Planning a staff function for Halloween, Guy Fawkes or Christmas?

 If you are intending to have a staff party or function for Halloween, Guy Fawkes, Melbourne Cup race day or Christmas, there are tax rules that dictate what your business can claim as a deduction. Although businesses are able to claim a deduction for expenditure on costs associated with staff functions, certain expenditure is classified … Continue reading “Planning a staff function for Halloween, Guy Fawkes or Christmas?”

Placing a bet on the Melbourne Cup?

In recent times, betting on the Melbourne Cup, whether in an office sweepstake, at a racetrack, or through the TAB, has become a popular pastime.  This year, Melbourne Cup race day is on 1 November and the prize money totals $6,200,000. If you were intending to place a bet, would your winnings be income that … Continue reading “Placing a bet on the Melbourne Cup?”

Data in the cloud – undoubted benefits but what about the risks?

Cloud computing has revolutionised the way in which IT products and services are being provided to customers, moving users away from the traditional software licensing models and premises-based data centres to ‘pay-as-you-go’ or utility-based pricing. The implementation of cloud computing technologies has seen real benefits being achieved by customers including: Reduced capital spend cost – … Continue reading “Data in the cloud – undoubted benefits but what about the risks?”

Tax pools are valuable tools

In these uncertain economic times, managing a business’s income tax cashflows is even more critical to ensure that tax payments are both appropriate and not crippling in terms of quantum and timing.  Tax can in itself be one of the largest expenditure lines for a business. Tax on business profits is dealt with both prospectively … Continue reading “Tax pools are valuable tools”

GST – a personal liability for directors

A recent court case serves as a reminder to all company directors that they can be held personally liable to the IRD for GST owing by a company in which they are a director. Although the facts of the case involved a number of companies and inter-group loans being paid, the case serves as a … Continue reading “GST – a personal liability for directors”

Meeting the challenges of third-party risk management

Organisations are increasingly relying on third parties to achieve their strategies and objectives. As these relationships become an even more integral part of how organisations conduct business, it’s essential that businesses understand – and properly manage – the risks that come along with third parties. After all, when an organisation can’t deliver on its commitments … Continue reading “Meeting the challenges of third-party risk management”

New way to pay provisional tax proposed

The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill introduced to Parliament on 8 August includes a range of measures designed to simplify business taxes, including a new way for businesses to pay their provisional tax. The Bill also includes new disclosure requirements for foreign trusts following the recommendations of the Shewan Inquiry … Continue reading “New way to pay provisional tax proposed”

Residential land withholding tax

The Government introduced the bright-line test for residential land sales on 1 October 2015.  The bright-line test taxes the sale of residential land sold within two years of the taxpayer acquiring the property where the property does not qualify as a “main home”.  At the same time, the Government also introduced a requirement for sellers … Continue reading “Residential land withholding tax”