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BRIEFLY 15 Nov 2018

Second tier patents

A Bill is before Parliament called the Patents (Advanced Patents) Amendment Bill. The object is to provide patent protection without the fear of being copied. It will be quicker, more accessible and cost-effective than obtaining a full patent.

 

Updating your will

Recently, the Dominion Post newspaper (9 June 2018) wrote an article about Gary Wendt, who had not updated his will. A row broke out between his closest friends and a former lover. Circumstances change. Whenever they do, you need to consider whether you should be updating your will. If you remarry, your previous will becomes automatically revoked.

 

Non-profit business

Some charities also run businesses. It is now proposed that where such a business buys a piece of equipment or property and claims GST, it must pay Output Tax when it later comes to sell it. Any purchases before 15 May 2018 will not be affected by the new rules.

 

Crypto wages

No decision has yet been made as to the correct tax treatment of wages paid in crypto-currency. Inland Revenue is calling for comments but has said it favours applying PAYE.

 

Card fees

Fees charged to customers for using credit and debit cards take on the character of the goods or services being supplied. You should not break these out and treat them as financial transactions, when preparing your GST return.

 

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