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NZ CRS & FATCA disclosures

Although due date for CRS & FATCA disclosures has passed, NZ IRD still accepts late submissions

Financial institutions needed to report information about foreign tax resident financial accounts to us for the year ending 31 March 2018 by 30 June.

This is an annual obligation to comply with the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) legislation. IRD is due to exchange information internationally by 30 September 2018.

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Budget 2016 transforming NZ’s tax system

Global tax evasion

Combatting global tax evasion

The New Zealand government has joined more than 100 other countries in a global initiative to combat tax evasion. It’s called the Automatic Exchange of Information – or AEOI.

This international collaboration will make it even harder for people who are trying to evade paying tax by hiding money or investments overseas.

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Alliott Group Asia Pacific Regional Conference

Alliott NZ at Accounting & Law Asia Pacific Conference

Alliotts was represented from 24-26 May in Osaka, Japan at the Asia Pacific Regional Conference of Alliott Group, the international alliance of professional services firms of which our firm is a member.

The conference provided learning, personal development and networking opportunities and was attended this year by 28 professionals from 17 cities in 11 countries.

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new zealand

NZ Budget 2018

Finance Minister Grant Robertson delivered Budget 2018 to the nation

It’s the first Budget for the Labour-NZ First Government and forms a key part of the narrative around where and how our new Government wishes to recalibrate the longer term destination for the country.

Tax – Reconfiguring the incentives for R&D

In the lead up to Budget 2018, the Government released its proposals to lift research and development (R&D) spending from the current 1.3% of gross domestic product (GDP) to a target of 2% of GDP. The solution put forward is to reintroduce an R&D tax credit regime with effect from 1 April 2019.

The bones of the proposed regime are similar to what we had under the previous Labour government, prior to the regime being repealed and replaced with the Growth Grant scheme administered by Callaghan Innovation. It comes at an estimated cost of $1.0 billion of operating expenditure over four years.

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Newmarket Business Awards

2018 Newmarket Business Awards

Alliotts shortlisted for prestigious Newmarket Business Award

Alliott NZ Chartered Accountants have been shortlisted as Finalist in the Best Small / Medium Business of the Year (non-retail) category at this year’s Newmarket Business Awards in Auckland.

The announcement comes in the wake of a rigorous first-round judging process to whittle down almost 100 entries across 12 categories, with the competition promising to be hotter than ever.

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Australia's House of Representatives, Canberra

Australian Budget 2018

Wealthy, healthy and prizes

That fiscal prudence has come at the ‘cost’ of fewer giveaways than might have been the case ahead of an election.

We expect the government to gain favourable comment for banking some of the revenue gains with enough left over for a variety of measures, including personal income tax cuts.

“By far the biggest improvement [in Australia’s cash balance] was due to stronger-than-expected tax revenue.” 

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Armitage_Maioro VMSS 1

Doing Business in NZ case study

Alliotts case study: Armitage Group

Auckland’s award-winning Armitage Group, operating in New Zealand since 1994, is a well-known supplier of preference to private sector infrastructure engineers and developers, civil contractors and government authorities.

As a technology integrator with four offices in New Zealand and Australia, Armitage supplies, installs and maintains electronic and mechanical systems in the areas of Security, Fire Protection, CCTV, Building Management and Intelligent Transportation Systems.

Lately, they expanded their portfolio to include a Monitoring and Surveillance division providing a 24/7 support across all the business areas.

From the time founder Paul Sansbury established the business, he built a renowned reputation and was bringing through another generation of family expertise. Sadly the succession of the business was brought forward unexpectedly when Paul passed away a year ago.

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Reminder: New Australian GST rules from 1 July

Tax on retail sales of goods and services into Australia

Australian goods and services tax (GST) may apply to you for retail sales of low-value goods, services or digital products to Australia.

Retailers, online marketplaces and goods re-deliverers may need to register and pay GST to the Australian Taxation Office. GST is a consumption tax similar to sales tax or value-added tax.

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bitcoin cryptocurrency

Cryptocurrency tax implications

Investors in cryptocurrency need to be aware of tax implications

With all the excitement around cryptocurrency, it can be easy to forget about the taxation that comes along with it.

Cryptocurrency (sometimes known as a virtual, digital, or electronic currency) is a digital asset which is traded and secured using cryptography. Bitcoin, the most widely recognized type of cryptocurrency, has an equivalent value in traditional currency, and is digitally traded peer to peer using a decentralized system referred to as Blockchain.

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