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PKF Goldsmith Fox

Global expertise with local knowledge

PKF New Zealand
News - National and Local

23 Feb 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.

23 Feb 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.

27 Jan 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.

27 Jan 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?

27 Jan 2016

IRD Numbers for Property Sales

All vendors and purchasers of property other than their main home must now provide an IRD number as part of the land transfer process.

12 Nov 2015

Saving Tax

Many people who run a small business use an area in the home for work purposes. You do not have to have an area specifically set aside for the business. If you’re doing this, you can make a claim for the area so long as you keep a full record of all expenses you wish to claim. If there isn't a separate area for the business the apportionment will need to take into account criteria such as the amount of time spent on income-earning activities and the area used at home.

12 Nov 2015

Have your say

Earlier this year, the Government began public consultation on a set of proposals for a better tax administration for New Zealanders aligned to our business transformation.

12 Nov 2015

Forewarned is forearmed

When is a payment of tax made in time? The IRD's Standard Practice Statement 14/01 Tax payments - when received in time, sets out the rules for payments accepted as being made in time.

12 Nov 2015

More red tape

If your business is a New Zealand-registered company, the Amendment Act requires that they have a director living in New Zealand, or in Australia if a director of an Australian incorporated company, by 28 October.

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