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Our thoughts are with Christchurch

Like the rest of the country, we are all shocked and saddened by yesterday’s earthquake and the devastation and loss in Christchurch. That this should happen again, with such force, to a city still recovering from the September quake and the 4,900 or so aftershocks they have had to deal with since, is tragic and our hearts go out to the people of Christchurch. Here at TalkTax and CCH we have a number of Christchurch-based authors, and in particular we would like them and all our Canterbury-based subscribers and customers to know that our thoughts are with them and their families and friends at this time.

http://www.redcross.org.nz/donations

Recent Cases from the Canadian Courts

Three recent cases from the Canadian Courts that will be of interest to New Zealand practitioners.

Amounts paid to employees to extinguish employee stock option plan a non-deductible capital outlay
Company made payments for exercise of employee stock options.  Minister refused to permit deductions on the ground that they were non-deductible capital outlays laid out during a corporate reorganisation to rid the taxpayer of its employee stock option plan. Taxpayer argued the amount was deductible as employee compensation paid to satisfy its obligations under its employee stock option plan. Taxpayer’s appeal dismissed. Imperial Tobacco Canada Limited, 2011 DTC 1037

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Savings Group recommends raising GST to 17.5%

The tax cut that took effect for most taxpayers from 1 October last year achieved a seismic shift in the burden of taxation (from income to consumption and from high to low thresholds).  While you can quibble with the fairness of raising consumption taxes by 20% to pay for what was essentially a tax cut for the wealthy, there is no denying that the change addressed certain distortions that had crept into our economic system as a result of high marginal rates.

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Recent comments

  • Joanne Martin: Hi Would you be able to email me to discuss a small company that is an LTC which I need some advice on...
  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
  • bryan: as a group of employees we get paid meal money if we exceed 11hrs on any day. Employer says he wants to tax...
  • linda: My mother is 94 and has dementia. With govt assisted carers she is still living in a home gifted within the...
  • Sharon: Hi Daniel, Can you please advise how owners of a profit-making LTC pay themselves? The owners used to pay...
  • Another Anne: My Dad is in care on full subsidy. I am EPOA. Are we able to gift some money to my brother in UK so...
  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
  • Quinn: Hi. I would like some clarification regarding the valuation of the investments component of the owners basis...
  • QROPS Pensions: Interesting piece of writing, you always write the most useful content & TalkTax is no exception...
  • Davo: Jo, quite likely is that the transition to an LTC was not done in time and the company became a normal company...

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