UHY Haines Norton’s Head of Tax Jim Martin comments on the 2014 Budget. Issued 19th MAY 2014 The 2014 Budget announced on 15th May 2014 has identical priorities to the 2013 Budget. The four priorities are: 1. Responsibly managing finances 2. Building a more productive and competitive economy, including Assistance for exporters Raised tuition subsidies…Details
Congratulations to Jim Martin (Head of Tax), Michael Jamieson (Business Improvement Manager) and Bhavin Sanghavi (Audit Manager), who have all been awarded their Certificate of Public Practice (CPP). The New Zealand Institute of Chartered Accountants issues a CPP to Chartered Accountants who meet a number of criteria including experience, qualifications and training requirements, as well…Details
Taxing Matters provides a summary of topical tax and business information relating to individuals and business.
Important Tax Dates Individuals and entities required to file a tax return for the 2014 year and who do not use a tax agent are required to file their return by 7 July 2014. Individuals and entities who use a tax agent have until 31 March 2015 to file their 2014 returns.
Low Value Assets Business assets costing less than $500 (including GST if not GST registered and excluding GST if registered) can be fully expensed in the year of purchase for tax purposes and are not required to be capitalised and depreciated.Details
The KiwiSaver year ends on 30th June. Provided you are over 18, have been in KiwiSaver for the full year, and have contributed at least $1,043, you will be entitled to the full member tax credit of $521.43. This maximum tax credit of $521.43 equates to 50 cents for every dollar of member contribution up…Details
The Auckland Chamber of Commerce and Auckland Tourism, Events and Economic Development (ATEED) are partnering to present the Westpac Auckland Business Awards in 2014. Entering the prestigious Westpac Auckland Business Awards – West 2014, gives companies the chance to benchmark their processes with the most successful businesses across all of Auckland, and…Details
UHY Haines Norton Marketing Co-ordinator Debbie Robson looks at the value a Marketing Plan provides to businesses.
By definition a SME has up to 20 employees – which often does not allow for a dedicated marketing function. But investing time in creating a Marketing Plan for your business is a vital step that should not be overlooked.
A Marketing Plan forces businesses to take stock of their current situation and the market they operate in, as well as determine where they want to go and – crucially – how to get there. A business without a current Marketing Plan simply lacks direction, and at best will continue running as “status quo”, or at worse will lose sales/clients/market share to less complacent competitors. Any marketing spend runs the risk of not being targeted to help achieve goals, effectively wasting hard-earned dollars.Details
The Auditor Regulation Act came into force on 19th May 2011 and has significantly changed the playing field for auditors in New Zealand. From that date forward, all auditors who are issuing audit opinions for issuer clients have to be fully licenced and practising from a registered firm. The responsibility of the new regulatory regime is overseen by the Government through the Financial Market Authority, and in simple terms we have found them a tough bunch to deal with!
The aim of the new regulatory environment is to increase confidence for participants active in capital markets and to also become closely aligned with our trading partner, Australia. In essence, if the audit firm is an active participant in capital markets then the requirements for issuing an audit opinion has clearly been taken to the next level!
This month marks the official retirement of UHY Haines Norton Director John Ballard, who is stepping down from the demanding Director role in favour of much-deserved long weekends on Waiheke. Although John will still be a familiar face here in the office as he assists in a part-time consulting role, his retirement from the Director team certainly marks the end of an era.
John set up his first accounting practice more than 40 years ago. His natural leadership skills, combined with a fierce dedication to his clients, have ensured his success whilst earning great respect.
We took the opportunity to sit down with John to reminisce about his career and the incredible changes he has witnessed over the years.
How did your career as an accountant begin?
I was working for the Ministry of Works in town, and that was a very good job. We started the practice in Henderson in March 1970 – the position was advertised with an accounting office in Avondale wanting to open up in Henderson as “the growth area” so I did that. In those days when we had an office in Avondale it was a toll call from Henderson to Avondale – that is an operator-assisted toll call. Not long afterwards it became automated but it was still a toll call. The West City mall wasn’t thought up or dreamed of, or even on the plan – that came years later. That’s when we started. In those days Catherine Street was just that: a street, not Catherine Mall, it was a street, the road went right through and then they plonked the Mall in the middle of it. From where our office is was a metal road. And so we saw lots of opportunity in the west, which proved to be correct.Details
- Dairy milk prices have dropped for the fifth consecutive time in a row, which hopefully will contribute to the decision to leave interest rates where they currently are. As farmers selling our produce, the last thing we need is high interest rates equating to a high dollar. On the counter side of this argument, the housing demand – especially in Auckland – is still significant, as are the increasing numbers of new immigrants to New Zealand and the building boom commencing in Canterbury.
- Stock prices appear to be holding despite the drought some of us have experienced in recent months. Weaner prices appear to have been a mixed bag with good lines selling well at the fares, however lower to middle of the range stock was marginal. Dairy cow prices also appear to be consistent with the previous year, despite the record Fonterra pay out.
- Now is the time for regressing and getting ready for the winter months, and here’s hoping for another mild winter like most regions experienced last year.
Tourism accounts for some 9% of New Zealand’s GDP; UHY Haines Norton client Michael Becker has contributed more than most to one of New Zealand’s key industries.
In 1995 Michael helped found Kea Campers and grew it to be a multinational tourism operator with operations in New Zealand, Australia and South Africa.Details