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Dealing with loss

27 Jul 2012

There are legitimate ways to manage tax exposure by using previously incurred tax losses. However, business owners should be wary of stories suggesting that tax losses can be bought.

Major sporting events key to attracting investment, say NZ businesses

26 Jul 2012

New Zealand business leaders see major sporting events as an integral means of attracting investment to the country, according to new research from the Grant Thornton International Business Report (IBR).

Tax law on the run

13 Jul 2012

Inland Revenue’s win at the Supreme Court in the Penny & Hooper case: The case involved two Christchurch orthopaedic surgeons who each transferred their practices to a company, the shares of which were owned by a family trust. Instead of earning all the surgery income in their own names, the company paid them a (lower) salary, and the rest of the income stayed in the company. The salaries were determined by reference to public hospital pay rates.

“Cop-out” to say auditors can’t do more

10 Jul 2012

It is a “cop-out” to say that statutory audits cannot be further improved to help stave off crises and reduce fraud say Mark Hucklesby, National Technical Director of Grant Thornton New Zealand.

NZ businesses showing signs of optimism

05 Jul 2012

Growing signs of an economic turnaround are highlighted by the attitude of New Zealand businesses in the latest Grant Thornton International Business Report (IBR) for the second quarter of 2012.

Court decision sets out distribution of Hubbard funds to investors

03 Jul 2012

The statutory managers of Hubbard Management Funds which is currently worth $44 million have received direction on how to allocate the fund to investors. This follows a High Court decision that determined a model for allocating repayments to investors.

Returns to Aorangi investors in doubt

03 Jul 2012

The statutory managers of Aorangi Securities may now be unable to return almost 100 cents in the dollar to investors. In papers submitted to the High Court, Mrs Hubbard is disputing the beneficial ownership by Aorangi of $60 million of assets, say the statutory managers in their 11th Report just released.

Why the company tax rate doesn’t matter

26 Jun 2012

Back in the 1980s, New Zealand had a company tax rate of 48%. At the end of that decade two things occurred. Firstly, the company tax rate was reduced to 33% - where it remained until just a few years ago. Secondly, a system of imputation was introduced.

Hubbard U-turn disappoints Aorangi Statutory Managers

25 Jun 2012

Statutory managers, Grant Thornton New Zealand, have expressed their disappointment at the announcement by Mrs Jean Hubbard that she will oppose the transfer of assets to Aorangi investors.

Other people’s money

13 Jun 2012

Income tax is generally recognised as being one of the biggest expenses that a business faces. Not only is there the cost of the tax itself; there are also compliance costs associated with managing the myriad of responsibilities that taxpayers have.