Congratulations to Audit team member Mohamed Irshad and his wife Mariam, who are the proud parents of a gorgeous baby boy. Shaahid Hasan was (appropriately!) born on Mother’s Day, 11th May 2014, and is a baby brother to almost 3-year old Safa Noor. This month we are sad to say goodbye to…Details
The teams from UHY, Mortgage Link, Quinovic and Maintain to Profit are joining forces to present a free workshop discussing the merits of property investment. Our industry experts will share advice on a broad range of topics including: Tenant management Finance set up Leveraging Maximising tax benefits Meth-testing properties…Details
UHY Haines Norton has recently achieved the status of being the only fully licensed audit firm in West Auckland, meeting the Government’s rigorous high standards and complying with the Auditor Regulation Act. Our new auditing procedures include re-establishing our alliance with Bill Heritage, a semi-retired audit expert, to act in a consultant role. Bill will…Details
When UHY client John Donovan and partner Sharon Antunovich wanted to build an unobtrusive, beautiful eco-sustainable home for their Huia woodland section, they were surprised find it such a difficult task. Determined to live an organic and sustainable lifestyle, the couple realised their home should be an extension of this way of life. And so…Details
The IRD and New Zealand Police have signed a new information-sharing agreement aimed at fighting serious crime. Information such as income, tax history or business connections could provide significant help during the course of Police investigations. Effective from August 2014, the agreement will allow: Police to request relevant personal information from IRD when there are…Details
An important change regarding filing annual returns came into effect on 1st July 2014 for all charities with total gross income exceeding $10,000: an annual return is no longer complete until payment is received. Previously when an annual return was filed, a tax invoice was sent as notification that payment was due. However from July…Details
Customers who currently make payments to Inland Revenue by posting cheques need to be aware of an important change. From 1st October 2014, Inland Revenue will need to have actually received your cheque payment on or before the due date to avoid any penalties and interest. Previously customers were able to post cheques on the…Details
Deductibility for Clothing The IRD will permit a deduction for ‘distinctive work clothing’, defined as items which form part of uniform that is identifiable with the employer because of logos or the pattern, colour scheme or style. A deduction cannot be claimed for work jeans, work boots and so on because they do not meet the definition of ‘distinctive work clothing’.
Prescribed Investor Rate of Tax The prescribed investor rate (PIR) is the rate of tax used by an investor when investing in portfolio investment entities (PIEs). All KiwiSaver investments are PIEs. A PIR rate is determined by looking at an investor’s taxable income over the previous two years, therefore for investors who have completed a 2014 income tax return the PIR will be determined by looking at their taxable income for the 2013 and 2014 income tax years. It is recommended that as investors complete their 2014 income tax returns, they check they are using the correct PIR for their PIE investments. There are three PIRs for individuals: 10.5%, 17.5% and 28%.Details
Jennifer Wyatt Sargent of Wyatt Sargent & Associates Ltd explains why attitude should play a major role in the recruitment process.
Wyatt Sargent & Associates is a human resources consultancy, not a recruitment agency, and yet I often write and talk about recruitment. Why? It’s because much of our work results from employers making bad recruitment decisions they have no idea how to resolve.
Listen to managers talk about their “problem” employees and it’s clear that often it isn’t a person’s ability to do the job that is the problem – usually it’s their attitude, hence the saying: “managers recruit for skills and experience, and fire for attitude.”Details
Stuart Wills of Mortgage Link explains the rise in popularity of low doc home loans. When the Global Financial Crisis hit, the Low Doc (Lo Doc) or No Financials (No Doc) loans basically disappeared overnight, making it difficult for anyone who was not able to prove their income to get a home loan. Low Doc Home…Details
UHY Haines Norton Director Mark Foster provides a summary of current farming issues. Most commentators are predicting further rises in interest rates through to the end of the year. Although this does not directly affect mortgage borrowers who have fixed most of their debt, it does affect the exchange rates as the New Zealand economy…Details