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Assessing your business’s viability
Sitting back at your desk after a month of busy family time or relaxing beach days, business owners and executive teams should start to think about not only the year ahead, but the long-term viability of their businesses. With rapid changes and multiple existential threats impacting different businesses in different ways, it might be an
Snippets: Covid fraud
Given the necessity of providing fast relief, the wage subsidy scheme provided during COVID in NZ was largely based on trust. Today, MSD operates a Wage Subsidy Integrity and Fraud Programme aimed at ensuring the integrity of the payments and who received them. So far, 38 people have been brought before the courts in relation
Snippets: National’s tax policies – property
Given the outcome of the general election, we expect to see legislation that will make the following tax changes. The ability to claim interest deductions on debt relating to some residential rental properties acquired before 27 March 2021 will be progressively phased out. National’s tax policy promises to retain a 50% allowable deduction in the
Australia’s tax system compared
With the recent inflation driven surge in the cost of living, apparent increase in crime and seemingly constant complaints about the education and health systems, some New Zealanders are considering packing up and moving to Australia. But is the grass really greener – at least from a tax perspective? Firstly, unlike New Zealand, Australia has
Tax pooling & provisional tax
For a standard 12-month year, provisional tax is due in three instalments. The instalments generally fall on the 28th day of the fifth, ninth and thirteenth months. However, this is varied in certain situations. For example, for a business with a 31 March balance date the instalments are due on 28 August, 15 January and
Dividends – get the basics right
When the top personal tax rate for individuals increased to 39% from 1 April 2021, it was not surprising to see an increase in the number and quantum of dividends declared by companies (owned by individuals) in the lead up to the change. With the anticipated increase in the Trust tax rate from 33% to
From my desk…
Greetings, Finally we have a government and Winston has made his comeback! The Christmas cake is made and is receiving good feedback, the glass of port washing it down may help? Please call into the office for a taste and some Christmas spirit. We thank all clients for what has been a very challenging year
From my desk…
Greetings, Not long now until we get to vote for our country leaders – I get a sense the public are wanting a change, let’s all do our part on the 14th of October and make our votes count! The recession is still biting and affecting household budgets which then flow onto business revenues with
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Snippets: Super profits
Last year, the Green Party hit the headlines for suggesting banks, fuel companies, supermarkets, building products suppliers and energy generators/retailers should pay tax on super profits. So, as we go into the election, we should give some thought as to whether some new innovative taxes are warranted. For example, in Canada, kids cereal manufacturers have
Snippets: GST registration checks
A standard data policing check completed by Inland Revenue is to review taxpayer GST filing patterns to identify taxpayers that are GST registered, but perhaps shouldn’t be. In order to qualify for GST registration, a taxpayer needs to be conducting a “taxable activity”. This comprises a continuous or regular activity that involves making a supply
39% Trust tax rate
On 18 May 2023, the government introduced the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill. The Bill includes draft legislation that will see the trust tax rate increase from 33% to 39% from 1 April 2024, thereby aligning it with the top personal marginal tax rate. Between 2000 and 2010, the
