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Tax Talk Newsletter Autumn 2019
Get End of Year Right - If you want to write off a bad debt & claim your loss in the current year, you must do this before your business balance date. Depending on your system of accounting, this could involve writing something like “debt written off by me on. . . Date signed. . . .” across a copy of an ...
Tax Talk Newsletter Summer 2019
Family Business Planning Over Summer - The summer holidays offer a good opportunity to get together and discuss plans for your family business. But there are some rules you should follow to make sure it’s only the barbeque that gets heated! Dinner discussions: Why they're important Working in any family business – where two or more family members work in a business owned ...
TaxTalk Newsletter Spring 2018
AML Law Changes - Justice Minister Andrew Little has launched a public information campaign to raise awareness about the problem of money laundering by domestic and foreign criminals here in in New Zealand. “The Keep Our Money Clean campaign is about keeping our international corruption-free reputation and making sure Kiwi businesses are informed and prepared,” says Andrew Little. “The campaign starts today and uses print ...
Tax Talk Newsletter Winter 2018
The Families Package: what does it mean for you? - The Families Package is a collection of changes aimed at assisting New Zealand families and helping children get the best start in life. They come into effect on 1 July 2018. Best Start tax credit Best Start is a new weekly payment of $60 per child, available to eligible parents who have a ...
Tax Talk Newsletter Autumn 2018
Get organised for annual accounts - The 31st of March is rapidly approaching. Now is a good time to think about getting organised for your annual accounts to minimise hassles. The following comments are based on a 31 March balance date. If yours is different, please adjust accordingly. If you have bad debts, write them off before you get to 31 March or ...
Tax Talk Newsletter Dec 17/Jan 18
Smile: it's good for business - What do Jacinda Ardern, Winston Peters, and Bill English (and John Key before him) have in common? When they see a camera, they almost always smile. Smiling is most important when selling. And like all good sales people, politicians are constantly promoting their product. Here's an example of a winning smile. Jane’s father was dropping her off at ...
Tax Talk Newsletter Oct / Nov 2017
Set out to succeed - According to international business information service Bloomberg, eight out of 10 new businesses fail in the first 18 months. If you want to be one of the two out of 10 who succeed, there's plenty of useful advice from experts. A web search will throw out lots of tips, but some consistent messages come through. One of the ...
Tax Talk Newsletter Aug / Sep 2017
Residential care: income derived from gifted assets not to be taken into consideration for income assessment purposes - In Broadbent v The Chief Executive of the Ministry of Social Development [2017] NZHC 1499 (essentially a test case), the key issue was how any gifting that falls within the gifting threshold of $27,000 pa permitted under the relevant social security legislation is ...
Tax Talk Newsletter Jun / Jul 17
Sharing information to combat global tax evasion - The Government has signed up to the global automatic exchange of information (AEOI) initiative led by the OECD. We're one of 100 countries that will automatically share some financial account information about foreign tax residents. All countries will use the Common Reporting Standard (CRS) to identify and report on financial accounts held or ...
TaxTalk Newsletter Apr / May 17
7 April: Tax payment reminder -This is a further reminder that payments for end-of-year income tax, student loans and overpaid Working for Families Tax Credits for the 2015-16 tax year are due April 7 for all customers with an extension of time. IRD will be sending reminders such as: letters to some customers from 16 March onwards that will direct them to the ...