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Articles by John Heaslip

John Heaslip

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Income Tax - The Puzzle Unravelled

by John Heaslip 22 Mar 22

One of the confusing things I speak to clients about is the types of tax they have to pay that are related to their income: •Income tax•Residual tax •Provisional tax •Terminal tax It can be hard to get your head around what each type of tax is and when..

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Drawings versus Salary

by John Heaslip 27 Oct 21

We find that a lot of our clients get very confused about what drawings are. And with good reason – it’s a complicated area.  Most tend to think that drawings taken by a shareholder from a company are the same thing as their wage or..

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Cash Payments - IRD crackdown

by John Heaslip 05 Dec 19

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..

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Depreciation is the reduction in value of an asset over time due to wear and tear. In New Zealand, the Inland Revenue Department (IRD) allows depreciation on certain items to be claimed as a type of expense for income tax, so it is beneficial to..

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There are a number of issues that New Zealand tax residents must grapple with if they are to invest in Australian rental properties. It’s important to understand what these issues are because they can have a significant impact upon your profitability. Financial Arrangements - foreign..

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Proposed FBT changes for SMEs

by John Heaslip 07 Feb 17

A tax amendment for close companies that provide motor vehicles to shareholder-employees has been proposed for the 2018 financial year onwards.OverviewCompanies with five or less shareholders (close companies) that provide their shareholder-employees with a motor vehicle for private use are required to register and pay..

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Tax Changes for SMEs

by John Heaslip 05 Oct 16

In April 2016 the Government announced a new SME-friendly tax package, which will make paying tax easier and more certain, reduce the burden of interest and penalties, and help smaller businesses tailor payments to their own circumstances. PROVISIONAL TAX To give you some background, provisional..

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END OF FINANCIAL YEAR CHECKLIST

by John Heaslip 25 Feb 15

For most clients, 1 April signals the start of the New Year for business and tax purposes, and the month of March brings opportunities to minimise tax and maximise cash surpluses for the coming year.   A well known quote is “if you fail to..

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For most clients, 1 April signals the start of the New Year for business and tax purposes, and the month of March brings opportunities to minimise tax and maximise cash surpluses for the coming year.   A well known quote is “if you fail to..

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Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.

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