Facebook was founded in 2004 by ex Harvard student Mark Zuckerman as a student’s social networking site; it presently has some 800 million active users. While Facebook may have begun life as a means for friends to stay in touch it has long since ceased to be used only for that purpose with businesses and…Details
We have recently come across instances of clients paying personal invoices on behalf of their employees for example paying their phone bill or for a car repair, the tax implications for an employer of making payments such as these are as follows: Where private expenditure incurred by an employee is invoiced to the employee but…Details
In 2011 a number of changes were made to KiwiSaver, by way of a reminder here is a summary of the key changes: Member tax credit halved from 1 July 2011 to $521 (members will have to save $1,043 to receive the full member tax credit of $521, if less than $1,043 is contributed then…Details
Offences and penalties associated with student loans have not changed since the Student Loan Scheme Act came into effect in 1992. This means that offences and penalties that apply to student loan borrowers have not kept up with the changes to offences and penalties that apply for not complying with tax obligations more generally. The…Details
With the Election now behind us and despite the uncertainty of the European debt situation ahead our thoughts are turning to holidays and all the tasks we want to complete in the lead up to Christmas. The prospect of barbeques, baches and boats enjoyed by family and friends is far more appealing to think about…Details
The 2011 year has been another year of significant tax changes; here is a summary of the key changes we have seen:
- A fall in the personal tax rates where the top effective personal tax rate has fallen from 35.5% to a top rate of 33%, which now equals the Trustee tax rate.
- The abolition of Gift Duty, which has brought with it a whole series of other quite significant issues to consider before gifting away large sums of money including:
- whether eligibility for the residential care subsidy can be retained
- whether the donor is solvent at the time of the gift.
- The company tax rate has fallen from 30% to 28% though dividends from companies must continue to have tax credits attached to 33% – meaning 5% withholding tax has to be deducted by the paying company.