Tax Updates

Why farm compliance matters

Looking at farm compliance as a cost to your business is now an outdated view.  While it may not be creating value, it is protecting the value of your business, with multiple financial implications for not complying with regulations today. These include; fines for breaching regulations, missing out on premium payments from Farm Assurance Programmes …

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Are you suffering from business burnout?

Are you feeling burned out from business?The last three years have been demanding and exhausting for many business owners. The challenges have been relentless, and we know many small business owners have had to navigate unprecedented demands because of the pandemic and related government regulations. Burnout results from long-term stress and can manifest in emotional …

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Let’s talk about bonuses!

You might be considering offering some kind of incentive or bonus for your staff. It’s important to be aware that there are two types of bonuses an employer can give, an incentive payment or a discretionary bonus, and they are quite different. An incentive payment is generally paid on a regular basis if X Y …

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The Principles of Tax

The Taxation Principles Reporting Bill was recently introduced to Parliament stating that “The Government would like to increase the public’s understanding of the tax system and promote informed debate and discussion about its future”.   The Bill proposes 7 principles that are to be “universally accepted” as underpinning the design of good tax policy.  The principles …

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Can you see the tax through the trees?

When buying or selling land, it is important to consider the tax implications of any standing timber on the property. Standing timber refers to a block of trees that will yield saleable timber.  The Inland Revenue Department (IRD) excludes fruit trees, ornamental or incidental trees. However, standing timber does include native bush, shelterbelts and erosion …

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