Spring clean
We have recently gone through the end of another financial year, and we now turn our minds to looking forward and where to from here. As part of this process, … Continue reading
Summary of IRD rates
Use-of-money interest The rates on underpaid and overpaid tax rose on 8 May 2015. The interest rate charged on underpaid tax went from 8.40% to 9.21%, and the rate for … Continue reading
Holding a parent company liable for the debts of its subsidiary
A recent High Court decision, Lewis Holdings Ltd v Steel & Tube Holdings Ltd (2014), demonstrates that structuring a business or entering into new business ventures through separate companies to … Continue reading
Modernising New Zealand’s tax system
The Government has released two discussion papers to engage in public consultation on options for simplifying and modernising New Zealand’s tax system. The documents introduce taxpayers to the general direction … Continue reading
Attribution of personal services income
Many people aren’t aware that specific tax rules exist that can deem income derived by a company or trust to be derived by them personally. The rules were first introduced … Continue reading
Valuing diversity
There is a convincing argument that diversity within an organisation leads to better decision-making, innovation and business performance. For many entities, diversity has become a business imperative critical to the … Continue reading
A lesson for us all
The “general permission” under the Income Tax Act broadly allows expenditure to be deductible if it is: incurred in deriving assessable income, or incurred in the course of carrying on … Continue reading
Is it time to review your finance function?
To be successful, a business needs to strive for profitability and growth. An important element of this is the need to regularly review internal processes and functions. The finance function … Continue reading
Tax residency case overturned
A recent Taxation Review Authority (TRA) case concluded an individual was a New Zealand tax resident despite being absent from New Zealand for a long period of time. In brief, … Continue reading
Easing up on easements
An easement gives a person the right to use another person’s land in a particular way, or to prevent that other person from using their land in a particular way. … Continue reading