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New Zealand’s Holidays Act 2003 is finally getting a long-awaited overhaul. In this article we provide expert insight into what's changing for employers and their employees, and five key tips to help businesses with the upcoming transition.
Discover the impact of NZ IFRS 18 on your organisation and insights about what this could mean for your business.
A new reporting standard, NZ IFRS 18, kicks in from 1 January 2027. Nothing to worry about right now, you might think. But if you wait until 2027 to think about NZ IFRS 18, you might find yourself in a panic.
It’s been a long-held misconception that retirement village operators in New Zealand rake in excess profits—at least on paper. But a closer look reveals a different story.
New regulations are changing how some incorporated societies report their finances. The Incorporated Societies Act 2022 replaces the 1908 Act, marking the first major overhaul in more than 100 years.
The rules around calculating a company’s taxable income are well established. But what if you’re a mutual association – a resident’s association, membership organisation or industry group (among others)?
The broader implications of tariffs for New Zealand and Australian multinational businesses exporting to the US are significant. This environment is incredibly dynamic as more tariffs and retaliatory measures are released almost daily.
Changes in the economic and fiscal policy priorities of the U.S. government together with the international response could have a significant, wide-ranging economic impact on entities in New Zealand, both directly and indirectly. These factors could trigger the need for responses in your accounting and financial reporting, including disclosures.
Inland Revenue has just released a draft operational statement (ED0265) about the income tax treatment of transactions between not-for-profit associations (Mutual Associations) and their members.
Inland Revenue has issued an open submission to reduce the complexity of compliance with fringe benefits tax (FBT) - a welcome move toward modernising the regime and addressing long-standing complexity, particularly around motor vehicles and minor benefits.
Reporting changes have been introduced for not-for-profits (NFPs) reporting under the Tier 3 and Tier 4 frameworks, and are effective for periods beginning on or after 1 April 2024 for the year ending 31 March onwards.
A consultation paper released by IRD is a reminder that charities and NFPs need to think hard about tax compliance to ensure they get it right. Because they often don’t pay income tax, those managing NFPs often see tax as less of a priority than their private sector equivalents.
As 31 March 2025 approaches, it’s time for most businesses across New Zealand to get their financials in order – an often time consuming and stressful task. Whether you’re a small business owner or running a larger operation, with a bit of planning, you can wrap up the financial year smoothly and set yourself up for success in the next one.
New Zealand residents pay tax in Aotearoa on world-wide income. Simple enough. But what about people who only live here sometimes, or intend to move to another country?
The External Reporting Board (‘XRB’) has recently published a new standard, NZ IFRS 18 ‘Presentation and Disclosure in Financial Statements’. It replaces NZ IAS 1 ‘Presentation of Financial Statements’ and will impact every reporting entity currently reporting under New Zealand equivalents to International Financial Reporting Standards.
Prevention is better than cure: That’s Inland Revenue’s perspective on tax compliance for multinationals. It wants to make compliance easy and non-compliance difficult, by helping customers early, providing clear guidance and keeping costs down.