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Recent News

Tax targets the Bach and Boat (18th April 2013)

In Budget 2012 the government confirmed its intention to bring in what it described as further "fairness" to the tax system with changes in relation to mixed use assets. These are assets which are used partly privately, partly to generate income, and are unused for a portion of the year.

These charges, which are targeting holiday homes, aircraft and boats, potentially apply to a wider range of assets. Historically it has been accepted that, where an asset such as a holiday home is available to earn income, the tax deductibility of costs is based on the number of days or weeks it is available to generate income. Accordingly, if the holiday home is used privately for three weeks of the year, and is available to earn income for 49 weeks of the year, then 49/52 or 94% of the costs is currently tax deductible. This is the case even if it was only rented for three weeks of the year. The IRD and government's view is, however, that this allows a disproportionately high deduction in relation to the asset.

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Leaving the Herd (18th April 2013)

The government effectively legislated by announcement (on the 28th March 2012) that you are not allowed to exit the Herd Livestock Scheme unless an election was made before the 18th August 2011 (the date officials released a discussion document). This legislation has still not been enacted!

This means that if you were in the Herd Scheme on the 18th August 2011 that you are locked into the scheme.

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PH Sponsored Charities (12th March 2013)

Polson Higgs are proud to announce our 2 main sponsored charities:

  • Otago Community Hospice
  • KidsCan
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Stephen Higgs appointed as a Councillor on the University of Otago Council (18th September 2012)

Stephen Higgs has recently been appointed as a Councillor on the University of Otago Council, an appointment made by the Minister of Education.

As a proud graduate of Otago University, Stephen is pleased to bring his commercial and governance experience on a number of company and non-profit boards to the significant operation of the University.

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Graham Crombie Joins DCHL Board (20th August 2012)

Partner at Polson Higgs for 15 years, Graham Crombie has been appointed one of the final two directors on the Dunedin City Holdings Board along with Kathy Grant from the Otago Polytechnic.

Graham & Kathy join Chairman Denham Shale and Bill Bayliss, who were appointed last November to the board of the company responsible for the city's council-controlled organisations.

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Last updated:         Thursday, 18 April 2013   |   10:52:41 a.m.

 

 

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