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Name: Daniel

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Web Site: http://www.careeracademy.co.nz

Bio: Daniel Hunt is the Managing Director of The Career Academy (TCA). TCA have developed online accounting, business, tax and administration courses that you can work through at your own pace - www.careeracademy.co.nz

Posts by Daniel Hunt:

    …and so the JG Russell case has finally come to an end…or has it?

    June 17th, 2014

    Inland Revenue has won a $367m judgement against 79 year old accountant, JG Russell for an unpaid tax debt. Even though the case has been won by Inland Revenue, it is unlikely that Inland Revenue will actually recover the money. One has to then ask, was this really a case about the money, or principle? Read the rest of this entry “

    No Comments "

    MIXED USE ASSETS – HOLIDAY HOMES, BOATS, ETC

    August 7th, 2013

    Do you or your clients rent out a holiday home? If so, you need to know the new tax rules.

    The hot topic in the tax world at the moment is mixed use assets. A mixed used asset is one that is used for both business and private purposes, but is also not actively used for a large part of the financial year. Common examples include holiday homes, boats, etc.

    On 17th July 2013 the Tax bill relating to the latest Mixed Used Assets Expenditure rules was passed into law effective from 1st April 2013 onwards for holiday homes and from 1st April 2014 for other assets (ie. boats and aircrafts). Read the rest of this entry “

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    Imputation credits & resident withholding tax – reminder

    January 31st, 2012

    As year-end is approaching quickly, it is important to remember that the maximum imputation ratio for dividends is 28:72 for the 2012 income year (previously 30-70 up to end of the 2011 income year). The Resident Withholding Tax (RWT) rate on dividends remains at 33 cents in the dollar meaning dividends are still taxed at 33% in the hands of the recipient (i.e. shareholder). RWT must be paid by the company for the imputed dividend shortfall. Read the rest of this entry “

    No Comments "

    The perfect gift after 125 years

    September 14th, 2011

    An Inland Revenue report on the abolition of gift duty is set to cost professionals such as accountants and lawyers around $70 million in lost compliance fees. It is estimated that the government will save around $430,000 in administration fees but forego the $1 million a year in duty they were receiving from the scheme. Read the rest of this entry “

    1 Comment "

    Penny & Hooper – legitimate tax planning or avoidance?

    August 24th, 2011

    The Supreme court has today released its long-awaited decision about a landmark tax case – Penny & Hooper. The case was decided in favour of Inland Revenue and this decision has widespread implications for the many small businesses using trust structures.

    The case is a classic example of taxpayers complying with the ‘black-letter’ of the law, yet not acting within the ‘scheme and purpose’ of the Income Tax Act.

    This case involved the restructuring of the business of two surgeons (Penny & Hooper) from sole practitioners earning an income of approximately $500,000 per year, into a company owned by a family trust for the benefit of the surgeons and their respective families. The surgeons became employees of their companies, on salaries of approximately $120,000 per year, while the remainder of the profit from their services was retained by the companies and allocated to the trusts.

    Legitimate tax planning or avoidance – what is your view?

    2 Comments "

    Is a capital gains tax justified?

    July 14th, 2011

    … and so the battle continues as to whether or not New Zealand should introduce a capital gains tax. Today labour released its tax policy – a capital gains tax was at its centrepiece. The proper income tax treatment of capital gains has raised much debate and controversy amongst New Zealanders for many years.

    Any good tax system or tax policy requires equity (equality), certainty, convenience and efficiency. Given a capital gains tax has the convergence of these key tax policy criteria, I believe the case for the introduction of such a tax is justified. What is your view?

    6 Comments "

    LTC loss limitation rule explained – ‘Owner’s shareholding’ versus ‘owner’s effective interest’

    March 18th, 2011

    From 1 April 2011 new tax legislation introduces the Look-Through Company (LTC). This is the result of tax legislation passed in December 2010. From 1 April 2011, LAQCs, as we know them, will no longer be! This post provides a brief overview of the new entity and attempts to explain the new LTC loss limitation rule. Read the rest of this entry “

    43 Comments "

    David Tua v Inland Revenue – now this will be an interesting fight…

    October 12th, 2010

    One of the great unknowns when you enter the boxing ring is how hard your opponent will be able to hit you. In recent times, the Inland Revenue has just delivered a couple of powerful punches to the face of David Tua, claiming he owes a whopping $2.2 million in unpaid taxes. Read the rest of this entry “

    1 Comment "

    In an increasingly complex tax world, how do you stay out of trouble?

    September 23rd, 2010

    Tax headlines recently have reflected lengthy tax disputes, many which have been lost by the taxpayer. Inland Revenue has increased its focus on tax audits and this can leave many companies feeling nervous about their practices. Are you next? Read the rest of this entry “

    1 Comment "

    J G Russell 30 years on – is the IRD ever going to give up?

    August 6th, 2010

    …and so the battle continues between a tax “genius” and the IRD. Since the 1980s, Mr J G Russell (Mr Russell) has been involved in legal disputes with the IRD over various schemes designed to reduce liability for income tax on companies he consulted to. The IRD claims that he owes millions of dollars in back taxes, which has since grown, with penalties and interest, to a whopping $138m. Read the rest of this entry “

    4 Comments "

Recent comments

  • Peter: When you have more than one job all your income is added up and you pay tax on the total income amount. For...
  • 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...

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