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Have you ever been driving to work in the morning and heard one of your competitor’s advertising discounted pricing on the radio? Or have you been driving past your competitors premises and seen a huge sale advertised? Or even worse, has one of your clients come to you telling you they can get a similar…
Follow our eight-point plan to facilitate your eventual succession and exit-from-business strategy. It’s no picnic trying to increase business value by growing Earnings before Interest and Tax [EBIT] while de-risking your operating model to get there. But these two performance criteria are critical to a successful succession plan. Strong corporate governance, including effective financial management,…
Ever made a bad investment decision? Probably not too many that you’d probably care to admit to. However if you are to get truly honest answers it is rare to find decision makers in New Zealand organisations who can honestly say their record is impeccable. Part of that probably comes from our Number 8…
Are you aware of the Personal Property Securities Act “PPSA” which came into force on 1 May 2002? The Act reforms the law relating to security interests in personal property. It affects lending, leasing and other types of credit-providing activities. The PPSA contains rules for determining the priority between security interests in the same personal…
Many businesses operate via a company and then are unsure what to do with it once the business is sold or ceases to trade. A company is a separate legal entity and as such it continues to exist until it is removed from the Companies Register. Unless the Inland Revenue Department (IRD) has been notified…
Depreciation on Buildings From 1 April 2011 depreciation on most buildings will be eliminated as per the legislation enacted following the budget announcement in May 2010. A new Schedule 39 is in the Income Tax Act 2007 which lists the types of buildings on which depreciation may continue to be claimed as they are deemed…
A host of legislated changes take effect from 1 April 2011. Some of these are listed below. Qualifying company changes On 1 April 2011 changes to rules for qualifying companies (QCs) and loss-attributing qualifying companies (LAQCs) will come into force, effectively ending the LAQC tax entity for income years starting on or after 1 April…
GST on Second-hand Goods GST may be claimed on second-hand goods by a GST registered person if those goods are bought from a non-registered vendor, provided: The buyer actually pays for the second-hand goods before claiming GST on it; The buyer keeps sufficient records such as an ordinary invoice because the unregistered vendor will not…
Trustees Liability The legal position of a trustee is that they are personally liable for trust transactions. Often, the trust deed has a limitation of liability clause that is included to effectively provide a trustee (usually an independent trustee) with protection against claims by a beneficiary. The trustee, however, may not be protected when transacting…
IRD Compliance Focus Report for 2011-2012 Although most individuals and businesses voluntarily comply with their tax obligations, there are those who don’t comply. One of the objectives of the compliance focus is to ensure that people pay and receive the right amount of tax and the IRD has shifted its compliance strategy plans to address…