GST on Exports to Australia Big changes are coming for New Zealand firms who export low value goods to Australia. From July 2018, New Zealand firms exporting to Australia will be required to charge 10% GST if their sales to consumers exceed AU$75,000 in any twelve month period. At present, goods under AU$1,000 do not […]
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Motor vehicles left at the airport Motor vehicles left at the airport has been regarded by many as an exempt day for Fringe Benefit Tax (FBT) purposes for many businesses. The business travel exemption applies when: an employee is absent from home with the vehicle for at least 24 hours; and the employee is required
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IRD and your Credit Rating IRD is now permitted to disclose information about overdue tax with credit reporting agencies. Credit reporting agencies report on individuals and businesses. In New Zealand, the two most common are Dun & Bradstreet and Baycorp, although there are others. A new clause has been inserted into the Tax Administration Act
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The 2017 IRD mileage rate has just been released, and for the first time it includes rates for electric vehicles. This year this is a small increase to 73c per kilometre due for both petrol and diesel vehicles. The increase is due to higher average fuel costs during the 2017 income year and a slight
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Valuing shares is a minefield. Some employers offer their employees the option of participating in employee share schemes as a way of increasing employee engagement. The IRD has introduced some rules on share valuations specific to employee schemes which is helpful. As of 1 April, 2017, any shares given to the benefit of the employee
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Key Person Insurance is an increasingly popular way to insulate businesses for lost profits if a key member of your team is incapacitated. As you would imagine, business expenses don’t stop in the absence of a key person and revenue can be significantly disrupted. ‘Key People’ tend to be business owners or partners, specialists (such
Key Person Insurance – is it deductible? Read More »
Logbooks can seem to be a bit of a chore, and a wee bit ‘old school’ given that most applications in business have long since gone digital. We can now keep all our financial records electronically, so why not logbooks for vehicles? Well, there is now an answer. LogbookMe is a cloud based GPS app
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There are some big tax changes in 2017. In previous blog articles we’ve highlighted some of them, specifically around Use of Money Interest changes and Provisional Tax for companies. Angus caught up recently with Michael Barnett, Chief Executive of the Auckland Chamber of Commerce, to talk through the changes in more detail. We hope you
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Earlier last year, we previewed the changes to provisional tax proposed by the government. These changes will substantially change the rules around provisional tax. You can read our blog here. Whilst this might all sound a bit dry, it’s a really big deal and you need to familiarise yourself with it. In short, the Bill
Big Provisional Tax changes on track Read More »
The Government has announced that the minimum wage will increase to $15.75 an hour, up 50 cents from $15.25. This increase will take effect from 1 April, 2017. This increase is the ninth year in a row that the Government has increased the minimum wage rate. All but two of these increases have been by
Did you know there’s more than one minimum wage? Read More »
