NZ Trust Law to be Overhauled

November 13, 2017
Parliamentary plastic surgery is in store for the Trustee Act, to make trust law easier to access and understand. On 1 August, Justice Minister Amy Adams introduced the Trusts Bill to Parliament. This will be the first significant change since the introduction of the Trustee Act 1956. Although we have had a change of government, we do expect that this will still go through in current format and at this stage a date is yet to be set. The old Act...

Business Culture tied to Business Performance

November 10, 2017
While it’s easy to think of business culture as a bit soft compared with, say, achieving sales, in fact it’s anything but. A 2014 study reported that public companies named in a “Best Places to Work” list in 2009 outperformed the S&P 500 by 115 percent in the following five years. The Glassdoor study suggests that a culture that engages and motivates employees helps the bottom line. But the reverse isn’t true: A company’s success isn’t enough to produce a positive...

Inland Revenue Update

November 10, 2017
We have written recently to Inland Revenue (IRD), raising the issue of a number of occasions whereby IRD staff have contacted clients directly instead of contacting us as your agents in the first instance. We are reminded of a communication protocol issued six years ago that remains in place to this day. Please note some responses from IRD in italics. “In summary, specifically around debt and returns, the agent (that’s us) will receive a letter advising of the outstanding debt or...

Protecting your Business from Cybercrime

November 10, 2017
The internet has become the essential infrastructure for most businesses around the globe. But with increased connectivity comes unprecedented risk of fraud, theft and abuse. The digitised world is growing at a phenomenal pace, transforming the economic, political and social landscape around the world. The falling costs of technology have fuelled rapid digitisation of developing economies in Africa and other regions, bringing huge benefits to disadvantaged people, including to those without bank accounts or access to electricity. However, businesses and government...

Successful Cashflow Forecasting and Budgeting

November 8, 2017
Raising funds or refinancing? Then it is highly likely that a budget or cash flow forecast will be required to support an application for funding to ensure its success. These forecasts are used in the application process to give the financier comfort that the applicant can meet its repayment obligations. Nexia New Zealand recently assisted Shopping Centre Investments Limited (The Hub Hornby shopping mall) with their successful $72.5million refinancing and $13.781million Convertible Notes issue. In a tough climate, the Convertible Notes...

One Woman's Journey

September 5, 2017
Jane Jackman, a Director of Nexia New Zealand, shares her personal experience from Motherhood to gender diversity throughout her very successful career. This is Jane’s journey …. From the time I got my accountancy degree I was weighing up the age old question… “Should I have my family while I’m young or my career then my family?” I understand this may not be the case for all women, but it was forefront of my mind as I was married at 20...

Budget and Management Reporting

July 5, 2017
Have you ever thought of sitting down and preparing a budget? If you have, you are demonstrating a proactive approach to managing your business. A properly thought out budget can often uncover risks and opportunities that may have otherwise gone unnoticed while working on the day to day operation of the business. By setting and approving a budget, you are in essence setting a target for your business to work towards in the future, creating accountability for management to achieve these...

ACC Updates - CoverPlus Extra Policies

July 5, 2017
On-time Payments ACC has stream lined their process regarding the non-payment of CoverPlus Extra (CPX) policies due to their new digital platform. This also means you can now apply for CPX online. It is now imperative to sort your CPX invoice before the due date because if payment is not made or a payment arrangement is not set up by the due date, ACC will now terminate your CPX policy and you will revert back to the Standard Cover. Standard Cover...

More In Your Pocket From 1 April 2018

July 5, 2017
Did we expect an easier ride from an election year budget? Yup. And we got it. The 2017 Budget’s bottom line is to boost spending, ease taxes and give some extra legroom to our growing population and economy. The Budget combines tax breaks for working families with support for innovation and investment in business. Tax brackets There’s a broad recognition that while the average wage has risen, the tax rates haven’t flexed to accommodate it. Moves into a higher tax bracket...

Trading with the US: what might the future hold?

July 5, 2017
A number of international trade agreements with the US are under review. The US has been expanding trade and reducing tariff barriers via a series of bilateral agreements since 1934[1]. Shortly after US President Donald Trump’s administration came into power, it said: “For too long, Americans have been forced to accept trade deals that put interests of insiders and the Washington elite over the hard-working men and women in the US.”[2] Trump intends to pull out of trade agreements that he...
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