Cracking down on tax benefits

Source: nz herald Changes announced in this year’s Budget, cracking down on tax benefits for people who rent their holiday homes a few times a year, will not affect beachside property prices, says Real Estate Institute chief executive Helen O’Sullivan. Until now, owners had been able to claim large tax deductions on losses made on [...]

Radical plan for SME tax

Radical plan for SME tax – source Stuff Last updated 16/05/2012 JENNY KEOWN The New Zealand Institute of Chartered Accountants has released a ”radical” paper on how to tax small businesses that potentially takes business away from accountants. Launching the plan in Auckland today, NZICA chief executive Terry McLaughlin said the changes were in the [...]

Privacy Laws in NZ to be overhauled

Source: stuff The Government plans to overhaul 20-year-old privacy laws following ”huge changes to technology”. Justice Minister Judith Collins today announced the Government would repeal and re-enact the Privacy Act 1993 following a Law Commission report released last year, which made more than 100 recommendations. “Our current privacy law has been in place for almost [...]

IRD to Tighten Rules on Student Loans

(Published in New Zealand Taxation) The Student Loan scheme is set to change, with stricter rules being implemented on borrowers, especially those who travel overseas for extend periods of time. On March 13th Parliament received a report from the New Zealand Finance and Expenditure Committee on the upcoming Student Loan Scheme Amendment Bill. The newly [...]

Revenue Minister Outlines Tax Changes

Article published in NZ TAXATION and seen in LinkedIN Revenue Minister Outlines Tax Changes New Zealand will strive to to ensure that the national tax system stays modern and efficient while providing adequate streams of revenues for the government. While giving a speech at a conference of the Tax Agent’s Institute of New Zealand in [...]

Auckland Council Valuation – Owners have until December 16 to object to their valuation

Source:  Weekend Herald – November 2011 Auckland Council’s revised property valuations are supposed to represent probable market value. The Weekend Herald put them to the test at a busy auction day. Phil Taylor reports It seems owners held off selling until after the Rugby World Cup. That, and the springtime bump, have Barfoot and Thompson’s [...]

Auckland Capital Values – another Perspective!

Some information received from Rob Ashton of Bayleys (Remuera)  Today the Auckland Council have published, on their website (www.aucklandcity.govt.nz), their new 2011 Capital Values which are valid as from the 1st July 2011.  To get some idea of the current relationship between Market Value and the new 2011 Capital Values I have analyzed 100 recent [...]

Competition hot in first-home property market – but dont forget to get good advice from your lawyer.

Source: NZ Herald – November 2011 A shortage of houses in the first-home buyers’ market over winter has caused a rise in multi-offer agreements, confusing those new to the real estate game. Multi-offer agreements are when more than one written offer is received for a property at one time, turning a sale by negotiation into [...]

Bill introduced to tighten rules around companies

Source: beehive.govt.nz    Simon Power Date of Release.  13 OCTOBER, 2011 A bill that tightens rules around company directors and company registration was introduced to Parliament today by Commerce Minister Simon Power. “New Zealand has an international reputation as one of the best and most trusted places in the world to do business,” Mr Power said. [...]

Family Trusts in Spotlight Warning

Article: businessday.co.Nz Sole practitioners and businesses with family trusts should review their structures to ensure they do not fall foul of Inland Revenue after the landmark Penny and Hooper tax-avoidance ruling. That’s the advice from the New Zealand Institute of Chartered Accountants (NZICA) after meeting with IRD yesterday over the Supreme Court ruling. The Supreme [...]

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