Polson Higgs
June 2010 News Archive
MRINetwork's First Friday Preview (6th June 2010)
UNITED STATES
High Unemployment Isn’t Providing a Large Candidate Pool
Not all unemployed are created equal. There are those who recently graduated from school and haven’t held a job yet. There are those who have made horrible mistakes and have been terminated. There are those who have been working hard every day but had to be let go when their company fell on hard times. There are those who have done nothing wrong at all, but find that their positions just aren’t as essential today as they were five years ago.
CIR vs Penny & Hooper – Change To Company Structure was Tax Avoidance
(8th June 2010)A much awaited decision of the Court of Appeal was delivered on 4 June 2010. This is the most recent and most authoritative NZ Court decision regarding the use of structures by Small to Medium size entities where those structures result in the top personal tax rate being replaced by the lower company/trust tax rate.
Penny & Hooper were both orthopaedic surgeons practicing in Christchurch as sole traders who restructured their businesses so that they were carried on by companies in 1997 and 2000 respectively. In both cases, as a result of salaries from the newly formed companies being lower than their previous self employed earnings, significant tax savings were achieved.
Last updated: 9th June 2010 | 3:59 pm
