INCENTIVISING STAFF

In 2011, Dr Alexander Pepper of the London School of Economics and Political Science, in conjunction with PwC UK, carried out a global survey of 1106 Executives from 43 countries. While New Zealand executives did not participate, the outcomes provide insights into basic human behaviour that could translate to other employee situations.

 

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TAX – THE WAY IT WAS

There have been many ways in which tax has been imposed throughout history.

 

Albert Einstein once said ‘‘The hardest thing in the world to understand is the Income Tax’’. Given some of the unusual tax rules set out below, it is easy to understand Albert’s confusion.

 

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CLOSE COMPANY SHAREHOLDER ELIGIBILITY FOR IN-WORK TAX CREDIT

In the past, in order for a principal caregiver to receive an in-work tax credit there was a requirement for the person to be a full-time earner receiving income from a work activity such as salary, wages, or a shareholder-employee salary.

 

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PERSONAL GUARANTEES PROVIDED IN COMMERCIAL LEASES

In taking on a commercial lease for a business premises, there are many things for a business owner to consider. One of these could be a request from a landlord for a personal guarantee. Generally a landlord will require a combination of a security deposit/bond or bank guarantee as well as a personal guarantee, as security. The higher the risk or weaker the ‘covenant strength’ the landlord perceives the tenant to be, the more security the landlord will likely require before committing to a lease.

 

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IS IGNORANCE BLISS?

In relation to corporate failure, there are some common misconceptions about the liability of company directors. Operating as a limited liability company does provide a level of protection to shareholders, however company directors can be held personally liable for debts of the company if they have breached their director’s duties. These duties are set out in Sections 131 – 137 of Part 8 of the Companies Act 1993.

 

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... to be truly satisfied ...

I was in Fiji on a golf trip recently and 5 of the golfers’ wives came up at the end of the golf to enjoy time in Denarau around the pools and generally relax.

I got to finish reading the book called “Insanely Simple – The Obsession that drives Apple’s Success” written by Ken Segall who worked for the agency for Apple and Steve Jobs and is credited with the naming of iMac which lead of course to iPhone, iPod and iPad etc. The book is a great read and well written.

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Holiday homes, boats and planes costing $50,000 or more

If you have one of the above, which is used partly for personal use and partly for business, there’s a nasty little problem if your company owns it.

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Keeping records and claiming business expenses

This is the time of year when many of the taxpayers start collating information for their tax return preparation. If good records are kept during the year then it will be a breeze, whether the tax return is prepared by a tax agent or not. If one has not made a good job of record keeping, it might become stressful putting all the paperwork together. If proper records are not kept or they are incomplete, one might miss out on claiming some expenses. 

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