In brief – Spring 2014

Changes to Charities annual return requirements

From 1 July this year, an Annual Return filed with Charities Services is not recognised as complete until payment is received. This only applies to charities with a total gross income over $10,000.

New legislation brings in fines for not complying with audit requests

The new Financial Reporting Act 2013 requires that entities specified in the Act must ensure that auditors have access at all times to the accounting records and other documents of the entity.

The Act also states that an auditor of a specified entity is entitled to require from a director or an employee of the specified entity, the information and explanations that he or she thinks necessary for the performance of his or her duties as auditor.

Failing to comply with these requirements could lead to a fine on conviction not exceeding $50,000.

Real Estate Agents (Audit) Regulations amended

On 1 April this year, the Real Estate Agents (Audit) Regulations were amended to change the definition of who can audit a real estate trust account, stating that only qualified auditors can audit the trust account. It refers readers to section 36 of the Financial Reporting Act 2013, which defines what a qualified auditor is.  Your local Moore Stephens Markhams Audit firm continues to meet this new definition and is suitably qualified to audit real estate trust accounts.

Changes to Inland Revenue payment deadlines

From 1 October 2014, Inland Revenue requires cheque payments to be received by them on or before the due date. Otherwise, penalties and interest will apply.

Spring 2014

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