As of 1 July 2025, the Depositor Compensation Scheme (DCS) has come into effect to protect the savings of individuals and businesses if a bank or other ‘deposit-taker’ fails. Managed by the Reserve Bank of New Zealand, the scheme is designed to strengthen public confidence in the country’s financial system and promote stability during times […]
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There are certain topics that we enjoy being cynical about. The speed at which oil companies increase their price at the pump when the price of crude increases versus the speed at which it drops when the price of crude decreases. Or similarly, how quickly banks increase interest rates when the OCR increases, versus reducing
Snippets: IRD interest rates Read More »
Earlier this year, Inland Revenue (IRD) released an officials’ issues paper titled “Fringe Benefit Tax – Options for Change”. The paper sought feedback on potential reforms to the FBT regime. The most notable proposals related to the application of FBT to motor vehicles, particularly utes. In the May 2025 Budget, the Government signalled support for
If you or your friends or neighbours have solar panels on the roof of their home it is likely the excess electricity is being sold back to the retailer for a credit on the bill. It is also likely that not much thought has been given to whether that ‘credit’ is actually taxable, however Inland
Over the last six to twelve months Inland Revenue (IRD) has been taking a firmer stance when it comes to collecting overdue tax. This is in the form of increased liquidation action and enforced withdrawals directly from a taxpayer’s bank account. Given the potential for IRD to take action it is more important than ever
Inland Revenue is taking a tougher stance on debt Read More »
Online scammers and phishing attacks have become extremely sophisticated lately. Hence, it is understandable that we are constantly warned to be vigilant and on the lookout for the next attack. But as focus shifts to looking outside the organisation, an eye needs to be kept on what is going on within the organisation. Internal fraud
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The Financial Markets Authority (FMA) has issued its first Financial Conduct Report (FCR). The purpose of the report is to be transparent about the conduct that it sees and the regulatory priorities it will focus on over the coming year. Regardless of size, businesses don’t operate in a vacuum and are increasingly being impacted by
Financial Conduct Report 1st Edition Read More »
Greetings, We welcome Spring with the longer days and slightly warmer temperatures. In the office we are currently focused on processing annual accounts for clients as quickly and efficiently as possible. We have seen some increased tax for many clients as a result of falling interest rates and rising dairy prices. Recently we have seen
From my desk: August – October 2025 Read More »
With the New Zealand Budget set to be released on 22 May 2025, it is worth looking over the ditch and seeing whether the grass in Australia is greener as a result of their Budget that was released on 25 March 2025. A tax cut was introduced for individuals. The rate applying to income between
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When the unexpected happens — a fire, flood, or major equipment failure — insurance proceeds can provide some welcome relief. However, from a tax perspective, how that payment is treated isn’t always as simple as it first appears. While many businesses instinctively classify insurance proceeds as taxable income, this is not always necessary. Applying the
Navigating insurance proceeds and tax Read More »