latest tax updates
There’s been some confusion about proposed changes to the tax treatment of rental losses. Many taxpayers have been a bit panicky, under the impression that the changes are already in force. While it seems to be fairly certain that these changes will come in, until the law passes they are not in operation. The legislation to make this …
Answer To claim a tax deduction for payments to family members for services: the family member must provide services to your business; the amount paid must not be excessive; and if the family member is your spouse or partner, you must have the Commissioner’s prior approval for a deduction unless you run your business through …
The Privacy Act 1993 The Privacy Act came into force on 1 July 1993. It relates to the collection, use and disclosure of information. An accounting practice is an agency that collects, uses and discloses information so we are bound to comply with the Act. The following Principles in the Act should be considered when …
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ITO Accounting has been my accountant for two years and over that time has provided an excellent service. He responds quickly to any query, communicates information in a way that is understandable to a lay person and has a very professional manner. For the first time in 20 years of business the amount of work …
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As one of the foundation clients of ITO Accounting, we continue to be impressed by the passion they show for making our accounting and taxation compliance work as simple as possible. The complex and dynamic nature of our business means we are constantly changing the way we do things – and the team at ITO …
From 1 April 2014, some payment rates increase based on the updated Consumer Price Index of 1.38%. The Annual General Adjustments include: rates and thresholds for main benefits, Student Allowances, Student Loan Living Costs and the Foster Care Allowance rates and thresholds for some supplementary assistance thresholds for the Community Services Card New Zealand Superannuation …
‘The only way to make sense out of change is to plunge into it, move with it, and join the dance.’ Alan Watts ACC Workers and employers will pay $387 million less in ACC levies in 2014/15. This affects the Earners Account (paid by workers) and the Work Account (paid by employers). The ACC …
Innovation is the ability to convert ideas into invoices. -L. Duncan
Superannuation: decisions, decisions If you have (or had) funds in foreign superannuation schemes, let us know. Recent changes to legislation and further impending changes may affect you. I transferred my Australian super to KiwiSaver. Is it taxed here? Transfers from complying superannuation funds in Australia into KiwiSaver won’t be taxed in New Zealand on …
It’s easy to sit back and enjoy the fruits of your labour and become comfortable with your current business position. But don’t become too comfortable. Isn’t that why you got into business in the first place? To step away from that zone and challenge your way of thinking? Always be aware of and listen to …
Read more “Breaking free from idle mode – top tips for business growth”
As part of ITO Accounting’s sponsorship of the Haier Pulse for 2014, Glenn Campbell went along to their season opening breakfast at Ronald McDonald House. What an amazing facility it is for children with life threatening illnesses, and it was great to see the joy that the team bought to the kids. Some of the ITO Accounting …
Christmas is a time for celebration but when considering that festive spending don’t forget the potential tax costs – entertainment tax or FBT provisions may apply. We have highlighted the tax treatment of some typical forms of Christmas entertainment. Entertainment Tax or FBT? There are numerous exemptions from the entertainment tax rules but these are unlikely to apply …
The first few years in a new business can be the most delicate and you really don’t want any unwanted surprises when your initial tax bill arrives. There have been constant murmurs recently about what to do if you’re facing tax debt but what about some guidance as to how to avoid it altogether? It’s …
So you had an exciting moment when you received a letter advising you of your tax refund. A clatter of thoughts tumbled through your mind about how you might use the money. A fancy item for your wardrobe? A deposit on a holiday? A new electronic device? That little devil on your shoulder shook his …
The obvious times are when they’re looking at selling, if there’s a matrimonial split, when there’s a new shareholder coming into the business or they want to raise finance. The one that’s less obvious — but equally important — is when people talk about wealth management and planning. A company is usually one of the …
A good accountant can be the difference between success and failure for Kiwi businesses in tough times, a new study by the New Zealand Institute of Economic Research (NZIER) shows. The institute analysed three years’ worth of data from business software provider MYOB’s regular survey of more than 1000 small and medium enterprises (SMEs). It …
