Xero Is Approved By IRD

On 11th September 2013 the Inland Revenue Department announced that Xero is now legally allowed to store taxpayers’ records outside New Zealand on behalf of its customers (click here for article).  Xero was the first cloud-based accounting software company to become street legal and we understand that MYOB has also recently been approved.

The growth of Xero has been phenomenal with revenues hitting $39 million to 31 March 2013, up from $19.4 million on the prior year.  Clearly the ‘software as a service’ model is popular with small businesses, Xero’s primary target market.  Hopefully as their customer numbers continue to build they will eventually turn their $14 million loss into a profit.


New Rules That First Home Buyers Need To Know

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Stuart Wills of Mortgage Link explains the options available to first home buyers.   


Earlier this month the new rules pertaining to low equity loans officially came into play for New Zealand banks.  This means the bank is now restricted to doing just 10% of new lending as low equity lending.  Any lending with less than 20% deposit is deemed as low equity.

This new rule is a measure introduced by The Reserve Bank who stated it was implementing measures to curb the amount of high-loan-to-value mortgage lending from 1st October, and these are “designed to help slow the rate of housing-related credit growth and house price inflation, thereby reducing the risk of a substantial downward correction in house prices that would damage the financial sector and the broader economy.”

But first home buyers are finding it is now harder to get a mortgage.


Indigo New Zealand Celebrates US Partnership

UHY Haines Norton business intelligence client Indigo New Zealand has secured exposure to the global market through MicroStrategy, a leading worldwide provider of enterprise software platforms.

Auckland-based Indigo deliver powerful business intelligence, data warehousing and enterprise financial planning solutions which provide information with integrity, and enable better decisions, every day.  Indigo clients include Air New Zealand, Kathmandu, Ezibuy, the MPI and J.A. Russell.


Babich’s Success At NZ International Wine Show Awards

Congratulations to “Legends of New Zealand Wine” Peter and Joe Babich for being awarded the Sir George Fistonich Medal for outstanding contribution to New Zealand wine at the New Zealand International Wine Show Awards in Auckland last month.  This is the country’s largest competition, receiving more than 200 entries and attracting wine identities such as…


Staff News: October / November 2013

UHY Accounting Manager Bhuvana Narayanan proudly watched as her 14-year-old daughter Nithya won the New Zealand Spelling Bee championship title this month in Wellington.  Nithya, a student from Lynfield College, competed against 15 other Year 9 and 10 students considered to be the best spellers in the country.  Congratulations to Nithya on this amazing achievement.…