One of my clients is a shareholder in two different Companies and he gets income from both the Companies as shareholder.
Can he claim Wages subsidy for both the Companies. Both the Companies have suffered loss of income.
Read MoreWe have a question in regards to a member of our team who is over 70 and therefore a vulnerable worker under alert level 3 and possibly under alert level 2, as the work requires site visits to multiple locations during the day.
We do not think we can keep him at 80% of salary while remaining at home after the level 4 lockdown has ended. Do you have any advice or recommendations in this area?
Read MoreDuring the lockdown period I have been working on our financials and also budgets moving forward and our business is not in good shape. I have gone through what costs can be cut, however this will unfortunately not be enough. At the moment I am forecasting a loss of approx 250k in this coming year if we stay as we are, the only way I can see of preventing this is cutting costs and also moving staff from other positions into sales roles so that we are also able to increase our turnover.
I myself have never performed a redundancy/restructure however I have been involved with one by crunching the numbers.
Any advice or guidance on this matter would be greatly appreciated.
If we received the Wage Subsidy for an employee with the intention of retaining him, but now realise we will have to let him go, can I use the balance of the subsidy as a redundancy payment to him?
Read MoreWe are an essential service but due to covid19 we are working reduced hours and most staff are working approximately 50% of their working day. We are paying those employees 80% of their pay by topping up with annual leave. We also have a few workers who are working their normal hours. Can you please clarify the following:
Do we have to top up to 80% without using their annual leave, or can it be topped up with annual leave
Are the employees who are working 100% of their hours entitled to 100% of their pay, or do we reduce this to 80% regardless of the fact that they are working 100%
If a company has no staff, but two directors each of whom is entitled to get the subsidy, what is the entitlement? 1 x $7029 ? or 2 x $7029?
Read MoreThe wage subsidy is not taxable, will staff wages be deductible, or have to be proportioned to remove the non deductible part? Eg, staff weekly wage = $2,000 wages subsidy =585, so deductible = $2,000 - 585 ? How does this work? Please help.
Read MoreThere is a confusion about the wage subsidy. Are employers required to pass the weekly subsidy to employees? Most our clients' employees are on much higher salaries than the $585 per week. For those clients, they have to top up their employees' pays. But for the part time employees, especially, they may work 10 hours a week at $20 per hour, their weekly pay = $200 which is less than the under 20 hours subsidy of $350. Do employers need to pay the part time staff $350, although the staff's normal part time job weekly pay is only $200?
Read MoreOne of our clients wishes to lease a car via an operating lease through a company. Is the company able to claim the car lease payments as a deductible expense? I assume FBT would still need to be paid on this car?Please advise.
Read MoreAn individual runs a property development business. She also has spare land to build her own home. Do we need to include the spare land in her accounts? I.e. as an asset in balance sheet? It is not a business property.
Read MoreMy client has residential investment properties and they replaced the garage door in one of them, costing $6,000. Are we able to claim depreciation on this? If so, at what rate.
Read MoreWe have someone who paid for his airfare for travel for a registered charity and in the same deposit he paid enough for two other people.
Can he have this amount for the other two airfares as a donation and get a donation rebate receipt for it?
Read MoreShould the costs of building fitout be capitalised and depreciated? e.g. An office is leased by a company for its business use and they have to do some fitout work to make it suitable. We believe this is the case but would like confirmation.
Read MoreMy client bought a farm with a house, a cottage and a glasshouse on the farm. This farm was purchased in 2002 with GST zero-rated. The house and cottage were rented to my client as residential rental and no GST charged on rental. The glasshouse was rented out with GST. Now client is looking to sell the farm including the house, cottage and glasshouse. How to fill out the sales agreement?
Read MoreA client owns a company and has been advised to put the shareholding in the name of the family trust?
Are each of the entities (i.e. the company and the trust) required to have separate IRD numbers?
Read MoreWe have a client who receives ACC caregiver payments for care of her son at home. Does it include GST or only if the person is self-employed and earns over $60k when including all sources of income?
Read MoreWe have a client who was resident in New Zealand for less than 180 days during the 2018 year. Do we still need to file a tax return for him?
Read MoreA client has a rental property. There are two houses on the land, offering a home and income situation. He has rented for 4 years. He now plans to split the property into two titles, and sell the house. I assume he is not liable for income tax for changing the title and sell as it was a rental investment property?
Read MoreA client is a closed company offering Maori cultural tourism activities.
The client was recently awarded a contract for providing Maori performances on cruise ships, when the ships stop over at various New Zealand harbours. The customer/ cruise ship tour organiser is a foreign company based in the UK…
Read MoreA client has a trust that now only owns a personal home, although previously it had some interest and rental income. We still prepare a set of financials re keeping track of where the funds get used etc. We charge the trust a fee. Is this fee deductible to the trust if there is no taxable activity now?
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