HLB MANN JUDD CLIENT NEWSLETTER
July & August Special Bulletin
Date:July/August 2010Budget 2010.
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July & August Client Newsletter
Date: July/August 2010Wills, Payroll Giving, GST Refunds and Tax Snippets.
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May & June Client Newsletter
Date: May/June 2010Tax Deductibility of Legal Expenses, Changes in RWT Rates for Investments and Changes to Personal Tax Rates.
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March Client Newsletter
Date: February/March 2010Managing Tax Debt, Time Bar Waiver, Tax Treatment of Certain Payments to Employees and an update on associated persons.
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End-of-year Tax Information Checklist
Date: February/March 2010It’s that time of the year again when you’ll need to start gathering together your accounting and tax information for the year ended 31 March 2010.
Here's a list of items that will assist you with this process, and remind you of some of your tax obligations.
More info >>
Closer Tasman association and name change
Date: 2 February 2010A new cross-Tasman association of accounting firms has been formed with Auckland based HLB Wylie McDonald joining the Australian HLB Mann Judd National Association, which as a result has changed its name to the HLB Mann Judd Australasian Association.
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IRD Matters
Date: December / January 2009/2010- New Mileage Rate for Motor Vehicle Expenditure.
- Filed Tax Returns.
- Tax Issues for New Zealanders Returning from Overseas.
- Tax Treatment of Holiday Houses.
Surviving the tough times
Date: October / November 2009
The financial problems at the business are not a secret.
Somehow word has got out that the business is struggling. Speculation
continues among customers, competitors, and staff. While this may not
reflect the situation in your business, this scenario is repeating
itself throughout the nation as businesses are forced to cope with the
new economic environment.
So what should a business do in these circumstances?
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Trusts. Do you act as trustee for a trust?
Date: October / November 2009
Many people have set up trusts to which they transfer assets but give no
thought to important ongoing administration and record-keeping
requirements. The responsibility to ensure that the trust is managed
correctly rests with the trustees. Ignorance is no excuse or protection.
A trustee may be an individual or a company (often referred to as a
corporate trustee). Trustees do not own the assets of the trust but have
a legal obligation to manage those assets in the best interests of the
trust beneficiaries.
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Commercial Leases
Date: August / September 2009
Given the current economic climate, it may not be surprising to find
that slow-performing businesses might want to surrender their leases to
reduce overheads.
What does this mean to the landlord?
Lease surrender payments received by the landlord from the tenant to
leave the premises before the expiry of the lease term may be treated as
income or capital for tax purposes, depending on the nature of the lease
and the landlord’s business activity.
Generally, where the landlord is in the business of leasing, any receipt
of surrender payments will be treated as relating to that leasing
business and therefore held taxable. If the landlord leases several
properties or is actively involved in deriving rental income from the
management of one property then it can be assumed that they are in the
leasing business.
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New Zealand Budget 2009
Date: June / July 2009
Budget 2009 has three main objectives:
1. Helping New Zealanders through the recession and supporting jobs
Budget 2009:
• Maintains all entitlements to income support;
• Increases spending on front-line public services, particularly in
health, education, and justice; and
• Fulfills the remaining Election commitments.
Mr English states that these elements are intended to give New
Zealanders security, maintain economic activity, and enhance public
services.
More info
>>
Changes to Partnerships
Date: June / July 2009
It has been a year since the Government introduced the new legislation
for partnerships. It clarified and amended some areas of the existing
law on general partnerships and brought the new Limited Partnership Act
2008 (Act) into existence. The following is a brief discussion on the
salient points of both.
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Financial Reporting Standards in Limbo
Date: April / May 2009
In December 2002, the Accounting Standards Review Board (ASRB) announced
that New Zealand entities would adopt international reporting standards
for periods beginning on or after 1 January 2007. The aim was (and still
is) to harmonise New Zealand reporting of financial statements to the
international standards.
More info >>
End-of-year tax information checklist
Date: Febuary / March 2009
It’s that time of the year again when you’ll need to start gathering
together your accounting and tax information for the year ended 31 March
2009. Set out below is a list of items that will assist you with this
process, and remind you of some of your tax obligations.
More info >>
Tax Highlights
Date: Febuary / March 2009
A new Taxation Bill, introduced in the 2008 calendar year, proposes a
number of threshold changes for SMEs (small and medium-sized
enterprises). The changes are aimed at reducing tax compliance costs for
SMEs and if legislated, will come into force from 1 April 2009.
More info >>
February/March 2009 edition of the Client Newsletter
Date: Febuary / March 2009
We recently provided the February/March 2009 edition of the Client
Newsletter and Special Bulletin via the website. In that edition of the
Client Newsletter, one of the articles examined Tax highlights and New
thresholds for SME”. Subsequent to this item appearing in the Client
Newsletter, a Bill was introduced into parliament that proposes
additional amendments.
More info >>
Due diligence – action checklist
Date: October 2008
Buying a business is a major decision. The purchase of a business can be
done either through an asset sale, or the purchasing of shares in a
company or interests in a trust.
More info >>
Land & Associated Persons Rules
Date: October 2008
It is interesting to note how the associated persons rules have evolved
since they were first enacted, in 1917, to connect two companies with
substantially the same shareholders.
More info >>
Taxation of Investment Income
Date: August 2008
The taxation of investment income changed with the introduction of
Portfolio Investment Entities (PIE) on 1 October 2007 and the Fixed
Dividend Rate (FDR) method on 1 April 2007.
More info >>
Budget 2008
Date: June 2008
Budget 2008 is the ninth Budget of the third-term Labour-led Government
and was delivered by the Finance Minister, Hon. Michael Cullen, on 22
May 2008. According to Dr Cullen, the connecting thread throughout those
nine Labour-led Budgets has been the twin themes of security and
opportunity – ideals that lie at the heart of our national identity.
More info >>
Qualifying companies and distributions
Date: June 2008
Qualifying companies are ordinary companies with a special tax status.
Qualifying companies (QC) and for that matter Loss Attributing
Qualifying Companies (LAQC) are able to make dividend distributions to
their shareholders tax-free if all the imputation credits are used up,
whereas an ordinary company is not able to distribute such dividends
tax-free.
More info >>
Transfer of depreciated property between associated persons
Date: April 2008
The IRD issued a Standard Practice Statement(SPS 07/05) which sets out
when the Commissioner will exercise its discretion under section EE33 of
the Income Tax Act 2004 which permits depreciation deduction based on
the “new” acquisition cost where a purchaser has acquired the property
from an associated party.
More info >>
End-of-year tax information checklist
Date: Febuary 2008
It’s that time of the year again when you’ll need to start gathering
together your accounting and tax information for the year ended 31 March
2008. Set out below is a list of items that will assist you with this
process, and remind you of some of your tax obligations.
More info >>
Company tax rate reduction
Date: Febuary 2008
The reduction of the company tax rate to 30% from 1 April 2008 will make
a company structure more attractive than it was previously.
More info >>
Wills
Date: December 2007
Surprising as it may appear, the existing law on wills dates back to the
1830’s. The rules laid down almost two centuries ago such as signing,
revoking or correcting wills are considered too archaic and strict to
give proper effect to the intentions of the person making the will in
the 21st century.
More info >>
Liquidation of companies
Date: October 2007
With the recent spate of financial companies falling over, one wonders
whether the laws governing their operations are not regulated enough or
whether there are other external reasons. It could well be a combination
of both and several other factors – external and internal – but usually
creditors are the most likely losers in a liquidation.
More info >>
KiwiSaver has started
Date: August 2007
Employers are the key to making KiwiSaver work. The Inland Revenue
Department has tried to make the process for employers as easy as
possible. For employers without a current superannuation scheme the
transition to KiwiSaver will not be difficult as compulsory deductions
will work alongside the PAYE system with two additional columns being
added on the PAYE form.
More info >>