Polson Higgs
November 2009 News Archive
NZICA Fellowship Awards (12th November, 2009)Polson Higgs is delighted to announce that the New Zealand Institute of Chartered Accountants has awarded Fellowships to Ray Polson and Michael Turner.
Fellowships are conferred on members of the Institute who have demonstrated outstanding service to the accounting profession, or to the community.
This year only 24 Fellowships were awarded. Ray and Mike join the other recognised members of this exclusive group at Polson Higgs. Stephen Higgs, Phil Broughton and Graham Crombie are also Institute Fellows.
Changes to Associated Person Rules Affecting Land Developers, Dealers and Builders (5th November, 2009)
Recent amendments to tax legislation have resulted in major tax changes which will impact on future property purchases by property developers and dealers as well as builders commencing construction, together with associated entities.
The amendments take effect from 6 October 2009 and provide a revised definition of associated persons. These changes widen the tax base and are aimed at those who are associated with persons or entities in the business of building, or dealing in, or developing land. The effect of this extended definition greatly restricts the ability for a builder, developer or dealer to hold property as a tax free capital investment in another entity. There will now be many more taxpayers tainted by association, resulting in investment properties acquired by them being subject to tax on profit when sold.
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Last updated: 12th November 2009 | 4:46 pm
