Month: August 2011


Penny and Hooper: Taxpayers lose in Supreme Court

By Phil Barlow – 26 August 2011 In its judgement released this week, the Supreme Court has unanimously agreed with the Commissioner’s position and has upheld the Court of Appeal decision. The Commissioner alleged that orthopaedic surgeons, Messrs Penny and Hooper, used corporate and family trust structures in a manner that amounted to tax avoidance. […]

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Recovery Solutions Group win at Business Awards

By Hayes Knight – 18 August 2011 Congratulations to Hayes Knight client Recovery Solutions Group and their recent win at the Westpac Auckland South Business Awards 2011. Recovery Solutions Group took home the Brookfields Lawyers Employer of Choice Award. This category recognises the organisation that best demonstrates how it has applied human and supporting resources […]

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Parliament passes Taxation Bill

By Phil Barlow – 18 August 2011 Last night Parliament finally passed The Taxation (Tax Administration and Remedial Matters) Bill. The Bill now awaits Royal assent. For most people, the major item of interest in this legislation is the abolition of gift duty from 1 October 2011. Other features of the Bill include amendments to […]

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Qualifying Companies affected by the Christchurch Earthquake

NZICA has issued a media statement advising that the IRD has granted an extension of time to 31 March 2012 for qualifying companies to elect to be look-through companies, partnerships or sole traders in the 2012 income year. The extension applies to qualifying companies that are unable to comply with the time limit for these […]

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The Inland Revenue’s compliance focus for 2011-12

By Phil Barlow – 10 August 2011 The Inland Revenue (IRD) has released details of its compliance focus for 2011-12. This document is of interest in that it highlights the areas that will be the subject of closer scrutiny by the IRD in the coming year. While the 2010-11 compliance focus was based on customer […]

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OCR stays at 2.5 percent. Whats next?

OCR stays at 2.5 percent. Whats next? : By Hayes Knight – 2 August 2011 As expected the Reserve Bank have kept the OCR at 2.5%, but have given a very strong indication that they will lift the rate soon. So what’s been happening in the market and what can we expect? Our observations: The […]

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To Gift or not to Gift

By Phil Barlow – 1 August 2011 With the abolition of gift duty set to come into effect from 1 October this year, consideration needs to be given to how this will affect your gifting going forward. What are the current rules? Gift duty is currently applied to gifts totalling more than $27,000 over a […]

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