...(a) Section BB 2 lists down the main obligations that a person must meet under the Income Tax Act 2007. It requires a person to calculate and satisfy income tax liability for each tax year (s BB 2(1) and subpart BC), except for non-filing taxpayers (s BB 2(2)). A person is also required to pay provisional tax (s BB 2(3), and the provisional tax rules), withholding liabilities (s BB 2(4) and subpart BE) and others taxes and payments (s BB 2(5) and subpart BF), if they are liable for any of those. (b) Terminal tax is defined in s BC 8(3) as the difference to pay after deducting all available tax credits from a person’s income tax liability. (c) Section BD 1(5) defines assessable income as a calculated amount of all income a person earned that does not comprise exempt, excluded or non-residents’ foreign sourced income. (d) All income and deductions must be allocated to an income year under sections BD 3 and BD 4. The general rules are that the Act requires income to be allocated to the income year in which it is derived (s BD 3(2)) and deduction to be on the basis of when it is incurred (s BD 4(2)), unless other provisions provide for a different allocation. Income is also treated as being derived when it is credited in the account of a person, or dealt with in their interest or on their behalf (s BD 3(4)). Case law needs to be considered for determining the timing of derivation and incurrence (ss BD 3(3) & BD 4(3)). (e) Section BB 2(4) imposes the obligation...
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...a *6173350000215* 6173350000215 Student ID: 15891048 Student ID: 15891048 Student Name: Snehal Prabhavalkar Programme Code: AK3711 Programme Description: Postgraduate Diploma in Professional Accounting Class Code: ACCT862/11 Class Description: Taxation in New Zealand (Was 368905) Assignment: Assessment1 Due Date: 26-Jan-2016 Lecturer: Ranjana Gupta Declaration - This assessment has been written by me and represents my own work. - This work has not previously been submitted by myself or anyone else. - All sourced information has been appropriately acknowledged and referenced. - I have maintained and will continue to maintain the confidentiality of any persons/organisations referred to in this assessment. - I permit this assessment to be copied for academic processes (such as moderation). - I have retained a copy of this assessment electronically. Signature ………………………………. Date …………………………. IntroductionIntroduction of anti-avoidance provisions takes very back in time of 1878, since then the legislation has been twisted many times to ensure interpretation and solicitation against potential treats of tax avoidance. Tax avoidance provisions are illustrated in section BG1, GA1 and YA1 of Income Tax Act (ITA) 2007 closely read with applicable sections of Tax Administrative Act 1994. The report aims to throw light on Tax Avoidance by briefly analysing facts of arrangements and it tries to determine whether...
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...Question 1 – The powers of various parties involved in the dispute Actors New Zealand (NZ) actors were virtually powerless during the Hobbit dispute. Many had worked under non-union contracts for years in local productions and the Lord of the Rings trilogy, which was inferior in comparison to many unionised actors overseas. This would be repeated in the Hobbit production whereby actors would work as independent contractors and not employees. Thus, the Hobbit producers would have absolute control over NZ workers who would not have the protection of minimum wage or working conditions that they could under a collective employment contract. To address these issues for the Hobbit project, some NZ actors sought to negotiate better conditions through their union. However, they were shut out as Hobbit producers refused to engage in bargaining and deemed it illegal for them to have a collective agreement with independent contractors (Bridgeman & McLaughlin 2011, p.3). Unions Media Entertainment and Arts Alliance (MEAA) is an Australian union which the NZ Actors Equity joined in 2006. MEAA was no match against a formidable opponent in Warner Brothers in both power and strategy. A global conglomerate such as Warner Brothers had little to fear against a union organisation with a few hundred NZ actors. McAndrew & Risak (2011, p.72) infer that it was a naive strategy for an Australian union to challenge such a powerful organisation with an aggressive yet ineffective boycott of Hobbit...
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...CONTENTS TOPIC SINGAPORE PAGE NO 1. BASIC PRINCIPLES OF TAXATION IN SINGAPORE 3-4 2. UNDERSTANDING THE SINGAPORE TAX SYSTEM 4-6 3. TAX RATES 6 4. TAX ADMINISTRATION AND COMPLIANCE 7 NEWZEALAND 5. TAXATION IN NEWZEALAND 7-8 6. INCOME SUBJECT TO TAX 8-9 7. TAX RATES 9-11 8. TAX ADMINISTRATION AND COMPLIANCE 11 1. BASIC PRINCIPLES OF TAXATION IN SINGAPORE The scope of taxation in Singapore 1. Income tax is charged on income from an employment exercised in Singapore and on any income accrued in or derived from Singapore, regardless of the tax residency of the individual. The taxability of employment income depends on where the services are performed, not where the payment is made or where the employer is resident. 2. With effect from 1 January 2004, income derived from sources outside Singapore, even if received in Singapore (except for income received through a partnership in Singapore), is exempt from Singapore tax. The tax year 3. In Singapore, an individual's income of the preceding calendar year ('tax year') is assessed to tax in the following calendar year ('Year of Assessment'). For example, if an individual commenced his or her employment in Singapore in April 2010, the employment income derived in the period April to December 2010 will be chargeable to tax in Year of Assessment (“YA”) 2011. Methods of calculating tax 4. Resident individuals are entitled to personal...
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...Equity Markets Common Stock: Represents ownership in a corporation. When firm goes bankrupt, common stock would be paid less with the leftover assets (riskier than debt or preferred shares). Legally, shareholders’ liability for the debts of the firm is limited to their investment (max is 100%) Common stock shareholders may vote with their shares to elect the members of the board of directors. Dividends: Interest payments to shareholders. Dividend Imputation: introduce by Nz&Aus to encourage investment, prevent double tax on dividends. Preferred Stock: hybrid security combining features of both debt (fixed dividends) and equity (potential appreciation), and has a prior claim on earnings and assets compared to a common stock but ranks bellows all debt and other creditors. Usually as no maturity date. Dividends paid on preferred stock are not tax deductible like interest on debt. preference shares (cannot vote) get money before ordinary share (can vote). Convertible Securities: An investment that can be converted to common stock at specific common price or number of shares. The most common convertible securities are convertible bonds (pay a fixed periodic amount as a coupon payment) or convertible preferred stock (pay a preferred dividend). Primary Equity Markets - where securities are first issued; firms can raise funds. Initial Public Offering (IPO) - first time share are sold in the primary market (called floating the company...
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...MBA World Economy 4.703 Assignment: “Both in France and Greece the incoming governments have promised to get their economies to grow again by increasing government expenditure, rather than implement policies designed to get back into budget surplus. Explain whether/or not you think that the government of New Zealand also should follow a similar policy” TOPIC PAGE Introduction.........................................................................................................3-4 Greece/France Policies and effects…………………………............................5 Root cause of Greece and France problems…………………..........................5-6 Differences: New Zealand and Greece/France……………….........................6-7 Keynes Doctrine Expansion Policy....................................................................7-8 Keynesian Doctrine as applied to New Zealand...............................................8-9 Unemployment: Effects and Benefits…………………………........................9-10 Trade Life Cycle/Superannuation/Inflation: New Zealand…………………10-11 External Debt…………………………………………………….…………….11-12 Conclusion………………………………………………………………………12 References………………………………………………………………………13-14 Introduction Source diagram: Google, (2012). The Great...
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...Characteristics 6 4. International Business Involvement Options 8 5. NZ Government Support 9 6. Conclusion 9 7. References 10 1. Introduction India is one of the largest countries in the world. It is becoming a lucrative market for processed food imports, popular because of a growing population of 1.2billon. New Zealand exporters have found the biggest market potential is for processed foods such as milk and dairy, coffee and carbonated drinks, and seafood. Fonterra have invested in India and want to keep sustainable development. India is also the one of the world's largest agricultural producers with a large farming industry. Its GDP was calculated to be US $2,010 billion in 2012 and to grow at 7 to 8percent per annum. There has been a specific increase in purchasing power among the cities. Indian packaged food trade was US$25.4 billion in 2011 and it was hoped to reach US$35 billion by 2016, with the highest value segments (dairy, bakery and oil) (India Online, 2013). India’s consumers have become more health conscious, more and more people are concerned with heart disease and diabetes. This influences their purchasing decisions. The New Zealand-India Free Trade Agreement currently being negotiated to reduce tariffs (India Online, 2013). India’s importance is growing for New Zealand. New Zealand export for food and beverages to India was NZ$178 million in 2010, and had a 106 percent increase from 2009. The dominant export...
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...Tax > NZ Income Tax Law and Practice (revised edition) > CONCEPTS OF INCOME > [¶40-010] The concept of income [¶40-010] The concept of income Click to open document in a browser Last reviewed: 27 June 2011 Income tax is imposed by s BB 1 of the Income Tax Act 2007. The courts recognise that it is the Act itself which imposes the liability for income tax. The Commissioner acts in quantification of the amount due. These propositions are outlined at ¶10-500. The determination of a taxpayer’s income tax liability for the income year begins by ascertaining the taxpayer’s income. Income includes amounts defined as income under Pt C of the Income Tax Act 2007 (ignoring non-taxable capital gains and windfall gains). A taxpayer’s assessable income is the amount of that income, less specified amounts such as exempt income and excluded income. Refer to ¶12-010 for a discussion of the process for the calculation of taxable income. Other jurisdictions take a different approach. In the United Kingdom, income tax is imposed on income and on certain capital receipts. The income is classified by reference to its source, using the categories set out in the schedules to the Taxes Acts (UK). To be taxable, a receipt must be listed in one of those categories, for example, trade profits, interest, pensions and foreign employment income. Under the Land and Income Tax Act 1954 and the Income Tax Act 1976, the particular classes of assessable income set out were prefaced by a statement along the lines...
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...------------------------------------------------- ------------------------------------------------- ACCT 358 ------------------------------------------------- Tutorial for Week Beginning 11 March 2013 ------------------------------------------------- Tutorial: Company Taxation: Imputation, RWT/NRWT (continued) Dividend Imputation 1. SpannerWorks Limited is a closely held private company incorporated on 1 April 2001. Its share capital comprises $40,000 $1 ordinary shares fully paid and 10,000 15% preference shares fully paid to $1.00. SpannerWorks Limited has provided you with a list of the following tax transactions it has entered into. The opening balance of the ICA account as at 31 March 2011 was $1,500. Imputation Transactions (a)(b) | 15 Apr. 2011 | SpannerWorks pays an interim dividend of 8% on the ordinary shares and makes payment of the dividend due on the preference shares. The maximum ratio of imputation credits allowable is allocated to each distribution. | (c) | 7 May 2011 | SpannerWorks pays the 3rd instalment of 2011 Provisional Tax of $900. | (d) | 28 Aug. 2011 | SpannerWorks pays 1st instalment of 2012 provisional tax of $1,000. | (e) | 7 Oct. 2011 | SpannerWorks pays fringe benefit tax of $5,000. | (f) | 10 Dec. 2011 | SpannerWorks pays a final dividend of 8% on ordinary shares. The imputation credits allocated are the maximum allowable. | (g) | 15 Jan. 2012 | SpannerWorks pays the 2nd instalment of 2012 provisional tax of $1...
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...Global Enterprise Experience Business Proposal 22 May, 2008 Team 53: Lena Le (New Zealand Team Leader), Etienne Mujuyambere (Rwanda), Kelvin Uwayezu (Rwanda), Shergan Navidi Moghadam (Iran), Monib Sabet Sarvestani (Iran), Calvin Liu (Australia), Yen Ngai (Australia) Team 53 Contents Executive Summary Business Overview Business Opportunity Business Objectives Products and Services Management Plan Business Structure Marketing Plan Market Analysis Emphasis on the Bottom of the Pyramid Competitors Financial Plan Financial Strategy Sources of Finance Projected Profit and Loss References Pages 2 2 2 3 4 4 4 5 5 6 6 6 6 7 8 1 Team 53 Executive Summary INNOVATE Education and Training is a global education company that provides general education and formal skills training solutions to people at low income levels, living in less developed countries around the world. INNOVATE will supply basic portable DVD players, or PDPs, at very low cost to communities and individuals who require education and skills training to aid in their development and welfare. The implementation of an ongoing educational DVD distribution program, using the PDPs as the medium through which education and skills training programs can be delivered to its users, will make up the second element of INNOVATE’s range of product and service offerings. By leveraging alliances and partnerships with governments and other large multinational companies around the world, INNOVATE will be able to utilize...
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...a crucial part of successfully managing potential risk. Standards relating to food include local food hygiene bylaws, the Food Amendment Act 1997 (No 2), and the Fair Trading Act 1987. The best first points of contact are your local Council, and local Public Health Service. Contacts: • Local Government (Council) - www.lgnz.govt.nz Requirements - eg. zoning, premises, health, food preparation and storage, and fire. New premises require a Code of Compliance Certificate. All food premises requires a Certificate of Registration prior to food being manufactured, prepared, packed, stored or sold, which is approved after inspection of the premises by a Health Officer. The Christchurch City Council has a number of guides available on www.ccc.govt. nz/health for various types of food businesses. • Local District Liquor Licensing Authority If you are selling, supplying or allowing the consumption of alcohol on your premises you will need to obtain both a Liquor Licence and a Managers Licence. These can be applied for at your local government authority. • New Zealand Food Safety Authority - www.nzfsa.govt.nz/processed-food-retail-sale/ index.htm The processed food and retail sale section of this site outlines the management of the safety of food sold in New Zealand, containing information on food safety programmes and exemption. • Ministry of Consumer Affairs - (04) 474 2750 -...
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...INTERIM REPORT 2014 GROUP SALES 1,420 70.1M $ M $ GROUP ADJUSTED NET PROFIT* $ GROUP OPERATING PROFIT GROUP OPERATING MARGIN 46.2M 4.9% “What we’ve achieved in the first half of the year.” * A reconciliation of adjusted net profit to reported net profit is detailed in note 14 of the condensed interim financial statements. Certain transactions such as the sale of properties and the release of warranty provisions can make the comparison of profits between periods difficult. The Group monitors adjusted net profit as a key indicator of performance and uses it as the basis for determining dividends and believes it helps investors to understand what is happening in the business. SALES UP 6.2% FROM $866.6M to $920.0M – 12 consecutive quarters of positive same store sales – Same store sales increased by 4.1% – Operating profit of $60.6 million – ‘House of Bargains’, ‘Home of Essentials’ SALES UP 8.6% FROM $111.9M to $121.5M – 18 quarters of positive same store sales – Same store sales increased by 4.9% – Operating profit of $4.7 million increased by 28% – ‘Work, Study, Create, Connect’ SALES 328.8M $ – Same store sales increased by 9.3% – Operating profit of $6.8 million increased by 20% – Leading home, entertainment and technology retailer SALES 47.9M $ – Acquired and integrated No.1 Fitness, Shotgun Supplements, R&R Sport – Investing to create a leading multichannel ...
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...purpose but not immigration. Government interest on Tax, you earn your profit, no matter which corner you are working in the world, you have to pay tax. That is not only your personal liability to the country who grant you a resident or citizenship, and also the country allow you to acquire profit to rich your pocket.The definition of resident for company is in ITAA36 s6(1) state that:A company which is incorporated in Australia, or which, not being incorporated in Australia carried on business in Australia, and has either its central management and control in Australia, or its voting power controlled by the shareholder who are resident of Australia. Page 77 understanding taxation law 2010 Frank GildersBut the current definition of Australia of residency company do perform a highly compulate system and the double tax with a higher tax rate, which is discourage the over-sea investor and bring trouble to Australian itself. – the decrease the competitive ability in the international trading and business market. Analysis :There are many different kind of business cooperation in which investors can do business in Australia, including corporations, branch offices, subsidiaries, trusts, joint ventures and partnerships. For the international investors, the most common way are usually form a Australian subsidiary companies or Australian branch offices. Owing to the Australia tax law, both of them have a same standard corporate...
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...[pic] [pic] More customers, more profit with Nabropure water [pic] Profitability Nabropure offers you a chance to be part of the profit making 97 commission agents. Nabropure is associated with huge monthly commissions and the existing agents do not fund installation fees. Installation and advertisement of Nabropure water is done by the company hence saving you any additional costs. This is because Nabropure concentrates on the empowerment of its agents towards profitability. Apart from selling Nabropure water, you will be allowed to sell bottles and caps. This is additional income because very many customers want branded water bottles and caps. Nabropure Company has distinctive services. It is the only company that ensures that agents are given maximum installation services. Installation includes maintenance and readily available technicians who are qualified to attend to any existing emergencies. Our commissions are among the highest that any agent is paid by vending companies. In order to ensure that agents realize their products, the company has been involved in a buying out process of small vendors who could not maintain their vending machines. Nabropure’s mission has always been to ensure that it has one of the best maintained and serviced machines within the vending business. The company realizes that cleanliness is a major concern in the consumption of water. The company ensures that its agents get more customers through extensive...
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...The Industrial relations system is complex in nature. It has a number of key players who are very dynamic. These players also known as parties are commonly known as management (Employers), workers (Employees) and the state (Government). When these parties are properly organised in a collective manner, their power and capabilities will have consequential influences to the industrial relations system itself and even on to the society as a whole. This essay explains why the organised employers’ associations (the employer party) and trade unions (the employee party) are different and similar to some extent. The three distinguishing aspects between the two parties include their form of memberships, political linkages and their influence on the state and the setup of their objectives and functions. Two notable similarities on how the parties are organised in similar forms and the functions they perform will also be discussed. Firstly, the membership constituent of an employers association is different from that of a trade union. Looking at the definition of these parties would enlighten a better understanding on the membership of the organisations. In the course book, trade unions are defined generically as representative organisations of workers designed to protect and promote the collective employment interest of the workers. On the other hand, according to (Plowman, 1982) employers’ associations are “organisations consisting predominantly of employers whose activities include...
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