Staff News: December 2013

After nearly 11 years with the company, Supervisor Jill Smithies is retiring to relocate to Christchurch.  She is looking forward to having more opportunities to enjoy her love of travel.  Jill’s wealth of knowledge, willingness to help and considerate attitude will be greatly missed. From our Audit department, Sanjana Govind has bid us a temporary…

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The Year That Was … 2013

Another year has flown by at an ever-increasing speed.  I’m not a fan of New Year resolutions (experience has taught me that by mid-January I will have failed in my resolution AGAIN, regardless of the subject), but I do like reflecting on the year that was and remembering the highlights and the lowlights.

The Good

  • True to their world champion status, the All Blacks completed a perfect rugby season.
  • The New Zealand Breakers won the 2012/2013 season to achieve back to back to back championships – in their words: “a three-peat”.
  • On July 22, the world celebrated the arrival of His Royal Highness Prince George Alexander Louis of Cambridge.
  • 17 year-old Auckland school girl Ella Yelich-O’Connor burst onto the New Zealand – and world – music scene under the stage name Lorde.
  • After more than a year, “Marmageddon” finally came to an end in March when Marmite returned to supermarket shelves.
  • The Marriage (Definition of Marriage) Amendment Bill passed its third reading, making New Zealand the 13th country to legalise same-sex marriage.

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Taxing Matters: December 2013

Taxing Matters provides a summary of topical tax and business information relating to individuals and business.

IRD Payment Due Dates in December and January   With summer holidays imminent, remember to schedule any payments due to IRD over the Christmas break.

  • PAYE – November PAYE is due 20th December 2013.  December PAYE is due 20th January 2014.
  • GST – November GST is due 15th January 2014.  December GST is due 28th January 2014.
  • Provisional Tax – for all companies with a 31st March balance date, the second instalment of provisional tax for 2014 is due 15th January 2014.  For all companies with December balance dates, provisional tax is due 28th January 2014.

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Proposed Tax Changes For Foreign Superannuation Schemes

Jim MartinIf you have lived in New Zealand for over four years and you still have a Foreign Superannuation Fund and haven’t paid any New Zealand tax on it – it might be beneficial to either cash-up the fund or transfer it to a New Zealand fund, before 1st April 2014.

These considerations arise from future changes designed to simplify the taxation of foreign superannuation schemes and are planned to take effect from 1st April 2014.

The current rules tax foreign superannuation schemes under the Foreign Investment Fund (FIF) rules, which due to their complexity, result in a high level of non-compliance.

The new rules will contain transitional provisions for lump sum pay-outs or transfers to New Zealand Schemes made between 1st January 2000 and 31st March 2014.  In cases where these pay-outs and transfers have been made from foreign superannuation schemes which have not been taxed under the FIF rules, a 15% transitional fraction will be applied to the pay-outs or transfers to calculate extra assessable income of the individual.

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