Retailers providing credit must register as financial service providers by 30 November 2010

Posted by:

New laws applying to the finance industry from 1 December this year will have a substantial impact on financial advisers and financial service providers. This legal blog deals with the new obligations on financial services providers.

Retailers providing goods on credit terms are financial service providers and therefore need to register as financial service providers under the new laws applying to the finance industry by 30 November 2010.

Generally, any ...

Continue Reading →
0

Animal welfare bill passes into law

Posted by:

The Animal Welfare Bill has been passed, significantly raising penalties for cruelty to animals. The Animal Welfare Amendment Act increases the maximum sentence for animal ill-treatment and neglect from three to five years and the maximum fine will double to $100,000 for an individual and $500,000 for a body corporate. The Act redefines the description of some offences, for example, it expands the threshold for the offence of wilful ill-treatment and adds a new offence of reckless ill-treatment as well ...

Continue Reading →
0

Gift duty to be repealed – making gifting to your trust free!

Posted by:

The Government is considering repealing gift duty. Gift duty is a tax that you must pay when you give away more than $27,000 worth of property in one year. This may be by cash, forgiving a debt, transferring a house or other property to your trust. The original purpose of gift duty was stop people getting around the estate duty rules. The estate duty rules were abolished in 1992. Gift duty was retained to stop people giving away large assets ...

Continue Reading →
0

Quitting your job? Been fired after giving notice? Want your final pay?

Posted by:

Quitting your job can be a stressful time. The situation is made worse when your boss is not happy you are leaving and tells you not to come into work, makes your last days at work intolerable or does not want to give you your full and final pay. Both you and your boss must follow a proper process when terminating your employment relationship.

Giving notice and final payment

If you give the required notice, your boss must pay you until the ...

Continue Reading →
0

Protect your brand by registering your trademark

Posted by:

Your brand is your reputation. It is the way you and other people view you and your business. One aspect of your brand is your trademark. Having a memorable and well managed trade mark is a powerful way to distinguish your business products and services from your competitors. The idea is to create a distinctive mark that people trust and put it on all your advertising, products, website, letterhead, business cards etc and have people associate your brand with a ...

Continue Reading →
0

Angel Investors give businesses a helping hand

Posted by:

I attended the Whangarei Business Owners Forum last week. The Business Owners Forum was held at the office of Elevate CA in Whangarei and the topic was A Rough Guide to Valuing Your Business. The panel of experts included Whangarei chartered accountant Fraser Hurrell from Elevate CA, Whangarei lawyer Stuart Spicer from Webb Ross, and Whangarei commercial business banker Geoff Grigg from the Bank of New Zealand.

All three experts discussed the aspects of a business that come under the spotlight ...

Continue Reading →
0

GST rate increase from 1 October 2010

Posted by:

The GST rate is probably increasing from 12.5% to 15%. We should know for sure by this Thursday (20 May 2010) when the Government announces the Budget. The increase is likely to be effective from 1 October 2010.

The GST rate increase could not come at a worse time. We are still suffering from the recession. Businesses do not want to lose any profit so will add GST to their base price; making the total price higher. That means the Government ...

Continue Reading →
0

Cost traps for tenants

Posted by:

Landlords and tenants should be aware of the costs they might incur when leasing commercial premises. This is all the more important in the current economic climate as landlords and tenants need to know what costs to plan for. Each lease is different, so the landlord and tenant’s respective obligations will depend on the terms of the particular lease. My opinions in this blog are primarily based on the Auckland District Law Society (5th edition, 2008) standard form of lease.

Primary ...

Continue Reading →
0

Trusts tainted by new associated persons rules

Posted by:

Legislation has been passed amending the definition of “associated persons” in the Income Tax Act 2007. Trustees are now associated with a trust if they hold the power to appoint or remove trustees. One of the consequences is that a trustee who is a dealer, developer or builder will “taint” the trust with that status (and vice versa). Once tainted, income tax may be payable on the sale of property that was acquired after becoming tainted.

In particular, your independent trustee ...

Continue Reading →
0

Government assists elderly in need of care

Posted by:

In the current economic climate any extra financial assistance can help make ends meet. If you or someone you know is part of the baby boomer bubble that we so often hear about and is about to enter a rest home, that person may be able to get financial help from the government. In this blog I discuss the government funding available for elderly in need of care.

Residential Care Subsidy: what is it and who can get it?

The residential care ...

Continue Reading →
0
Page 4 of 4 1234