Polson Higgs
October 2011 News Archive
Saving on your ACC (12th October)
If you are self-employed, a non PAYE shareholder employee or new to business and want to reduce your levies or if you have fluctuating income and need certainty of benefit then there is an alternative option under ACC that may be available to you.
ACC Coverplus is the standard product that self-employed people default to when you are in your own business. However an alternative product, Coverplus Extra can provide you with more flexibility on cover and save on ACC levies.
Continue Reading >>Emissions - Last Chance (19th October)
The Emissions Trading Scheme (ETS) is moving forward. Despite a recent review report that encourages some tempering in the pace of change, the ETS is in full swing as regards forests in New Zealand.
A key date to be aware of is 30 November 2011, especially if you have more than about 10 hectares of trees on your land and those trees have been there since 1 January 1990. The end of next month is also a key date if you have harvested trees since 1 January 1990 and replanted. Although the actual trees on your land now were not there at 1 January 1990, provided there were trees on your land at 1 January 1990, then your land and trees are “pre 1990 forest land”.
Continue Reading >>Canterbury Earthquake Tax Changes (19th October)
The recent Taxation (Tax Administration and Remedial Matters) Act 2011 covers both guidance and relief to those who have lost their property in the Canterbury earthquakes and aftershocks.
Applying to both the Canterbury earthquakes and future events, it clarifies:
- The timing of when loss of profits insurance payouts become assessable for income tax – the earlier of payment made or a reasonable estimation of the claim.
- The timing of when the actual disposal of the asset for depreciation purposes – changed from the date of the event, to the date when the payment of insurance proceeds can be reasonably estimated.
Simplified Accounting for SME(19th October)
Commerce minister Simon Power recently announced proposed changes “to simplify the financial reporting framework for small and medium-sized businesses and registered charities."
The stated aim is to reduce red-tape and hence reduce compliance costs for small and medium enterprises.
The aim is laudable but our view is that they will lead to additional costs for some whilst others will continue to require relevant financial information for their purposes as owners and managers as well as for external parties such as banks.
The proposal looks at removing what is currently called general purpose financial reports and replacing them with targeted reports for tax purposes.
Continue Reading >>
Last updated: Friday, 2 December 2011 | 9:42:57 a.m.
