Livestock Valuations
Posted: 12 October 2011
The Government’s 2011 Budget signalled potential changes to the livestock valuation election process.
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Penny v Hooper Tax Avoidance Verdict
Posted: 12 October 2011
In a unanimous decision the Supreme Court has agreed with earlier rulings that the Christchurch Orthopaedic Surgeons Ian Penny and Gary Hooper had used their company structures and Family Trusts to artificially lower their salaries and avoid paying the top personal income tax rate.
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New Continuity Cover
We are pleased to advise of a new simple and cost effective solution for both our Rural and Business clients via a new Income Protection based cover.
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Risk Management Basics
We should all now realise what business disaster recovery planning really means and that a pre-emptive strike can positively influence your recovery. There are many aspects to review when it comes to your business recovery plan with no ‘one size fits all’ model available. Below are some important basics that you can implement readily.
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Xero IPhone Application
Xero has just released their Xero Touch application for IPhone, IPad & IPod touch.
The Application now allows users to do the following tasks from their Apple devices:
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IRD Tax Refund Scam!
Another batch of IRD Tax refund spam email's are circulating around.
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The Budget 2011
Big deficit, hard cuts, bright future?
With the highest deficit on record at 16.7 billion dollars, unemployment is high and economic recovery slow. Gulp. Probably the biggest positive is our renewed ability to save. And now the government is practising what they preach as they look to save $5.2 billion over the next four years, with $1.2 billion banked to reduce the need to borrow. The goal is to rebound to a surplus by 2014/2015.
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Forestry in the Emissions Trading Scheme
In this article we summarise the obligations, entitlements and exemptions that will apply to farm forestry blocks planted both pre 1990 and post 1989. Any of our farming clients who have forestry blocks need to make some decisions and act now, as do our forestry clients.
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Tax Changes - Land Sales now GST Zero Rated
In the past, whether or not GST should be added to the sale of land, has sometime been a complex matter. From 1 April 2011 any transaction which has land as a component will be zero rated, as long as the following apply:
- The purchaser declares in writing that the property is to be used for a GST activity.
- The purchaser is GST registered.
If you are going through a land sale or purchase please feel free to contact your Partner or Client Manager.
Tax Changes - Building Depreciation
Depreciation deductions on buildings with an estimated useful life of 50 years or more disappear from the start of the 2011 / 2012 year (for most businesses from 1 April 2011). New rules have been introduced to ensure the fit-out of commercial and industrial buildings continues to be depreciable.
Tax Changes - Company Tax Rate
The Company tax rate will reduce from 30% to 28% from the 2011 / 2012 income year (for most companies, 1 April 2011).
Employment Law Changes from 1 April 2011
Changes to both the Holidays Act and the Employment Relations Act will come into force on 1 April 2011. These changes are intended to reduce compliance costs, increase business confidence in recruiting new staff as well as speed up the resolution of workplace disputes.
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Are LAQC's still valid?
As many of you will be aware the Budget this year announced changes to the Qualifying Company & LAQC regime which will take effect from 1st April 2011. To date only an Issues Paper has been released by the IRD, and it will be some time yet before the final regulations are in place.
The intention is to take the limited liability partnerships regime and overlay that on top of the qualifying company legislation. Basically the regime will pass through any profits or losses onto the underlying shareholders tax returns, and income is taxed at their marginal tax rates.
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