December 2, 2020
With the Labour Government’s record win at the polls last month, the introduction of a top marginal tax rate of 39% is a certainty. Labour is at pains to point out that it applies only to individuals who earn more than $180,000 per annum (or the top 2% of earners in New Zealand) and that the additional revenue raised will be used to help control debt and protect vital services, like health and education.
November 27, 2020
On the 1st of December this year the Privacy Act 2020 will replace the Privacy Act 1993, completing a lengthy overhaul process. The purpose of the act is to strengthen privacy protections, and to promote better risk management and earlier intervention by the organisations and individuals that handle data. Make sure your business has the right systems and processes in place to ensure compliance with the new Act.
November 23, 2020
The Nexia New Zealand Insolvency & Recovery team has seen an increase in work in 2020 with new engagements almost doubling those in 2019. While the majority have been shareholder appointments across varying industries, we are also beginning to see the effects of COVID-19 and the strain it has placed on the economy.
November 20, 2020
Nexia New Zealand is proud to be supporting the 2020 Canterbury Special Children’s Christmas Party. It’s set to be a day of fun with entertainment, games, rides and toy giveaways that will put smiles on the faces of children who are unwell or come from very underprivileged circumstances. The SKY TV Special Children’s Christmas Parties in association with NZME are the biggest events of their kind in New Zealand for special needs children and their families. By sponsoring this event, we’re helping some of the most deserving children in our community.
October 15, 2020
Gynaecological cancers affects over a thousand women a year in NZ, more women succumb to these cancers here than melanoma, yet they are not widely discussed. We were honoured to have Bryony Simcock speak at our event "Raising the Awareness of Gynaecological Cancer", she is one of two gynae-oncologists who care for women in the South Island.
September 24, 2020
On Tuesday we hosted 60 attendees at Nexia House for an IOD event “Governance in a time of crisis – war stories from the Boardroom”.
September 11, 2020
This week Finance Minister Grant Robertson made headlines with the announcement of the Labour Party’s 2020 Election tax policy. The key point in this policy is the reintroduction of a 39% top personal tax rate. This will apply from 1 April 2021 to those earning over $180,000 per year. We ask what this proposal is likely to achieve if (when) it is implemented.
August 19, 2020
The tourism sector has been hard hit by COVID-19, and owners of Airbnb’s and other short-term accommodation are no exception. While it is true that no GST needs to be accounted for on the residential rental income received, there is a larger concern, being the deemed cessation of the person’s GST taxable activity. Where a person ceases their GST activity (that is, they won’t be making any GST taxable sales or supplies for the foreseeable future) there is a deemed disposal at market value of all the assets used in the taxable activity.
July 28, 2020
Performing a payroll audit can help reduce the risks associated with payroll errors and non-compliance. There is a myriad of ways in which your payroll processes can go wrong and put you in breach of employment law and a raft of legislative requirements. These mistakes are potentially very costly to your business.