Draft legislation is in the process of being finalised that will change the level of detail required in an entity’s financial statements, depending on its size.


Currently, if a New Zealand company meets two or more of the following criteria, General Purpose Financial Reporting (GPFR) requirements must be met when financial statements are prepared:

  • annual turnover of more than $2 million
  • total assets of more than $1 million
  • have more than 5 employees


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The 2013 Budget continued the recent pattern of making small changes to New Zealand’s tax framework, which implies the Government is broadly happy with how it is operating. The changes that were announced are intended to strengthen the tax base and support the business environment. A brief overview of the proposed changes is provided below.


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The idea of retiring at a ripe old age free from financial pressures is a pleasant vision for many. As the benefits of saving for retirement are recognised globally, it is becoming more common for individuals to migrate to New Zealand with superannuation funds from their previous country of residence.


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Are you in quadrant 2?

STEPHEN COVEY was a management consultant famous for his book The Seven Habits of Highly Successful People. 
The book provided some interesting advice about prioritising work and included the diagram below:
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The longest Journey starts with a single step

This phrase is well known – perhaps less well known is its origination: According to Google it’s from the quote by Chinese philosopher Laozi (c 604 bc - c 531 bc) in the Tao Te Ching, chapter 64


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FBT on Carparks

One would be forgiven for thinking that the Government’s recent back down on charging FBT on carparks located in the Auckland and Wellington CBDs means that the status quo remains. However, the draft legislation as it was introduced actually includes four proposed changes that would see FBT apply when:

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Revision of Trust Law

The Trustees Act 1956 (‘The Act’) forms the basis of New Zealand’s trust law. Given the age of the Act, it can be difficult to interpret and apply in today’s environment, which has arguably led to an increase in the number of court disputes.


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Tax Minimisation—How do they do it?

Multi-nationals such as Starbucks, Apple and Amazon have been under the spotlight lately due to the low amount of tax they pay in comparison to their total earnings. For example, Google reported that it paid US$248 million in taxes on foreign income of US$7.633 billion. However, it is difficult to discern from mainstream media reports exactly what the issue is. An explanation and example are provided below.


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