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2019 Year End Checklist 2019 Year End Checklist

With the new financial year almost upon us, there’s not much time left to ensure you have your ‘house’ in order for 31 March.

Unforeseen fishhooks in proposed CGT Unforeseen fishhooks in proposed CGT

Since the release of the Tax Working Group’s (TWG) recommendations for tax in New Zealand, the media has been awash with articles on the affect that capital gains tax (CGT) will have on taxpayers in New Zealand. Everyone has an opinion. A large focus of the recommendations has been on CGT and how that will affect property, however clearly the proposed CGT regime has a much wider reach, particularly for the 450,000 or so small business owners in New Zealand. There are however also quite a number of taxpayer friendly recommendations within the TWG report.

The Demise of the Residential Rental Loss The Demise of the Residential Rental Loss

Not only have residential investors recently been hit with the extended 5-year bright-line test, the new loss rules will mean many residential rental property owners may struggle to cashflow the costs of owning the property.

The minimum wage debate The minimum wage debate

As from 1 April 2018, the minimum wage in New Zealand increased from $15.75 to $16.50 per hour, an increase of 4.8%. The current intention is for this to increase further, to $20.00 an hour as from 1 April 2021. This represents a total increase of 27% from the starting point of $15.75 an hour, over the next 3 years.

The New Research and Development Tax Credit The New Research and Development Tax Credit

To encourage more business expenditure on R&D, last month the Government introduced draft legislation proposing a new tax credit for eligible R&D expenditure.

Payday filing - what does it mean for your business? Payday filing - what does it mean for your business?

Payday filing is a change to the current practice of filing your Employer schedule (IR348) each month. Instead, employment income information will be filed electronically with Inland Revenue each payday.

Who still wants to be a landlord? Who still wants to be a landlord?

It seems every day you read the newspaper, there are numerous articles focusing on the New Zealand property market. There have been a number of tax changes aimed at softening the property market. In addition, there are various other rules and regulations being placed on landlords. For the average New Zealand mum and dad investor who may have only one rental property, some of these changes may now have them thinking twice about continuing to hold that investment.

Hayes Knight again listed as one of the top accounting firms in New Zealand Hayes Knight again listed as one of the top accounting firms in New Zealand

Hayes Knight has again been named in the who’s who of chartered accounting firms in the country - 18th position in the annual list of top 30 accounting firms in New Zealand.

Rewards of being a Knowledge Shop member Rewards of being a Knowledge Shop member

What does an accounting firm do to ensure their staff have access to the best accounting resources and support to develop their knowledge and maximise profitability? Many savvy firms throughout New Zealand have joined Hayes Knight’s Knowledge Shop and discovered a reliable solution in the wealth of products, services and training available to members.

Franchise tips Franchise tips

The franchise sector in New Zealand has experienced significant growth in the past few years. New Zealand is known as a franchise friendly country, making it an attractive destination for international brands.
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