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Want the auditors to visit your Board? Want the auditors to visit your Board?

One of the special features of being audited by an Audit Excellence firm is that we appreciate the opportunity to speak to boards. We are so passionate of the value of this to schools that we offer attendance free of charge.

Financial Statements & Funding Applications Financial Statements & Funding Applications

Many New Zealand charities are struggling for success with their applications to funding bodies. A similar fear in relation to funding from the general public has also been expressed by charities. This has arisen now that their financial statements will be more publicly available via filing on the Charities Commission website as part of their annual return

2008 Tax Bill passes final stages in Parliament 2008 Tax Bill passes final stages in Parliament

The Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill has passed its final stages in Parliament. The Bill will receive Royal assent and become law in a few days time.

IRD clamps down on depreciation of buildings IRD clamps down on depreciation of buildings

The IRD has issued a draft interpretation statement for public comment, which proposes broadening the meaning of ‘building’ in the depreciation provisions to include some structures not previously treated as buildings, such as agricultural structures and industrial structures.

Tight times in the NFP sector Tight times in the NFP sector

The economic woes being experienced internationally have clearly been caused by excesses of the commerical sector. These impacts have been felt by the whole economy; Not-for-Profit sector included. There are however some common features that Not-for-Profits can learn from.

Income Tax reference update Income Tax reference update

The not-for-profit sector has gone through a raft of changes, none more notable than the introduction of the Charities Commission with recent introduction of the Charities Act 2005. Another Act that has equal importance for our not for profit sector is the Income Tax Act 2007.

Current focus of IRDs Investigation Unit Current focus of IRDs Investigation Unit

An area the Investigation Unit is currently focusing on is restrictions around use-of-money interest (UOMI). Generally, a taxpayer will receive UOMI on overpaid provisional tax. However, a little known provision in the Tax Administration Act restricts the amount of overpaid tax that the UOMI is calculated on to the balance in the taxpayer’s imputation credit account (ICA).
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