UHY Haines Norton welcomes new member, Abdul Jabber Certified Accountants and Consultants Office in Saudi Arabia, to the global accountancy network UHY, of which our firm has been a member since 2004.
Abdul Jabber Certified Accountants and Consultants Office was established in 1992. The firm’s head office is based in Jeddah with a branch in Riyadh. The firm provides accounting, audit, tax, consulting and specialised IT services for a portfolio of clients in the private and government sectors. Read more
Most self-employed Kiwis think their own ACC costs are too high and that the ACC premiums are just another tax – and in many ways they are correct.
The Accident Compensation Corporation (ACC) provides comprehensive, no-fault personal injury cover for all New Zealand residents and also to visitors to New Zealand, and acts in a similar way to Income Protection Insurance but covering only accidents.
There are ways to reduce your ACC premiums, but they are not very well advertised and therefore most people do not know they exist or know what discounts they might be entitled to.
For more information on how to make significant savings, click here.
Contact Stuart or Erica Wills at Mortgage Link today on (09) 839-2189, or go to www.mortgagelinkauckland.co.nz, to discuss your potential to make significant savings.
UHY Haines Norton Managing Director Grant Brownlee considers the implications of a Labour government introducing Capital Gains Tax.
We recently asked Labour’s Phil Twyford, MP for Te Atatu, whether Labour would introduce a Capital Gains Tax (CGT) if they are elected. Phil indicated a CGT would be introduced within the first 100 days of their first term.
So what might a CGT look like in New Zealand? To provide an answer to that question I thought it would be a good idea to look across the Tasman and pose a few questions to Bill Charlton, a Partner from UHY Haines Norton in Brisbane.
Bill Charlton, Managing Partner UHY Haines Norton Brisbane, B. Bus, CA, Grad Dip Comm Com
Question 1: When CGT was introduced into Australia, what impact did it have on the property market?
When CGT was introduced, and in its first one or two years, it had very little influence on the property market at all. There were two main reasons for this. First, prior to the introduction of CGT, Australia already had a system of taxing property transactions where the property was sold within 12 months of its purchase. This was deliberately done to eliminate any debate about whether a sale was of a revenue nature (and taxable) or of a capital nature (and not taxable). So, short term property transactions were already caught in the tax net. Investors were aware of this tax and had already taken it into account. The CGT rules merely replaced these existing rules and CGT had no impact at all on short term sales. Read more
Congratulations to Sanjana Govind, currently on maternity leave from our Audit department, who welcomed her gorgeous baby boy Arnaav on 10th January 2014.
Congratulations also to Audit team member Hema Lallubhai, who married Deelan Sital on 19th January 2014 in a beautiful traditional Hindu wedding ceremony at BAPS Shri Swaminarayan Temple in Avondale.
The start of a new year often coincides with firms hiring new staff members. A key step when employing staff is to provide them with a formal and effective induction process. Induction is the process whereby a new employee is introduced to their employer.
Depending on the size of the firm, induction can cover up to four levels:
- Induction into the firm
- Induction into the department
- Induction into the work team
- Induction into the job itself
The IRD have confirmed that their current compliance focus for small and medium-sized entities includes the following:
- Checking GST is repaid when business assets are used for private purposes.
- Monitoring land transactions to make sure that GST is properly accounted for.
- Assessing GST refund entitlements.
- Checking employee tax codes are correct (IR330′s are available to determine the correct code to use).
- Ensuring independent contractors are self-employed contractors and not employees.
- Ensuring independent contractors are filing income tax returns and, where required, GST returns. The IRD is identifying the industries and professions where independent contractors are likely to be employed and reviewing compliance levels.
Xero has just announced that it will be releasing its new “farming in the cloud” solution midway through the year.
The solution will allow farmers and their accountants to work on the same information and provide one central location for their key accounting and farm management tools.
A recent article written by Mike Peterson, Head of Beef + Lamb New Zealand, who is retiring this year, says that most farmers don’t understand what their balance sheet looks like or how cashflow requirements are going to be funded for any major farm development work. Read more
Taxing Matters provides a summary of topical tax and business information relating to individuals and business.
Deductibility of Legal Fees A deduction can be claimed for legal fees incurred in carrying on a business, including buying and selling rental properties, up to a total of $10,000 in any year regardless of whether the fees are of a capital nature. Where legal fees are of a capital nature, and exceed $10,000, no deduction can be claimed.
Deductibility for Websites The cost of creating a business website is capital expenditure and the costs should be capitalised and depreciated. The ongoing costs of maintaining or updating an existing business website are deductible when incurred. Read more
Simon Coulter of Craigs Investment Partners reviews the markets’ performance for the beginning of 2014.
While mixed, global economic data this year continues to point to a generally steady recovery. We have seen both the World Bank and the International Monetary Fund (IMF) increase their estimates for global growth in 2014, UK unemployment has fallen faster than expected and government debt levels in Europe registered a decline for the first time since 2007.
Locally, New Zealand economic readings continue to exceed expectations. Our terms of trade remain high, the Canterbury rebuild is gaining momentum, unemployment is falling and consumer sentiment appears robust following the holiday trading period. The highly regarded Quarterly Survey of Business Opinion (QSBO) from the NZIER was released last month and it made for very favourable reading. The survey showed that in December businesses were the most optimistic they have been since June 1994, domestic trading activity is at its highest levels since March 2005 and reported hiring is at its highest level since December 2006. Read more
Educators, students and their families, education organisations and community leaders will come together next month to celebrate and share educational successes and innovations.
Supported by ATEED, the Festival of Education will take place in Auckland, Wellington and Christchurch. The free event is open to the public. It will celebrate, showcase and share the innovations, successes and achievements that occur in the education sector every day.
The festival will comprise live performances from school children and students, symposia with world-leading educators, an interactive exhibition showcase representing all levels of the education sector, and lively chat room discussion.
There are still opportunities to register as an exhibitor or sponsor.
Venue: Viaduct Events Centre, Wynyard Quarter, Auckland
Date: Friday 21st – Sunday 23rd March
Read more about this event at http://businessaucklandnz.com/news/entry/the-festival-of-education-21-23-march