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​Disputed Debt – When can it be collected?

We have all heard the many excuses (and some of us may have even used them) when it comes to debts owing.  The key is to distinguish between what is being disputed and what is beings used as a deflection of no money to pay.  The difference?  Disputed debts cannot be collected, but those who don’t pay can be chased. A dispute can be genuine or the dispute can be frivolous.  The key of course is to be mindful that a frivolous dispute to you, the Creditor, could be a genuine a...

September 18, 2018

Employment Changes – What will they look like?

Now is the time to sit back and reflect on what the potential employment landscape will look like going into 2018-19 year with the influence of the Labour-led Government. We are all aware the minimum wage has increased from $15.75 per hour to $16.50 per hour. The Government's target is that the minimum wage will be $20 per hour by 1 April 2021. What does this mean for every other employee? With a labour shortage in particular skilled areas and shortages to find employees, an expectation for pay ...

August 31, 2018

Cash is King

Cash is the lifeline of any business.  If you run out of cash it can cripple the business and prevent any growth and in the extreme case, result in the liquidation of the company.  While we would love the cash cow business, the reality is where does the cash go? Cashflow shortfalls can be positive and they can be negative.  When cash is being used to fund growth, this can cause short term cash pain.  Growth is when a business needs to invest in infrastructure, stock, or capac...

July 17, 2018

Ready...Set...AIM!

Some would argue that it is rare for the IRD to get something right – but, in our opinion, this time they have got it spot on!  What is AIM?  It stands for “Accounting Income Method” and effectively calculates your tax liability as you go, almost like PAYE for trading entities.  Income Tax is then paid every two months at the same time as your GST (although it is separate to your GST return). Here are some common Questions and Answers about AIM; Does it replace traditional P...

April 26, 2018

New Bright Line Test Applies to Property

One of the worst kept secrets of 2018 was the increase in the Bright Line test.  This has now passed into legislation with effect from the 29th March 2018.  It was also the first “test” for the Government on changes of Tax under the National Government and the impact on Tax planning.   The initial documentation indicated (and we were planning for) that the test applied to all property purchased after October 2015 when the first two year test came into effect.  Howeve...

April 16, 2018

When a gift is not a gift?

As we come out of the time of giving and look at all the Christmas presents we have received, and in particular the unwanted gifts from Great Aunt Gertrude, we consider what is considered by the IRD as a gift. If for example, you were to gift one of the Christmas presents that you received to a registered charity for their charitable purpose, are you entitled to receive a rebate of 33% of the gift that was made? The IRD have recently clarified the position that a tax rebate applied for annually ...

January 31, 2018

Cryptocurrency – Is it a bubble?

We have increasingly been asked what our opinion is of Bitcoin and, to a lesser extent, the general cryptocurrency trend.  Are they the “new” money or just a flash in the pan and a form of commodity investment much like Gold futures and stock options? While the intention of this article is not to endorse, nor denounce, these new forms of currency, it is important to consider them next to traditional investment options.  As a start, we delve into the history of money. We view money...

January 31, 2018

The Cash Economy

There has been commentary in the media in recent years over the focus of IRD on the cash economy. The question that arises is why is there such an emphasis on the “hidden” or cash based economy within New Zealand? It is important to note that while the IRD is focusing on the cash economy it is not necessarily looking into the one or two cash-based transactions that might take place within certain industries, rather the key areas of focus are on areas of high risk such as construction, retail...

November 15, 2017 Posts 1-8 of 8 | Page
 

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