April 26, 2018
Anti-money laundering has recently been in the spotlight in New Zealand with the Ministry of Justice estimating that almost NZ$ 1.35 billion from fraud and illegal drugs is laundered through ordinary New Zealand businesses each year. To combat this kind of criminal activity, New Zealand’s… Read full post »
April 26, 2018
Employment law seems to be the flavour of the month. The Employment Court has given a very important decision affirming that it is permissible to pay out a notice period in relation to a trial period. There was uncertainty about this due to another Employment Court decision. The employment… Read full post »
April 26, 2018
The effective date for transferring a GST refund arising in periods ending on or after 1 April 2018 will now depend on when your GST return is filed. For GST returns filed: before the due date: the refund can only be transferred on the day after; thethe return was filed, orthe end of the GST… Read full post »
April 26, 2018
From 29 March 2018 the bright-line test for residential property has been extended from 2 years to 5 years. The extended bright-line test only applies to properties for which an agreement to purchase the property was entered into on or after 29 March 2018. If an agreement to purchase a property was… Read full post »
April 26, 2018
George Clooney plays the part of Ryan Bingham, a corporate downsizing expert, in the movie Up in the Air. Bingham loves his job because he is constantly up in the air flying from one city to another and getting paid by large corporates to tell their employees the bad news - that they have lost their… Read full post »
April 26, 2018
ACC have recently made some changes to the way they treat ACC CoverPlus Extra, and this could have a significant impact on your policy. Policy Start Dates The start date for each new CoverPlus Extra policy will now be the date ACC receives the signed Policy Acceptance Form. The Policy Acceptance… Read full post »
April 26, 2018
Minimum wage rates rise When: 1 April 2018 What: The adult minimum wage rate has gone up 75c to $16.50 an hour. The starting out and training rates have risen 40c to $13.20. What you need to do: If you pay your workers minimum wage rates, update your payroll and their employment agreements.… Read full post »
March 7, 2018
With the 31 March 2018 year-end fast approaching it is an appropriate time to consider some long-term tax planning initiatives and undertake some short-term measures to minimise tax for the current year. THINGS TO DO: Review doubtful debts and write off any bad debts prior to balance date.Bad… Read full post »
March 6, 2018
The turn of the calendar year is a popular time for making a new start – whether it is committing to a diet, starting an exercise regime or just promising to be nicer to your colleagues, friends and family. But what about financial resolutions? Ask any coach and they'll tell you the keys to… Read full post »
March 6, 2018
The Residential Care Subsidy (“Subsidy”) is becoming increasingly topical as New Zealand’s 65+ population is projected to increase from 15% in 2016 to over 25% by 2068. The growth in this population will increase the number of Subsidy applications for financial assistance for long-term residential… Read full post »
March 6, 2018
As an employment lawyer, I have mixed feelings about the proposed changes - some are a step backwards. Proposed Changes include: 90 day trial periods: small businesses (less than 20 employees) will be relieved that trial periods will still be possible. However, it should be noted that when… Read full post »
March 6, 2018
CG comment – IRD are running an extensive campaign promoting AIM and what it perceives to be its benefits over existing methods for calculating and paying provisional tax. This campaign includes contacting taxpayers directly to arrange visits to discuss how AIM works.The idea behind AIM is that… Read full post »
March 6, 2018
The Minister of Revenue announced recently that a Supplementary Order Paper to the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill has been introduced to extend the bright-line period from 2 to 5 years. The 5-year period will only apply to… Read full post »
March 6, 2018
You may have heard (on the Radio or TV) about Mike King’s I Am Hope Aotearoa Tour where Mike and a bunch of mates are riding Suzuki 50cc scooters from one end of the country to the other. Along the way they'll stop at around 45 schools and community halls and talk to more than 20,000 schoolkids and… Read full post »
January 10, 2018
What Should Investors Make of Bitcoin Mania? Bitcoin and other cryptocurrencies are receiving intense media coverage, prompting many investors to wonder whether these new types of electronic money deserve a place in their portfolios. Cryptocurrencies such as bitcoin emerged only in the past… Read full post »
January 8, 2018
Easter Sunday is not a public holiday, yet most businesses used to have to be closed on this particular day. However, changes to the Shop Trading Hours Act 1990 (the “Act”) that came into effect in August 2016 mean that all territorial authorities (city and district councils) now have the power to… Read full post »
January 8, 2018
A warning for directors and even shareholders: Directors, and shareholders for that matter, can’t assume that they can hide behind their companies if they engage in misleading or deceptive conduct in trade. The following details have been taken from a recent Commerce Commission media release: A… Read full post »
January 8, 2018
Inland Revenue has sent out 40,000 letters and emails urging small and medium size businesses to look at using accounting software, so they can make the most of upcoming changes to the tax system. IR Marketing Manager Katie Solomon says Inland Revenue is working with software providers to link… Read full post »
January 8, 2018
The main message in the latest marketing campaign to target tax crime in the building sector has raised a few eyebrows. Inland Revenue has been warning in a series of radio ads and billboards over the past few weeks that “every undeclared cash job leaves a trail”. Investigations and Advice… Read full post »
January 8, 2018
If you’ve been watching the financial news recently you’ve almost certainly come across the terms ‘Bitcoin’ and ‘Blockchain’. What are they and how exactly do they work? While its spectacular rises and falls have garnered Bitcoin a high degree of notoriety, the underlying technology and its… Read full post »