Whether GST should be imposed on low value imported goods is a matter still under consideration in New Zealand. Currently, GST is not imposed on goods imported from overseas costing less than $460. While our Government continues its consideration of how to deal with low value imported goods, the Australian Government has already made legislativeContinue reading
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The new Government has signalled a range of changes that will affect business. The impact of these changes is not yet known but what is certain, is that your business will be affected. The lift in minimum wage from $15.75 to $16.50 next year will trigger inflationary pressure and will see increased costs passed onContinue reading
If you’ve got spare space, putting your home on Airbnb is becoming a popular avenue to earn some extra income. With Central Otago hitting the peak summer season, there will be an influx of visitors looking for accommodation and with most hotels and motels in the area already booked out, travellers are turning to theContinue reading
In the wake of Donald Trump emerging as the president-elect of the United States, New Zealand has experienced a massive upswell in interest from Americans considering emigration to this country. However, emigration is not a trivial matter made on the spur of the moment; in addition to the upheaval of family, friends and professional networks,Continue reading
Among the changes included in the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill is an amendment that allows close companies to elect to apportion expenditure on motor vehicles the company provides to shareholder-employees between business use and private use as an alternative to paying fringe benefit tax (FBT) on the motor vehicle.Continue reading
The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill has passed through Parliament and now awaits Royal assent. This Bill introduces new rules to tighten foreign trust disclosures, changes to the provisional tax rules and a number of tax simplifications for businesses. A key compliance issue for many taxpayers is calculating and payingContinue reading
Yesterday Minister of Finance Bill English announced the 2016 Budget with the four main areas of focus being science and innovation, public infrastructure, social investment for the vulnerable and healthcare. Many feel it is a case of “steady as she goes” with an election next year. On the tax front, there were no surprise announcementsContinue reading
Legislation passed on the 24 February 2016 allows research and development (R&D) companies to ‘cash out’ their tax losses arising from R&D expenditure. The new rules focus on start-up companies engaging in intensive R&D and are intended to reduce their exposure to market failures and tax distortions arising from the current tax treatment of losses. However, the newContinue reading
The Prime Minister announced a business tax package yesterday which is to start taking effect from the 2018 income tax year (1 April 2017 for most). The package is a step forward for IRD’s ‘Making Tax Simpler’ project. The main changes announced are: Extending safe harbour to non-individual taxpayers and raising the threshold to $60,000Continue reading
Crowe Horwath has been appointed as a panel member in the All of Government (AoG) Consultancy Services Solution for Businesses. Membership of this panel confirms that we offer good value-for-money and high quality consultancy services to government and local government agencies. For more information please contact Mike Brunner or visit the AoG website.