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60 day limit for tax pooling being extended

Clients who are unable to pay their tax can buy it from a tax pooling company. This opportunity is available for up to 60 days after the due date for payment of the tax. There is a Bill before Parliament. This time limit is to be extended to…

Being critical

Reputation rules, influencing every decision we make, day in and day out. Virtually every item in our daily newspapers, nightly TV news programmes, and magazines, revolves around reputation. A well-known rugby player is charged with assault. A company director is convicted of fraud. A company goes into receivership due to mismanagement and reckless trading. Stories like these are what make up the bulk of our news bulletins…

Cash to grow

We are seeing signs of business starting to pick up. We are all ready for it to happen. For many business owners cash reserves have been used up to survive the recent years of trading – money is tight. As business picks up, cash is needed to buy product and employ extra staff to cope with the increased workload…

Cashing up one weeks annual leave

As from 1 April 2011 an employee and employer will be able to agree that an employer can pay out up to 1 week of an employee’s annual leave entitlement, at the employee’s request. Annual leave can only be paid out where an entitlement has arisen and therefore will not apply to accrued leave. Excessive […]

90 day trial – extension to all workplaces

The proposed changes are to extend the 90 day rule for new employees to all workplaces not just those with less than 20 staff. If the change becomes law the current provisions for smaller businesses are likely to apply, the 90 day trial will need to be agreed prior to the employee commencing employment with […]

Income worldwide must be declared

NEW ZEALAND residents have to declare all income they receive from anywhere in the world. “Income” now has a very strange meaning. For example, if you hold shares in a United States company which does not generate any dividends, you have income. This is because your income is calculated based on the value of those […]

Why do due diligence?

A small investment in due diligence recently saved an RSM Prince client hundreds of thousands of dollars. Our client was very excited about a fashion agency business. It involved smart fashion items and regular overseas travel. Well, somebody has to do it, don’t they! The Business Sales Consultant produced an excellent presentation brochure. The business […]

Minimum wage increase

From 1 April 2011 the minimum wage will increase from  $13.00 to $13.50 an hour and the training and new entrants’ wage will increase from $10.40  to $10.80 an hour. A new entrant is an employee who is 16 or 17 years old except if they have : Completed 3 months or 200 hours of employment, whichever […]

Big changes to CoverPlus Extra

The main points are : When a company pays a CoverPlus Extra premium, it will be tax deductible in the same way as for shareholder-employees. The Earner premium remains a personal cost. Shareholder-employees will be able to use their occupation for levy purposes as opposed to the occupation of the company.

Company tax rate

The company tax rate will reduce from 30% to 28% from the 2011 – 12 income year. For most companies, this will apply from 1 April 2011. Dividends issued after the new rate takes effect can be imputed at the existing 30% rate for up to two years if company tax has been paid at […]