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	<title>Parbhu Gallagher Parag</title>
	<link>http://pgpaccounting.co.nz</link>
	<description>Accounting, Tax, and Advisory in Wellington, New Zealand</description>
	<lastBuildDate>Wed, 03 Aug 2011 10:51:10 +0000</lastBuildDate>
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		<title>Back in black?</title>
		<description><![CDATA[This article appears courtesy of BDO While the 2011 picture looks bleak – with a forecast operating deficit of $16.7 billion – Budget 2011’s focus is on pushing the economy ahead and back into the black by 2014/15. As predicted in our May 2011 Tax Today, Budget 2011’s focus is on the rebuilding of Christchurch [...]]]></description>
		<link>http://pgpaccounting.co.nz/back-in-black/</link>
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		<title>Extension of redundancy tax credit</title>
		<description><![CDATA[Due to the Christchurch earthquake, Peter Dunne, Revenue Minister of New Zealand, has announced an extension of the redundancy tax credit until 31 March 2011. After the disaster on the South Island, the extension is applicable to everyone receiving redundancy payments before 1 April 2011.  The rate is 6 cents in the dollar to the [...]]]></description>
		<link>http://pgpaccounting.co.nz/extension-of-redundancy-tax-credit/</link>
			</item>
	<item>
		<title>Change to small business definition</title>
		<description><![CDATA[On 1 January 2011, the definition of what constitutes a small business changed.  From that date, businesses must have fifteen of less employees based on a head count of employees, rather than full-time equivalent employees, to be considered a small business.  Your employee headcount should now include full time, part time and regular casual employees. [...]]]></description>
		<link>http://pgpaccounting.co.nz/change-to-small-business-definition/</link>
			</item>
	<item>
		<title>Changes to IR laws</title>
		<description><![CDATA[New amendments to the Employees Relations Act have been enacted and will come into affect on 1 April 2011. More detail should be sought, however, some significant sections are as follows: Every employer will be required to keep a copy of every signed employment agreement from 1 July 2011.  Failure to produce a copy of [...]]]></description>
		<link>http://pgpaccounting.co.nz/changes-to-ir-laws/</link>
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		<title>Australia and New Zealand’s Double Tax Agreement</title>
		<description><![CDATA[New Zealand and Australia’s new double tax agreement entered into force on the 19th of March this year. For cross-border dividends, the provisions of the agreement will apply to amounts paid or credited from 1 May 2010. Article 10(3)(c) of the agreement provides that a competent authority determination may be made on whether a zero-rate of [...]]]></description>
		<link>http://pgpaccounting.co.nz/australia-and-new-zealand%e2%80%99s-double-tax-agreement/</link>
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		<title>Voluntary disclosure of offshore income</title>
		<description><![CDATA[In this new financial year, Inland Revenue will be closing in on individuals and businesses that fail to report taxable income from offshore. Undisclosed international bank accounts, assets, life insurance policies and superannuation accounts held overseas will be of particular interest in 2010/11. An increase in assessments and audits, as well as collaboration with international [...]]]></description>
		<link>http://pgpaccounting.co.nz/voluntary-disclosure-of-offshore-income/</link>
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		<title>Penalties for non-payment of employer monthly schedules</title>
		<description><![CDATA[The IRD has been reinforcing its position with employers not meeting their payment obligation. Non-payment penalties are issued by the IRD to employers who fail to pay their employer monthly schedule (EMS) obligations in full or on time. A non-payment penalty is 10 % of the amount outstanding and applies when non-payment continues after the [...]]]></description>
		<link>http://pgpaccounting.co.nz/penalties-for-non-payment-of-employer-monthly-schedules/</link>
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		<title>IRD introduces new tax rates</title>
		<description><![CDATA[The Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 introduces changes to secondary tax rates and new calculations for extra pays/lump-sum payments, effective from 1 April 2010. New RWT, secondary tax, RSCT and extra pay rates from 1 April 2010 $0 – $14,000 12.5% $14,001 – $48,000 21% $48,001 – $70,000 33% $70,001 and over 38% [...]]]></description>
		<link>http://pgpaccounting.co.nz/ird-introduces-new-tax-rates/</link>
			</item>
	<item>
		<title>IRD payments &amp; allowances update</title>
		<description><![CDATA[The IRD recently updated and clarified some of its legislation relating to the treatment of relocation payments, overtime meal allowances and sustenance allowances. If you have taxed any of these since the 2002 – 2003 income year, you might be entitled to a PAYE credit – depending on whether the tax-free conditions for each category [...]]]></description>
		<link>http://pgpaccounting.co.nz/ird-payments-allowances-update/</link>
			</item>
	<item>
		<title>IFRS Compliance</title>
		<description><![CDATA[Businesses should ensure they are complying with the new international accounting practices established under the International Financial Reporting Standards (IFRS). A recent review of reports by the Securities Commission highlights that many businesses are still facing some difficulties changing from a system of commercial confidentiality to one of disclosure. Under IFRS, forecasts should include information [...]]]></description>
		<link>http://pgpaccounting.co.nz/ifrs-compliance/</link>
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