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For well over 100 years the Incorporated Societies Act 1908 has enabled community related organisations to become incorporated for a wide variety of purposes. However, this Act is now outdated and deficient in many respects.
The economic impacts of COVID-19 will continue to persist well into 2021. Our borders remain substantively closed and the nationwide roll out of a COVID-19 vaccine is yet to commence in New Zealand. This means that teams which perform inhouse impairment testing need to consider how the ripple effects of the pandemic will influence their financial statements over the next 12 months.
In a bid to ease New Zealand’s housing crisis, the Government has introduced new legislation that will impact current owners of residential investment property and new purchases made on or after 27 March 2021.
A major change has been made to how NFPs can claim GST credits on their assets.
In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’. The amendments are a response to feedback received from the post-implementation review of IFRS 3 (‘the Standard’). They clarify the definition of a business, with the aim of helping entities to determine whether a transaction should be accounted for as an asset acquisition or a business combination.
The requirements of Public Benefit Entities International Public Sector Accounting Standards (PBE IPSAS) for Not-for-Profit reporting entities are continuing to change. Navigating the Changes to PBE IPSAS for Not-for-Profits gives chief financial officers, and audit and risk committee members a high-level awareness of these recent changes to PBE IPSAS. It covers both brand new standards, and changes that have been made to existing ones.
Whether you want to communicate your organisation’s purpose and objectives, or to attract new sources of funding, your annual financial statements are a powerful tool for telling your story, but all too often the opportunity for making an impact is lost.
Although the tax implications of relationship property settlements are rarely front-of-mind, they can have significant consequences. It is important any tax implications are properly considered and reflected in the agreement to achieve a fair settlement. This article discusses the general tax principles relating to the settlement of relationship property, including the potential effect of the new ‘bright line’ test for residential property recently introduced on 1 October 2015.
