Accounting and tax news round up

www.NetProphet.co.nz

Friday 16th April 2010

Specialist accountancy website Netprophet.co.nz reports this week on a property developer charged with tax avoidance after $5 million of "loans" were found to be income.

It also looks at a further ruling on income splitting by the Tax Review Authority after an anaesthetist was found to have structured her affairs in a way which constituted tax avoidance.

Tax options to help New Zealand set up an international finance sector "hub" are canvassed in an options paper from Inland Revenue and we preview the Australian tax review as reports surface that details of it may be released ahead of next Monday's meeting.

In other news Asteron strongly signals in the latest amendment to its prospectus that it may soon close its KiwiSaver fund and Huljich Wealth Management re-launches two non-KiwiSaver funds.

The MYOB Business Monitor also reports that around a third of small and medium businesses have reported a revenue decrease over the last 12 months.

In people news the New Zealand Institute of Chartered Accountants (NZICA) announces two new executive appointments to its professional development team and in Practice Management, Allan Mearns has the sixth instalment in his series of "Your part in the tragedy".

$5 million of "loans" found to be tax avoidance

A property developer who lived largely on "loans" and other drawings of around $5 million from his various companies has been held to have thereby avoided income tax by the Taxation Review Authority >>Read more

Further rulings on income splitting

Further rulings have emerged on the issue of highly paid professionals splitting their income through companies and other entities. >>Read more

Tax options to set up an international finance sector hub

Tax options to help New Zealand set up an international finance sector "hub" are being canvassed in an options paper from the Inland Revenue Department. >>Read more

NZICA adds to its professional development team

The New Zealand Institute of Chartered Accountants (NZICA) has appointed Joe Grayland as its new director of professional development and Jodi Willison as its new Manager of e-Learning. >>Read more

MYOB: A third of businesses report revenue decreases

Around a third of small and medium businesses (SMEs) have reported a revenue decrease over the last 12 months according to the April MYOB Business Monitor. >>Read more

Australian Tax Review may be released by next Monday

The mammoth review of Australia's tax system could be released later this week - and it will have big implications for New Zealand. >>Read more

Huljich re-launches non-KiwiSaver funds

Huljich Wealth Management has re-launched two of its non-KiwiSaver funds which were closed down in January and transferred to equivalent funds. >>Read more

Your part in the tragedy (VI) - Who will do it?

Part of the four stages of planning to see businesses, estates and families through these dreadful tragedies is naturally enough when you think about it, who will carry out the actions planned. >>Read more

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