Corporate tax burden more than three times greater in highest versus lowest taxed major economies. Research by UHY, a Top 25 global accounting and consultancy network. Huge disparities now exist between countries on the amount of tax they take from businesses, according to UHY, the international accounting and consultancy network. The tax burden on business…Details
The IRD has announced that it is targeting the cash economy as it seeks to increase the Government’s tax revenues by identifying tax payers looking to avoid paying tax through the use of cash transactions. The Department has indicated that it is targeting selected industries including hospitality, scrap metal, fishing, aquaculture, tourism and horticultural industries.…Details
Building and Construction Minister Maurice Williamson announced in July 2011 that homeowners would be able to access the Government’s Leaky Homes Financial Assistance Package from 29 July 2011. Three different packs of information were developed including for Standalone Homes, Multi Unit Homes and an addendum pack for those who have started repairs or already repaired.…Details
Congratulations to Soljans Estate & Café who won the UHY Haines Norton Best Mid-Sized Business Award.
About Soljans Estate Winery & Café
Soljan’s Estate & Café is based in Kumeu and is a third generation business owned and run by Tony Soljan.
The business comprises three separate operations wine making, a café and function centre and a contract bottling operation.
Soljans Estate Winery is the manufacturer of Soljans Estate label wines all of which are produced at the Kumeu site. The winery has produced a number of award-winning wines over the years and this has assisted in developing export markets which now includes the USA, Canada, China, Japan and Australia amongst others.
One of the attractions of the winery is the onsite café, functions centre and gift store which appeal to local and international visitors alike. The café supplies meals to in excess of 35,000 diners per year whilst the venue is proving evermore popular as a wedding venue.Details
Have you ever thought about where your business will be this time next year? Cashflow forecasting is one of the most important exercises you can do in establishing the future financial viability of your business. In the tough economic climate we face today, running a business has never been more challenging. Shortly after the US…Details
The government is in the process of passing legislation abolishing gift duty in respect of gifts made on or after 1 October 2011.
Gift duty will still apply to gifts made prior to 1 October 2011 (in excess of $27,000 per person in a 12 month period).
Gifting is often associated with the sale of assets to a Trust.
Under current practice assets are typically sold to a Trust (often a family trust) at market value with the Trust recording a debt back to the donor (the seller of the assets to the Trust). To avoid the imposition of gift duty the donor is currently restricted to gifting at the rate of $27,000 a year until the debt has been forgiven in full. (Husband/wife each at $27,000pa).
If the proposed legislation is passed it will mean that assets can be transferred to a trust without the need for implementing a gifting program.
A Deed of Forgiveness is still required for existing debts, and a new Deed of Acknowledgement is required for fresh advances to the Trust.Details