Monthly Archives: October 2012

Are You Working “On Your Business” or “In Your Business”?

You may have heard the term working “on” vs working “in” your business but what exactly does this mean? UHY Manager, Len Kumar explains the difference between working in your business and working on your business, and how this is the first step to building a better business. Working ON your business does NOT mean

2012-10-24T18:45:09+00:00 October 24th, 2012|Business Improvement, Business Management Systems|

Duties and Responsibilities of Trustees

There are an estimated 400,000 trusts in New Zealand, each with appointed Trustees responsible for the management of the trust. The duties imposed on trustees arise from legislation (Trustee Act 1956), case law and the trust deed creating the trust. The Law Commission has been examining the role of trustees and the mechanisms for administering

Capital Gains Tax (CGT) on Australian Investment Properties

If you own a secondary or investment property in Australia, it is likely to be subject to capital gains tax (CGT) in Australia when sold. The Australian government is proposing to remove one of the CGT concessions from non-residents (including New Zealanders), with effect from 8 May 2012. At the time of writing the legislation

2012-10-24T18:00:17+00:00 October 24th, 2012|Accounting and Taxation, International Tax|

IRD and Voluntary Disclosures

The IRD encourages voluntary disclosure where a tax payer becomes aware of an error in their tax affairs. There are a number of advantages in making a voluntary disclosure rather than being found out by the IRD. One of these is that the shortfall penalty charged (which range from 20% to 150% of the tax

2012-10-24T17:45:09+00:00 October 24th, 2012|Accounting and Taxation|

Statistics New Zealand: New Zealand in Profile

An overview of New Zealand’s people, economy and environment is published by Statistics New Zealand. The latest statistics compiled by Statistics New Zealand include: New Zealand’s top 5 visitor source countries are Australia, United Kingdom, United States, China and Japan The average hourly earnings for 2011 was $24.78 and the average weekly earnings were $898

2012-10-24T17:30:47+00:00 October 24th, 2012|Doing Business in NZ|

Taxing Matters – October 2012

Taxing matters provides a summary of topical tax information relating to individual tax and business taxation. Parental Leave Payment Eligible employees or self-employed persons taking parental leave are entitled to the parental leave payment paid by the government. The payments are for a maximum of 14 weeks; the maximum payment is $475.16 a week before

2012-10-24T16:45:13+00:00 October 24th, 2012|Accounting and Taxation, Taxing Matters|