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BRIEFLY 12 Nov 2012

 Disappearing inheritance

If your aunt leaves you a large sum of money or valuable asset, it could become matrimonial property. If your relationship breaks down, you could lose half of your inheritance. If you want to avoid this, take a few minutes of your solicitor’s time and find out exactly what needs to be done. For example, it could be handy to pay off the mortgage on your home. Do it the right way and you can preserve your inheritance. Do it the wrong way and you may lose half your money

 

New charges

The Registrar of Companies is now charging $45 (from 1 August) for filing your annual return.

 

Save tax penalties and interest

You can buy overpaid tax from a tax intermediary. If you have a tax problem, consider this opportunity for reducing Use of Money Interest and possible penalties.

Some firms pay too much tax and have a surplus credit with the IRD. You may be able to purchase this extra tax, depending on your circumstances. Talk to us for more details.

 

Interest deductibility when business ceases

When a business ceases, generally, deductions cease as well. They may be available for a reasonable period based on the time needed to wind up and finish everything. If there is borrowed money, an interest deduction may be claimable if the review of the loan is not too far in to the future.

 

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