Budget 2018 - Special Edition Tax Alert

May 18, 2018
Finance Minister Grant Robertson delivered the Coalition Government’s first budget yesterday. The focus of Budget 2018 is on public spending and infrastructure investment and there is very little in the way of tax announcements. Given the appointment of the Tax Working Group (TWG) in late 2017, it is unsurprising that there are few tax changes announced as part of Budget 2018. Any significant tax changes are instead likely to be driven by the TWG, which is expected to deliver its final...

Property tax changes & Bright-line test extended to 5 years

May 10, 2018
Property Tax Changes ... Labour is making good on its election policies with tax changes introduced in March that are aimed at increasing housing affordability. Bright-line test extended to 5 years The first change being the (much anticipated) extension of the residential bright line test from 2 years to 5 years. Intention of bright-line rule – buying for resale always taxable The bright-line test you may recall, was introduced to tighten up the existing land taxing provisions. If you purchase land...

Government consulting on R&D tax incentives

May 10, 2018
The government has released a discussion document seeking feedback on proposals to implement a R&D tax credit regime with effect from 1 April 2019. The proposed R&D incentive will be in the form of a 12.5% refundable tax credit on eligible expenditure available to businesses doing R&D in New Zealand. Board proposals The proposals are very much a work in progress, with feedback being sought on various aspects of the regime. However, in broad terms the R&D credit regime proposes: That...

Our new Christchurch Tax Director makes tax less taxing

April 4, 2018
Is tax working for or against you? The right advice can save time, money, penalties and last-minute frustration. Whether you’re a large corporate, SME, or high wealth individual, Maggie Jaques our new Christchurch Tax Director is ready to apply her knowledge and experience to achieve practical and pragmatic solutions and ensure tax works in your interests. “Even if you’ve just finished your taxation tidy-up for the last year, take a breath and refocus,” says Maggie. “There really is no better time...

Earthquake Tax Relief Time Limits Running Out

March 1, 2018
Many building owners in Canterbury may have taken the opportunity to defer tax adjustments that result from earthquake tax concessions. This would have occurred when earthquake insurance proceeds were paid for the full value of a building, as the receipt of insurance proceeds would have been deemed to have been an asset sale. After an asset sale occurs a tax adjustment called “depreciation recovered” is often made, which increases income in the year of sale. Shortly after the Canterbury Earthquakes the...

Our Clients: Mainland Football Club

February 22, 2018
Mainland Football is the second largest Football Federation in New Zealand, boasting 51 member clubs and more than 21,000 registered players in Football and Futsal. While the game has come along leaps and bounds in recent years, the challenge is to keep it growing in a world in which people view community sports very differently to how they used to. Chief Executive Julian Bowden talked to NEXT about the challenges facing community football in NZ. In a market like New Zealand,...

Nexia International becomes ninth largest global accounting network

February 22, 2018
Nexia International (Nexia), a network of independent accounting and consulting firms, is delighted to announce that according to the latest International Accounting Bulletin (IAB) World Survey, the network has risen one place since last year to become the 9th largest global accounting network, as measured by fee income. The financial results for 2017, show total fee income of more than US$3.62bn – an increase of 13% on 2016. This increase in global revenue is a result of growth right across the...

Estate planning: Getting the basis right

February 22, 2018
It is an unfortunate fact that although most people understand the fundamental importance of estate planning, it is an area of financial management that is often neglected. Why? Is it because people don’t like talking about death? Are they a bit confronted by their own mortality? Do they not want to tempt fate? Or is it all “just too hard”? Whatever the reason, it is vitally important for everyone get the basics done right. Will Unless you want strangers involved in...

Tax tips, traps and troubles

February 21, 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 you'll have to include the amount owing to you in your sales for the year. If you have...

Strategic Planning for your Business

February 21, 2018
Some businesses have an uncanny ability to muddle their way to success. Most don’t. When was the last time you reflected with purpose on where you want your business to go? Don’t leave success to chance. A good Business Plan is a roadmap to success. It defines the destination and helps you get there. Developing one needn’t be a chore. Adopt the right mindset Schedule time; you will feel energized rather than squeezing this important task around everything else. It is...
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