GST on land - Holdaway v Ellwood

It is common for disagreements to arise between taxpayers and Inland Revenue on the GST treatment of land transactions, but less common for these disputes to arise between a vendor and purchaser.

Profit vs cash

There’s a massive difference between profit and cash. Let’s explore the differences to make a better plan to increase both.

14 apps to help improve your business' productivity

We seem busier than ever without necessarily achieving much more. It’s time you made technology work for you, to save time and streamline processes. We have rounded up some of the best apps to maximise your productivity by addressing your communication, organisation, password management, performance and focus.

The Great Annual Street Appeal

Facebook has been in the headlines recently after announcing an ambitious foray into the cryptocurrency market with its new currency, Libra. Backed by Facebook, Visa, Mastercard, Uber, Paypal, Spotify and more than 20 other major global brands it represents a significant step forward in global acceptance of alternate, online currencies.

Wellbeing Budget 2019 – what it means for business

It has been said that a government is the only vessel that leaks from the top and this seemed an appropriate adage in the lead up to this year’s budget announcement. After numerous leaks and accusations of hacking in the days preceding the announcement, yesterday the government delivered New Zealand’s first Wellbeing Budget. Needless to say, there was not a lot of surprises.

GST and land sales

In 2011, the GST Act was amended to prescribe that a supply of land between two GST registered parties was subject to a rate of zero percent if the land was to be used by the purchaser to make taxable supplies and not as a principal place of residence.

You versus your Trust

It is common from a layman’s perspective to not appreciate the relevance of treating separate legal entities as separate. A recent High Court decision has an important precedent.

When is a gift not a donation?

If an individual pays “…a monetary gift of $5 or more…” to a charity they are able to claim one third of it back from Inland Revenue.  Prior to 1 April 2008, individuals could only claim donations of up to $1,890, i.e. a refund of $630.

Winding up a company

If a company does not file its annual return with the Companies Office, it may be struck off from the Companies Register. This is sometimes used as a ‘short-cut’ method, rather than completing the short-form company liquidation process.

Think hard about passwords

Did you notice a recent newspaper report about a laptop which was unprotected by a password? It contained a whole lot of information about people on legal aid. Are your computers satisfactorily password protected?

Company record keeping

We share a reminder of the legal requirements from the Companies Act 1993 (section 189). The Act requires that a company must keep the following documents at its registered office:

Take the drama out of end-of-year

The end of the financial year can be either stressful or a seamless part of what you do. Ideally, your end-of-year accounts will confirm what you think your business has been doing for the past 12 months.

Anti-Money laundering regulations

Since 2013, financial institutions, such as banks, have had to comply with Anti-Money Laundering regulations. These rules have now been extended to other businesses providing financial services, such as real estate agents, accountants and lawyers.

Deductibility of bad debts

Many of the costs associated with running a business can be claimed as a tax-deductible expense, but not all. The Income Tax Act dictates that to be deductible, expenses must be incurred in the course of deriving assessable income, or in running a business.

Payday filing becoming compulsory

The way employers report payroll information to Inland Revenue (IRD) is changing. From 1 April 2018, IRD introduced a new electronic reporting system, providing employers the option of filing payroll information every payday. 

Let’s talk fraud and internal controls

Fraud. It does happen, but there are ways your organisation can work to prevent it from occurring. Having good internal controls – policies and procedures that ensure the integrity of accounting and financial information – can reduce the opportunities for fraud to be committed.

Transform your organisation from the inside out

Recently Moore Stephens Markhams Wellington directors Abbey Warner and Bruce Stormer engaged the services of Cathy Sheppard, the founder and ‘top trainer’ of BSI People Skills, an organisation that builds and strengthens individuals and teams, resulting in a transformed workplace culture.

How cyber-secure are you?

Blackmail, extortion and identity theft might sound like something straight out of a blockbuster movie but cyber crime is not only a reality, it’s on the rise and research shows the average Kiwi business isn’t prepared.
 

Employee engagement leads to business success

Modern HR practice considers people managers to be at the forefront of the employee experience, with employee engagement stemming directly from an employee’s relationship with their manager. It is often said that people don’t leave companies, they leave managers. 

Tax Working Group Interim Report

The Labour Government established the Tax Working Group (the Group) in January 2018 to review the existing New Zealand tax framework and to provide recommendations for improvements to the fairness, balance and structure of the tax system over the next 10 years. 

Risky business: managing cyber threats

The digital revolution is well and truly upon us and businesses are reaping the rewards. Online accounting software automates bookkeeping, cloud solutions increase computing capacity while saving costs, online stores open up whole new markets for retailers. It goes on.
 

Proposed tax changes

The Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Bill was introduced into Parliament in June 2018. 

Foreign shares and FIF

The global economy is seeing New Zealand (NZ) taxpayers invest in overseas companies. However, many people acquire foreign investments without understanding how they will be taxed. 
 

To claim or not to claim?

Planning a summer business trip with a personal holiday tacked on the end? Renting out the bach and unsure what expenses can be claimed? Whatever your situation, we want to make sure you’re getting the expense claim tax break you’re entitled to.

FBT… so what can you do?

An expert, independent set of eyes will help you determine what you need to do in all cases, what you don’tneed to do, and also how to go about doing it (including creating proper documentation).

Cryptocurrency and your tax obligations

Over the last decade, the use of digital or virtual currencies, known as ‘cryptocurrencies’, has grown dramatically in popularity. Operating in the digital world doesn’t absolve you from your tax obligations; it also doesn’t mean your activity is untraceable.

Bright-line breach warning

The bright-line test came into force from October 2015, introducing rules that a profit derived on the sale of a residential property is subject to tax if sold within two years of purchase, albeit subject to some exceptions such as the family home. These rules have recently been revised to extend the bright-line period from two years to five.

Daisy Jake Hairdressing | Styling hair and growing business a hand in hand success

After being a hairdresser for 24 years, winning numerous awards, managing a large hair salon with 27 staff and training hairdressers, Kerri decided the time was right to start her own hairdressing salon. Kerri Cox bubbles with enthusiasm when she talks about opening her hairdressing salon, Daisy Jake, almost a year ago. “It’s awesome and going fantastically,” she says.