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Accounting and tax news round up

Friday 12th February 2010

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Specialist accountancy website exclusively reports this week on how much PricewaterhouseCoopers has made from seven failed finance companies, after some digging around on the Companies Office website.

The main focus of the week however, has been Prime Minister John Key's speech on possible parts of the government's Budget tax package where proposals for a land tax, risk free rate of return and a capital gains tax on property have all been ruled out.

It also appears changes to the depreciation regime and a higher GST rate are going to happen, we get NZICA tax director Craig Macalister's views on this. He believes depreciation will not tackle the larger problem of under-taxation of capital assets. We also have reaction from KPMG who reads between the lines of the speech and Ernst & Young who says the lack of tax certainty could be detrimental to the economy.

Pattrick Smellie comments on Key's speech, asking if the good politics will fix a "broken" tax system and we also look at comments by Finance Minister Bill English where he expanded on the tax package parameters.

In other news, we find out that during 2009 accounting and finance professionals became more willing to sacrifice their base salary expectations to secure a role.

The BNZ Confidence survey finds that clients of accountants who looked okay in 2009 are struggling this year and we look at how AMP dominated KiwiSaver growth in the December 2009 quarter, knocking Huljich Wealth Management from the top spot.

There is also great news for Fellow Chartered Accountant Marion Cowden of Wellington who has been appointed to the newly formed Independent Expert Oversight Advisory Committee (Audit Committee) of the World Health Organisation.

In Practice Management accountancy author John Haylock looks at how to give your clients exactly what they want, making business more profitable.



Failed fin coys net PwC more than $10 million

Failed finance companies have netted PricewaterhouseCoopers more than $10 million since the sector collapse started in 2006. >>Read more


AMP dominates KiwiSaver performance

AMP dominated KiwiSaver fund growth in the December 2009 quarter with its conservative, balanced and growth funds all the best performers toppling Huljich Wealth Management from the top. >>Read more


Key takes middle road in whacking residential investors

There will be no land tax and no tax on imputed rental property income, Prime Minister John Key announced in his scene-setting speech kicking off the parliamentary year, this afternoon. >>Read more


English expands on tax package parameters

Tax threshold changes, a shift to a "bright line" test for the tax treatment of capital gains, and the ring-fencing of rental property losses are all on the table as possible parts of the government's Budget tax package, Finance Minister Bill English said today. >>Read more


Reaction: E & Y: Lack of tax certainty could be detrimental to the economy

While clarity around property tax was welcomed in Prime Minister John Key's speech today, the rest of the tax announcements are hardly likely to incite riots or dancing in the streets according to Ernst & Young. >>Read more


Reaction: KPMG reads between the lines in Key's speech

KPMG says it welcomes the clarity and package approach delivered in Prime Minister John Key's opening speech to Parliament, however the silence on tax rates requires reading between the lines. >>Read more


NZICA: Depreciation will not tackle the tax problem

Removing depreciation allowances from property will not tackle the larger problem of under-taxation of capital assets. >>Read more



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