Campbell Tyson Blog

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The Government announced in its last budget that they intend tax sales of residential land that has been owned two years or less.

The use of the term "Bright-line" refers to a clear connection between an event and a tax outcome, something they are seeking to do with the legislation that is currently only at Bill stage. This means that Parliament still has to clean it up before it becomes law. What is unsettling is we will all be caught by it in a matter of weeks, with 1 October 2015 being the magical date.

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Contractors can be great help around agricultural, horticultural and viticultural businesses. Labour can be switched on and switched off as required, you don't need to worry about their ACC, Kiwisaver, Sick and Annual Leave, and you normally only pay for the work they do.

BUT. You still need to deduct withholding tax from what you pay them.

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The new British government's summer Budget includes two significant items affecting non-domiciled residents from April 2017.

Individuals who have been UK-resident for more than 15 of the past 20 years will become liable to UK tax on all overseas assets. Even if you managed to fly the coup, all non-domiciles' UK residential property will be liable to UK inheritance tax whether held directly or indirectly via an offshore structure. So if you have property back in ol' Blighty, it could still be in the net.

Tagged in: Accountants tax
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Budget 2015 Explained

Posted by on in The Economy

The seventh Budget from Finance Minister, Bill English is very much a balancing act with increases in benefits for some citizens offset by the removal of incentives for others.

Family Forecast

Fresh off plenty of political discussion around Child Poverty, the Government has introduced benefit increases for families with children by $25 per week after tax, the first non-inflation adjusted increase since 1972:

  • Childcare assistance for low-income families will increase from $4 an hour to $5 an hour for up to a maximum of 50 hours of childcare a week for each child.
  • Student Allowances for families with children will increase by $25 a week.
  • Both the Working for Families (WFF) in-work tax credit and the WFF tax credit abatement rate will increase from 1 April 2016:

* Low-income working families earning $36,350 or less a year, before tax, will receive an extra $12.50 per week and some very low-income families will receive an extra $24.50.

* Working families earning more than $36,350 will receive more from WFF, but the amount is dependent on each family’s income and it won’t be more than $12.50 a week

* Families earning more than $88,000 a year will see slightly lower WFF payments, with the average reduction being around $3 a week

These increases have been tempered by part-time working beneficiaries needing to work 20 hours per week versus the 15 hours of the past. Sole parents and partners of beneficiaries are also now expected to seek at least part-time work once the youngest child turns three, as opposed to five years previously.

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Hi there

Lovely weekend to be indoors.

There was a recent case through the courts in respect of record keeping (or the absence of it) for IRD purposes.  Here's a summary....

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