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Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Budget 2018: Ensuring fairness across the tax system

Posted on Jun 7, 2018 by admin

This year’s Budget focused on the Government’s commitment to creating a fairer tax system for all New Zealanders.

New initiatives aimed at cracking down on tax dodgers are expected to generate an extra $726.3 million in revenue. The additional revenue is set to assist the Government in addressing significant under-resourcing of critical public services.

Inland Revenue will receive $31.3 million of operating spending over the next four years, and $23.5 million to ensure outstanding company tax returns are filed. This is expected to recover approximately $183.3 million.

Initiatives designed to reduce distortion in the tax system are also set to provide additional revenue. Speculators and investors can no longer offset tax losses from residential properties against other income.

Offshore suppliers of low-value goods will be required to register for, collect and return GST. This is estimated to provide $218 million in new revenue over the next four years, and is expected to increase each year as online shopping grows.

Garry Hughes has been the Orewa North accountant for the past 17 years. The key to this long association has been the efficient manner in which Garry has performed his preparation of our accounts. It has been a pleasure to deal with someone whose working relationship has been friendly and exceptionally flexible when fitting in with the school needs and the ever changing Ministry of Education regulations and reporting requirements. It is good to know that sound financial advice and guidance is only a phone call away.
Bruce LawsPrincipalOrewa North Primary School

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Heavy fines for lack of employment records

Posted on December 7, 2018 by BDS Hughes

Employers must keep complete and accurate records of their employees to avoid severe fines. Remain compliant with the Employment Relations Act 2000 and the Holidays Act 2003 and follow the checklist given below. As an employer you must: Be able to show you have paid your employees all minimum employment entitlements like the minimum wage rate and four weeks’ annual holidays Keep records with the name, age, address, and date employees started working, what their job entails, public holiday payments and tax declarations Keep records for seven years even if they have left Ensure all employees have complete and current […]

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Upper Level, Watchdog House
21 Tamariki Ave, Orewa, Auckland

P: 09 426 2999 | F: 09 426 0812 | M: 021 790765
E: GARRY@BDSHUGHES.CO.NZ