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Client Newsletter – Spring 2011

While spring, according to the calendar, has arrived, someone has forgotten to tell the weather gods who appear to be still programmed for winter. Perhaps it is the Rugby World Cup Organisers who has asked for some more winter to improve player comfort.

There has been a lot happening on the taxation front and each year we remind ourselves we should send out more newsletters but we don’t seem to be able to fit this into our busy work load.

In each article we have given a short summary of the topic so if you would like to read more please click on the link.

Tax Avoidance Case Won by IRD Penny & Hooper  - Surgeons

You will have probably heard in the news of this now ‘land mark case’ that was recently ruled on in the Supreme Court in favour of IRD. Many of our clients have trading companies or trusts that are linked to a family trust as part of their tax structure. 
Click here to read more

Attribution rules for personal services income

There are specific anti-avoidance tax rules which prevent higher income earners from diverting personal services income to other associated entities such as companies and trusts. The policy intention is to ensure that these taxpayers cannot avoid the highest personal tax rate of 33% through having their income taxed at the company tax rate of 28 cents per dollar.
Click here to read more

Trust Administration

The Government is to abolish gift duty, confident any risks to creditor protection or the targeting of social assistance programmes can be met by other laws. The 125-year-old tax has brought in an average of $2.2 million a year for the Government over the past seven years, and on a declining trend, but cost tax payers $70 million a year to comply with! Not exactly a very economic tax. While annual gifting may not be necessary in future the administration of clients’ trusts is still a very important service and we have developed a Trust Administration Service to provide assistance to clients in future.
Click here to read more

Staff Changes

Mark Thompson
After six years involvement with the practice, Mark Thomson officially left the firm of McIsaacs Limited on 31 August 2011 to pursue other business interests.

Having commenced with McIsaacs as a senior associate in September 2005; Mark acquired the firm from Harold McIsaac the following year; then worked here as Principal through to November 2009.  Since then, whilst still operating as a Consultant to McIsaacs, Mark has been more involved in a number of other commercial enterprises and more latterly in several export-focussed businesses.

By mutual arrangement, from 1 September 2011, Mark shall undertake his consulting work exclusively through his own company – 2020 Consulting Limited.  That said – we maintain quite a number of mutual clients and we hope to enjoy an ongoing, professional relationship – albeit on a slightly different basis.  The firm shall continue to represent a number of businesses that Mark has some degree of involvement with. The staff and management of McIsaacs wish Mark the very best in his future endeavours.

Rhonda Wakelin
After being with us for just over 2 years our Practice Administrator - Rhonda Wakelan is to retire and will leave the practice on 11th October 2011 for the relaxed livestyle of Whangaparoa. 
Many of our clients will have dealt with Rhonda over the last 2 years and in many ways Rhonda has been the 'wicket keeper' in our practice... always on hand to catch a googly one.
We wish Rhonda every happyness and good health in her retirement.

Barbara Hadfield
Barbara, who is the wife of Roger Hadfield - our Principal, is to shortly join our firm on a part-time basis to assist with Office Administration tasks including Company Office filing. 
While Barbara has just recently completed a career as a Registered Nurse she has considerable administration skills and will be a welcome member of our team.

Xero Online Accounting
Xero is an online accounting software product for small and medium-sized businesses.
We believe that they are the most cost and time efficient accounting software provider on the market and currently about 60 of our clients use Xero and are saving time and money.
Click here to read more

Are your books and records for 2011 ready?
With only 3 months until Christmas, if you have not yet brought in your books and records for year ended 31st March 2011 now is a good time to get them sorted and into us.
If you missed our Online Checklist send via email on 30th March 2011 you can telephone Brenda or Sonal at our office and they will send you a PDF version to print and complete.