In brief – Audit newsletter Issue 1 / 2016

New Research & Development Loss Tax Credit for companies
Eligible companies are now able to obtain a research and development (R&D) loss tax credit that will allow them to some of their tax losses sooner. Eligible companies can now ‘cash out’ (claim and be refunded) their R&D tax losses, instead of using them to reduce their income in the next tax year. More information is available.

 

Changes to Annual Returns for Charities
Every year all registered charities must complete an Annual Return and submit a financial statement or performance report that complies with the new reporting standards.  Charities Services have stated that there will be changes in the annual return form this year. It appears that it will take longer to complete the new annual return.  However, it will allow greater transparency for those using the register, particularly with the financial questions and detail update requirements.

 

Filing tax returns through accounting software
From April 2016, Inland Revenue is allowing organisations to file GST returns through some software packages that allow this. To use this service, you will need an accounting software that offers tax filing and a myIR account. We remind clients that you need to keep a copy of your final GST return for us to access with evidence that it has been reviewed and approved.

 

Team News

Auckland
Auckland is pleased to welcome Manpreet Singh and John Ha as graduate auditors. In March we farewelled Rukshan Mather who departed on his ‘OE’ to London, and Reece Christensen who was on secondment from Moore Stephens Queensland.

Wellington
We welcome Matt Abel, Byron Lynds and Aimee Mossman as graduate auditors, and Julia Brook an experienced external auditor.

Wairarapa
In March we welcomed Lisa Hallam who will be assisting Adrienne in the Wairarapa. We ran a successful advertising campaign in the local newspaper and welcome our new clients who have joined us.

Hawke’s Bay
Graeme has moved into a bright new office in Business HQ in Queen Street East, Hastings on the former Bay Ford site. He looks forward to welcoming clients into the new premises (above).

Christchurch
Moore Stephens Markhams Christchurch welcomes Desere Arbuthnot and Craig McSporran to the audit team.

Desere joined the team in September 2015. She is originally from South Africa and enjoys exploring the outdoors. She is excited about the opportunity to explore the plethora of natural environments New Zealand offers while continuing to expand her business knowledge.

Craig joined the team in March 2016. He is a Christchurch local who has been overseas in China for a number of years. Craig is enjoying the clean air and plans to help run seminars to assist and educate clients, and potential clients.

Serious about your success?