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Super guarantee rate increases to 12%

A Bill is before Parliament to progressively increase the super guarantee rate from 9% to 12% by July 2019…

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Low income earners super tax offset: Conditional on Minerals Tax

A Bill is before Parliament which will effectively offset superannuation tax for super guarantee contributions for people earning up to $37,000. However, this benefit will only be available if…

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Generate Cash Flow – reducing PAYG instalments

Is your current year income lower than last year’s? You can reduce your PAYG instalment rate so that it is based on current year income…

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Our Tax Office warns Kiwis on international transactions

In a speech to the NZ Institute of Chartered Accountants, Tax Commissioner Michael D-Ascnzo said he will target 2,660 wealthy Australians on cross border transactions…

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Insolvent taxpayers owe $5.3 billion

The 2011 Tax Office Annual Report shows that tax debts owed by insolvent businesses and private individuals increased by 35% to $5.3 billion.  There were 1,055 wind-up notices issued…

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Data matching statistics

Tax Office analysed 520 million transactions in FY11 covering shares, superannuation, investments, employment and private health insurance…

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Super – binding nominations

Question from Steve: If your Will covers all your assets, does that still mean you need to make beneficiary nominations in your superannuation fund?

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Super – valid nominations

Question from Stuart: If you attempt to make a binding nomination to a non-dependant sibling, how and when would you find out that it is not valid?

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Plant – nursery fuel tax credits

Question from Greg: Would a plant nursery be classified as agriculture and consequently not be subject to the reduction in fuel tax credits happening with introduction to the carbon tax?

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Super – increases

Question from Greg: Do you have any views on how the increase in superannuation guarantee levy will be applied to “total cost” employment contracts? Where the total remuneration package is defined, will the increase in superannuation levy be borne by the employer or will it reduce the employee’s cash salary?

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Carbon Tax targets

Question from Michael: The list of companies that was outlined in your webinar presentation is mainly mining and resource related. Is this a back-door mining tax?

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TFN Reporting

Question from Steve: Does the TFN (Tax File Number) reporting of trust distributions relate to when the trustee declares the entitlement or alternatively when it is actually paid?

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Save Tax – Director’s fees

Reasonable director’s fees are deductible when the company has incurred them, even if not yet paid…

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December 2011 – A day in the tax life of …

… previously on tax life … Sam was getting business matters under control and starting to think through the long term. A financial plan was coming together including getting insurances sorted out, estate planning, building superannuation for future retirement and long-term succession planning for the business.

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