Category Archives: Tax

Disclosure of Shareholder Remuneration Penny & Hooper like structures

You may have heard or read about the well publicised tax case of two Christchurch surgeons Penny & Hooper who used company structures and family trusts to artificially lower their salaries to avoid a higher personal income tax rate. The … Continue reading

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Burning your fingers on unclaimed tax? Accountants First can help

Did you know you are probably paying more tax than you are legally required to? A tip from Advisory Accountants : Changing circumstances in your business and in New Zealand tax laws mean that you may not be legitimately claiming everything … Continue reading

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IRD readings

Further to my last post: Also read about the tax changes for 2012 at Tax changes – Budget 2011 on the IRD website: 2011 Budget changes Kiwisaver Working for Families student loans, PIEs.

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Your Tax Return for 2011 is now due

Tax returns for 31 March 2011 are due to be filed by 2 April 2012. If you have not done this please call your accountant as soon possible to get this done. Also remember your terminal tax is due on … Continue reading

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Subcontractors (withholding tax)

Tax on schedular payments Schedular payments (aka Withholding tax deduction) are made to contractors who perform activities outlined in Schedule 4 of the Income Tax Act 2007. You’ll find more information on the IRD website, under headings such as: Taxing … Continue reading

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Home Office

2012 year is here and you will need to complete your financials and tax returns again. One of main things clients often forget to claim is the use of a home office. A home office is residential property which is … Continue reading

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Tax Quote

I’ve always enjoyed this quote and thought I’d share it with you. Death and taxes may be inevitable, but they shouldn’t be related.   – J.C. Watts, Jr. Watts served in the U.S. House of Representatives from 1995 to 2003 … Continue reading

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A great tax myth

Myth: I don’t make alot of money, so I don’t need to be know about tax planning? Wrong! Knowing about tax planning is important,regardless of income level. In fact, some would argue that the tax bite hits hardest on those … Continue reading

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GST Due

Avoid the grief of penalties GST is due today. If you have yet to complete your GST please do or pass this on to your accountant. IRD does charge a penalty for late filing but on top of that they … Continue reading

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