Yesterday (9 September 2020) Labour announced a new tax rate of 39% on personal income exceeding $180,000 per annum. Key points that we know so far:•    Applies to individuals only, i.e. an individual on a salary of, say, $200,000 will pay an additional $1,200 per annum•    It does not apply to combined household income, i.e. a couple each earning ... More 

As part of the initiative to assist businesses suffering from the impact of Covid-19, the Government has created the Small Business Cashflow Loan Scheme (SBCS). Under this scheme, eligible businesses will be able to borrow up to $100,000, interest-free or at low interest rates, to help with their cashflow. Many small to medium businesses will have had a dramatic reduction ... More 

As many investors will already know, banks have been steadily tightening their lending criteria, making it more challenging to borrow. And soon, when the new capital requirement rules for banks come into effect next year, this is only going to get harder.  Capital requirements for the major banks will be increased from 10% to 18% over the next seven ... More 

Since 2009, the Inland Revenue Department has been cracking down on industries known to pay workers under the table (i.e. undeclared cash payments). According to an article in the NZ Herald in April 2018, New Zealand is missing out on about $800 million in its annual tax take due to under-reported income, so it's understandable that the IRD are focusing on this.Construction ... More 

Last week the Government introduced the Covid-19 Response (Taxation and Other Regulatory Urgent Measures) Bill. This bill contains a number of provisions, including the introduction of a loss carry-back scheme whereby a business can carry a loss back to a prior period to offset the prior period’s profits. Thus the business can get a refund of the tax paid ... More 

The end of the financial year is approaching very fast and there are a number of things that business owners should attend to before then.  No, I am not referring to going to end of season sales or getting the last bits of your body tanned. I am referring to matters that you may not particularly relish dealing with, ... More 

New legal and regulatory requirements are slowing things down and costing people time and money, especially if they leave things to the last minute before involving their professional advisers. The following story illustrates.    Recently, a client faced the problem of failing to obtain bank funding from a registered bank. They did not contact us in advance of their ... More 

Over the last few years it has become harder for property investors and developers to obtain the funding they need. In spite of low interest rates, some good opportunities in the property market and a high demand for new housing (especially in Auckland), it has become more and more difficult to get funding from the main banks. So is ... More 

Choosing the right real estate agent can make a big difference to your selling experience, and to your bottom line. A knowledgeable real estate agent can make you a lot of money. On the other hand, if you don't have a good agent, you can unnecessarily lose a lot of money. I am frustrated to have heard stories about ... More