joined the accounting team and will be working alongside Tim…
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November 1, 2019
A number of our clients have received emails from IRD stating that they have a refund and they need to contact IRD (and they give you a link to click on).These are not real and are a (very good) scam. In come cases the emails are going to work email addresses stating that ‘IRD are using your work…
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November 1, 2019
Do you own a car? Most of us will answer yes, I own a car. Is your car the same or different from other peoples? We all have different cars – electric, V8, luxury, two seats, eight seats etc. We all own a car but have significantly different types. Do have insurance? Most of us will answer yes, I…
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November 1, 2019
Ring-fencing rental deductions From the 2019-20 income year new ring-fencing rules apply to residential property deductions. Ring-fencing means residential property deductions can only be used to offset income from residential property. You cannot use rental losses to offset other income like…
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November 1, 2019
Inland Revenue compliance staff have searched several Central Otago businesses and made unannounced visits to others, as part of its current hidden economy campaign targeting the hospitality sector.Café, restaurants, bars and takeaways are the focus of the renewed campaign which follows the…
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November 1, 2019
Theses tips, while not being any form of legal advice, may help to clear up some common misunderstandings or confusion. Agreement vs Contract A contract is always an agreement but an agreement may not be a contract e.g. it may be a non binding agreement or for some technical legal reason, it may…
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November 1, 2019
A sole trader is a common ownership structure that can be used to operate a small business. The main operator of the business may be one person, supported by a family member such as a spouse. Operating a business may be risky if the right asset protection and insurance is not in place to support the…
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November 1, 2019
In September I had the pleasure of listening to Warren Rustand speak to a small audience of entrepreneurs in Auckland. Warren is a remarkable individual. Among his many accolades, he is a former NBA basketball player; he served as the appointment secretary to US president Gerald Ford; he has been…
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October 3, 2019
Measles is a highly contagious illness as we can see from current news reports about the spread of the disease. Your workplace may well already be impacted by this disease, either due to employees becoming ill, being absent to care for family members or possibly due to the nature of the business…
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October 3, 2019
The government has recently made changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the “Act”) to prevent money laundering and terrorism financing within various businesses and professions (including lawyers, accountants and real estate agents). The Act aims to…
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October 3, 2019
The Court of Appeal recently looked at the question of whether an employer can pay out a notice period during a trial period. The answer is yes, if the employment agreement provides for this. The employment agreement in question provided for 4 weeks’ notice of termination. The employer terminated…
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October 3, 2019
Working with customers to get their tax right is IRD’s preferred approach. However, when all other avenues fail, we consider taking prosecution action.IRD has more than 90 cases before the courts as of the end of June and sentences have been handed down over recent months for tax evasion and other…
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