Accounting and tax news round up

www.NetProphet.co.nz

Friday 4th December 2009

Specialist accountancy website Netprophet.co.nz reports this week that less than 40% of people paying self employed schedular tax are claiming expenses which means since 2005 this group has been overtaxed at least $230 million.

The New Zealand Institute of Chartered Accountants says an Inland Revenue brochure issued on off-the-plan property sales contains potentially misleading advice and we look at why money involved in aggressive tax issues has more than halved from $313 million to $123 million in the last year.

We also talk to Mercer, the only default KiwiSaver provider without a distribution network, about why it has reduced fees on its funds.

You can keep up-to-date with Netprophet.co.nz on Twitter. Follow us on http://www.twitter.com/netprophets

Double tax agreement lowers withholding tax rates
The double tax agreement between the United States and New Zealand has progressed with a decision to lower withholding tax rates that apply to certain dividends, interest and royalty payments. >>Read more

Aggressive tax issues halved
Money involved in aggressive tax issues has more than halved from $313 million to $123 million in the last year. >>Read more

Do property investors really have “tax benefits?”
As the government contemplates tax changes which would alter the tax rules for property investors, much of the commentary around perceived "tax benefits" has become misleading. >>Read more

Taxation Bill to bring "certainty and clarity"
The Taxation Bill passed its final stages in Parliament and Revenue Minister Peter Dunne says it will bring "greater certainty and clarity" into New Zealand tax law. >>Read more

Urgent measures added to the Taxation Bill and tax credit
Three urgent measures were added to the Taxation Bill and changes were made to the minimum family tax credit and the prescribed rate to calculate fringe benefit tax. >>Read more

WHK acquires two Oamaru accountancy firms
Accountancy group WHK has acquired two Oamaru firms as it looks to expand its presence in Otago. >>Read more

KiwiSaver fee disclosure needs to improve: Mercer
Mercer, the only default KiwiSaver provider without a distribution network, has reduced fees on its funds. >>Read more

Comments from our readers

No comments yet