Associated Persons must be disclosed The IRD have announced some changes around disclosing the names of associated persons when preparing financial statements. From the 2015-16 tax year, transactions between associated persons must be disclosed in financial statements. What type of transactions would be disclosed? interest expense on loans from associates loans or other advances to […]
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What tax deductions can I claim? Every year at tax time clients ask us about what sort of deductions can be claimed. There is real confusion around just what can and can’t be claimed and some stiff penalties if you get this wrong. As a general rule, business expenditure is deductible; private or domestic expenditure
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A cash flow budget is essential to any business and flows on from your annual budget process. Once you have your annual budget finalised, it’s a really good idea to prepare a cash flow budget. (If you want to brush up on budgeting, check out our blog here). What does a cash flow budget do?
Do I need a Cash flow budget? Read More »
There is no doubt that using a contractor over an employee can be attractive. We are often asked about the tax requirements for contractors. Schedular Payments In some cases you will need to deduct a flat rate of tax when using a self-employed contractor, even if that contractor is registered for GST. This is commonly called
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The Companies and Limited Partnerships Amendment Act 2014 has a few changes in store that will impact existing companies as well as new incorporations. These changes take effect from 1 May, 2015. Important Changes for Directors All New Zealand companies will need to have at least one director who lives in New Zealand. The only
Companies Office changes ahead for directors Read More »
For companies that have more than one shareholder, the Shareholder Continuity Test is pretty important. Even if you currently only have one shareholder, shareholdings can change so the issue is an important one for all company owners. Shareholder continuity refers to changes that have occurred to the number of shareholders and the nature of their
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Rental property tax rules can have a big impact on the amount of tax an individual will pay. There are a number of options. Sole Trader (personal ownership) If you are going to own the property in your own name, the simplest way to own a rental property is often as a sole trader. Once
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Paying provisional tax interest is widely disliked. The Christmas-New Year period is a good time to take stock of how you have been trading throughout the year for tax purposes. By the time you are popping the corks on New Year’s Eve, nine months of the financial year will have passed. That as good a time
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With Christmas fast approaching many companies are already thinking about the team Christmas function or perhaps gifts for team members. With that comes the usual questions about entertainment deductions and tax. We’ve put together a helpful guide to get you through the silly season. Christmas Lunches for Clients As with all customer entertainment, this is
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A large number of our clients are also trustees of discretionary trusts and so we thought it would be useful to post a refresher on trustee duties. The discussion is not intended to be exhaustive but we hope provides a good overview. Managing the Trust’s Affairs Efficiently Trustees have a duty amongst other things with
Trustee Duties – at a glance Read More »
