CooperAitken Ltd

Trust Changes. The law of Trusts has undergone a significant update in the past few years. The Trusts Act 2019, new taxation legislation regarding disclosure requirements, an increase to the trust income tax rate, and new rules to mitigate potential over-taxation... Read a summary of all the recent changes and what they mean here; https://bit.ly/4dDYLzx

Senior Accountant We are looking for a Senior Accountant to join our team in our busy Morrinsville office. As a Senior Accountant, you will assist with the management of high-level compliance and special project work. Key Accountabilities include: - Client Relationships - Technical Assistance - Leadership & Collaboration You will need to have excellent communication skills and a strong knowledge of New Zealand Accounting principles and tax law. A proven ability to lead others and share knowledge is highly desirable. Experience in a Chartered Accountancy environment is preferred and candidates that hold full CA membership (CAANZ) for at least 2 years will be prioritised. This position is office-based and applicants should have full New Zealand work rights. If this is you, we would love to hear from you! Read more here ; https://bit.ly/3XhCyRG Apply here; [email protected] #hiring #senioraccountant #accountant #waikatoaccountants

A new government means a slate of changes. Join us for our professional peers evening where Rory Noorland will chat about the new changes and how they might affect business. Thursday 20 June 5 - 7pm Park Central, Innovation Park Rory will cover; - Updates to property taxation rules re: bright-line and interest deductibility - Budget tax changes re: individual tax rates - Business tax changes including commercial property depreciation and GST for Airbnb property owners - 39% trust tax rate Email: [email protected] to book your spot.

Here we go again.... Bright-line v4. The original Bright-line test was introduced with effect from 1 October 2015 and was designed by Inland Revenue as a simple way to capture tax on property speculation. The intention test had proven to be almost impossible for Inland Revenue to apply with speculators buying and selling houses in an ever-rising property market with some making impressive profits from doing so. The design of the test was initially on this basis: if a residential property was bought and sold within two years and didn’t fit the criteria for one of the few exemptions, it was subject to tax. Though this had some “complications” in terms of the legislation, by comparison it would never be so simple. In the years that followed the Government of the day determined that using the tax system to drive certain economic behaviours would be the answer to what was perceived as unfairness in the area of home ownership. Cue the extension of the Bright-line to 5 years, along with some relief measures. When this still wasn’t having the desired impact a further extension to 10 years, with even further complication as a result ensued. What began as a simple test was pushed to such complexity, in the interest of remaining fair, that it became a whole area of expertise all on its own. The fact that the ‘Special report on interest limitation and additional bright-line rules’ ran to a whopping 216 technical pages of explanation, examples and interpretation should say it all. So come 1st July 2024, not quite 9 years since originally introduced, we have now come full circle. And thankfully for most tax payers we can now throw out the 216 page special report as the test has returned to almost as introduced originally. Keep reading; https://bit.ly/3R6JTkN

Taxing Times: New Zealand's 2024 Tax Changes As the calendar flips to 2024, New Zealand braces itself for a series of tax changes that promise to shape the fiscal landscape for individuals, businesses, and the economy as a whole. In our opinion the tax changes in New Zealand for 2024 are poised to have far-reaching implications in both their application and their outcomes. Read Partner, Gerrie Jacobs article here; https://bit.ly/49dEcaD

Where is the coalition government at with changes to environmental regulations? Currently, there is a lot of uncertainty over what the new coalition government will change in current environmental policy. This is what we know so far; 🔵 Resource Management Act The new government repealed the Natural and Built Environment and Spatial Planning Acts, which were intended to replace the Resource Management Act (RMA). The new government has stated it intends to begin work on a longer-term programme to repeal the RMA, however details have not been announced. 🔵 Freshwater Management In December 2023 the Government announced it will replace the National Policy Statement on Freshwater Management (NPS-FW). It is expected this process will take 18-24 months. They have given Councils a three-year extension, from 2024 to 2027, to release regional freshwater plans implementing the NPS-FW and Te Mana o te Wai. This allows Councils time to implement changes to the NPS-FW the new government intends to make. Many councils are indicating they will proceed with their current plans while others will use the extension. Waikato Regional Council is continuing to push on with Plan Change 1. At present this remains in the Environment Court. In the interim the government intends to either remove Te Mana o te Wai or rebalance it to ‘better reflect the interests of all water users” this year. Te Mana o te Wai, meaning the mana of the water, was introduced in 2020 allowing Councils when deciding on a matter relevant to freshwater, such as consents and developing freshwater management plans, to prioritise: - first, the health and wellbeing of water bodies and freshwater ecosystems - second, the health needs for people, such as drinking water - third, the ability of people and communities to provide for their social, economic, and cultural well-being, now and in future. Read more from Olivia Motion on Freshwater Farm Plans, Significant Natural Areas, and Greenhouse Gases here 👉 https://bit.ly/3vlQY9t

What does Fonterra's on-farm emissions reduction target mean? Recently Fonterra released its 30% intensity reduction for on-farm emissions by 2030. Many farmers will be asking “what does this mean for my farm”. Let us break this down for you. Read more here; https://lnkd.in/gNv6H5-Q

Why farm compliance matters. Looking at farm compliance as a cost to your business is now an outdated view. While it may not be creating value, it is protecting the value of your business, with multiple financial implications for not complying with regulations today. These include; fines for breaching regulations, missing out on premium payments from Farm Assurance Programmes (like Co-operative Difference), higher ACC levies, lower farm sale value, and now banks are starting to pay more attention to how you manage compliance. https://bit.ly/48diEea 

As the end of another financial year approaches, we're here to make the process as smooth and stress-free as possible for you! Our Client Manager, Louise, has put together our top 5 tips to help you get end of financial year ready! Check them out here; https://bit.ly/4bYoZgw