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PKF Goldsmith Fox

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2016/2017 - 21 12 2016

Do you own rental properties?

If you gain income from rentals, be aware you need to comply with new rules. On 1 October 2016 changes to the Residential Tenancies Regulations came into force to reflect new standards on insulation. Standards New Zealand’s ‘Energy efficiency – Installing bulk thermal insulation in residential buildings’ provide extended guidelines for insulation installers and building owners.

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2016/2017 - 21 12 2016

Further moves to tackle anti-money laundering

The Ministry of Justice is looking to extend the application of anti-money laundering compliance obligations to more businesses and professions.

2016/2017 - 21 12 2016

GST adjustments on private use

Another area that we notice often confounds clients is how to calculate GST deductions on assets that are partly for business use and partly for private use. You can claim GST but only in proportion to the extent the asset is available for producing income. This is called GST apportionment.

2016/2017 - 21 12 2016

Have your say on tax changes

You will have heard ads on the radio from Inland Revenue raising awareness on their initiatives to change the administration of the tax system.

2016/2017 - 21 12 2016

Risk and Reward

Buying off the plan? The bright-line test and you We’ve talked before about how changes to tax law around buying and selling property might affect you. Now that the changes are in operation and the bright line test is being applied to determine tax liability, an issue highlighted only recently might leave you exposed.

2015/2016 - 23 02 2016

Targeting the cash economy

Inland Revenue’s crackdown on ‘cashies’ continues with their focus on undeclared cash in the construction and hospitality sectors. Last year, the Auckland region saw the most activity. Inland Revenue are now widening their reach. They’ve been trying to change attitudes among tradies and subcontracting businesses and their efforts seem to be getting results.

2015/2016 - 23 02 2016

Setting the record straight

Inland Revenue have signalled they will be looking at businesses’ record keeping systems. Key targets will be that all jobs and all income are being recorded and that GST is being handled properly. Recent prosecutions indicate that PAYE records are another hot topic, along with the corresponding employment records. If sketchy records are a quick way to set off the IRD alarm bells, this could be a great time to do a sense check on your records and systems.

2015/2016 - 23 02 2016

Requesting ACC Adjustments

Do you receive PAYE or Shareholder Remuneration that exceeds the maximum earnings liable for ACC; or are your earnings sourced from one or more companies? If so, we can request that ACC reassess your liability and make a Multiple Employer Adjustment. This may affect how much you pay in ACC levies.

2015/2016 - 27 01 2016

Risk and Reward

New tax rules now apply to residential property sales made from 1 October. A new ‘bright-line test’ will apply where a person who has purchased a residential property on or after 1 October 2015 then sells it within two years. The sale will be taxed unless the property is the seller’s main home, inherited from a deceased estate or sold as part of a relationship property settlement. The bright-line test does not apply to business premises or farmland.

2015/2016 - 27 01 2016

Sensible Seasonal Housekeeping

If your business peaks during the holidays, have your marketing organised and plan your staffing. Is there a planned approach to when everyone is taking their holidays?

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