As promised the new Government has made few tax changes for 2018 to the current system, but if re-elected will have a mandate for what we expect will be large scale change to the tax infrastructure. Here is the snapshot of recent changes: Holiday Pay paid within 63 days From… Read More
Continue ReadingTax simplification is IRD’s stated goal, aimed at reducing compliance costs. But is it saving us money and improving business cashflow? There is no doubt that capturing and coding business data is faster and more convenient than ever before, but there are unexpected consequences. Cloud Accounting Technology Technology has been… Read More
Continue ReadingThe much hated ‘owner’s basis’ calculations required since the LTC company regime started in NZ in 2012, are about to change. This is good news for the many LTCs now in existence and their accountants! Up to and including the 2016–17 income year, the tax deductions available to owners of… Read More
Continue ReadingWhen your accountant calls to let you know that your accounts are finished, how do you feel? Do you go ‘whippee’ now I can review in detail how I did this year, where the problem areas of my business are and how I can improve? Or perhaps you just look… Read More
Continue ReadingThe much anticipated Trust Act 2017 is currently on its first reading in parliament. Once the bill receives Royal Asset there will be an 18-month transition period before the new rules apply to existing family trusts. It is therefore timely to review the proposed new rules. Current Trust Law Trusts… Read More
Continue ReadingQ2 held a successful ‘Planning for Provisional Taxpayers’ event on Thursday 3rd August. Frank Mayta from TMNZ and Q2 Client Advisor Michael Turner demystified the provisional tax system and explained the various options & strategies for paying provisional tax, reducing interest and penalties, and conversing cashflow. Attendees had the opportunity… Read More
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