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Look-through Company
A Look-Through Company (LTC) is a kind of tax structure for New Zealand companies with limited liability, which allows the company in question to transfer its income and expenditure to its shareholders directly. The LTC has replaced the previously popular Loss Attributing Qualifying Company and will be a simpler alternative to Limited Partnership; however, this new structure differs in a number of key areas. Introduction In May 2010, as part of the 2010 New Zealand budget, Loss Attributing Qualifying Companies (LAQCs) were abolished. LAQCs had been popular among property investors. Community Investors anxiously awaited the appearance of any alternative. In December 2010, new legislation was introduced which approved a new type of companies—or rather, a new kind of taxation structure for companies in the vein of the old LAQCs. These were to be called Look-Through Companies. The draft law was published yet on 15 October 2010, and successfully passed one and a half months later. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Zealand
New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island country by area, covering . New Zealand is about east of Australia across the Tasman Sea and south of the islands of New Caledonia, Fiji, and Tonga. The country's varied topography and sharp mountain peaks, including the Southern Alps, owe much to tectonic uplift and volcanic eruptions. New Zealand's capital city is Wellington, and its most populous city is Auckland. The islands of New Zealand were the last large habitable land to be settled by humans. Between about 1280 and 1350, Polynesians began to settle in the islands and then developed a distinctive Māori culture. In 1642, the Dutch explorer Abel Tasman became the first European to sight and record New Zealand. In 1840, representatives of the United Kingdom and Māori chiefs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loss Attributing Qualifying Company
A Loss Attributing Qualifying Company (LAQC) was a type of company which, by New Zealand law, passed on any losses to its shareholders. The shareholders could then offset these losses against their personal income for tax purposes. Following the 2010 New Zealand budget, legislation passed was December 2010 that made changes to the rules for qualifying companies (QCs) and loss attributing qualifying companies (LAQCs). LAQCs were not able to attribute losses to shareholders for income years starting on or after 1 April 2011 and there are no new QC or LAQC elections. Existing LAQCs automatically became QCs (without the ability to attribute losses) at the start of the income year starting 1 April 2011. They may elect either to remain a QC or can transition into a Look-through company (LTC) at no tax cost in certain circumstances or can also transition into another tax entity, such as a partnership, limited partnership A limited partnership (LP) is a form of partnership similar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2010 New Zealand Budget
The New Zealand budget for fiscal year 2010-2011 was presented to the New Zealand House of Representatives by Finance Minister Bill English Sir Simon William English (born 30 December 1961) is a New Zealand former National Party politician who served as the 39th prime minister of New Zealand from 2016 to 2017 and as the 17th deputy prime minister of New Zealand and minister of f ... on 20 May 2010. This was the second budget Bill English has presented as Minister of Finance. Outline Tax changes The main feature of the 2010 Budget was a tax package that lowered income taxes, reduced the company tax rate to 28%, and raised GST to 15%. There were increases to Superannuation, Working for Families and Benefits to compensate for the GST increase. New income tax rates from 2010 are: Depreciation on buildings with a life exceeding 50 years was removed, resulting in an increase of tax paid on property, and Loss Attributing Qualifying Companies were abolished and replaced wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inland Revenue Department (New Zealand)
Inland Revenue or Inland Revenue Department (IRD; mi, Te Tari Taake) is the public service department of New Zealand charged with advising the government on tax policy, collecting and disbursing payments for social support programmes, and collecting tax. Inland Revenue's Māori name is an older spelling of ''Te Tari Tāke'', meaning 'The Department fTax'. Despite long vowels in Māori now being expressed with macrons over the vowel rather than double vowels, the department continues to use the double vowel due to the resemblance of the word ''tāke'' to the English word ''take''. History Inland Revenue started out as the Land Tax Department in 1878. The department was renamed the Land and Income Tax Department in 1892 with the central office set up in Wellington. Only in 1952, when the organisation joined with the Stamp Duties Department, was the organisation known as the Inland Revenue Department. In 1995, a Rewrite Advisory Panel was established to consider and advise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Zealand Herald
''The New Zealand Herald'' is a daily newspaper published in Auckland, New Zealand, owned by New Zealand Media and Entertainment, and considered a newspaper of record for New Zealand. It has the largest newspaper circulation of all newspapers in New Zealand, peaking at over 200,000 copies in 2006, although circulation of the daily ''Herald'' had declined to 100,073 copies on average by September 2019. Its main circulation area is the Auckland region. It is also delivered to much of the upper North Island including Northland, Waikato and King Country. History ''The New Zealand Herald'' was founded by William Chisholm Wilson, and first published on 13 November 1863. Wilson had been a partner with John Williamson in the ''New Zealander'', but left to start a rival daily newspaper as he saw a business opportunity with Auckland's rapidly growing population. He had also split with Williamson because Wilson supported the war against the Māori (which the ''Herald'' termed "the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited Partnership
A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner. Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability. The GPs are, in all major respects, in the same legal position as partners in a conventional firm: they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership. As in a general partnership, the GPs have actual authority, as agents of the firm, to bind the partnership in contracts with third parties that are in the ordinary course of the partnership's business. As with a general partnership, "an act of a general partner which is not apparently for carrying on in the ordinary c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In New Zealand
Taxes in New Zealand are collected at a national level by the Inland Revenue Department (IRD) on behalf of the Government of New Zealand. National taxes are levied on personal and business income, and on the supply of goods and services. Capital gains tax applies in limited situations, such as the sale of some rental properties within 10 years of purchase. Some "gains" such as profits on the sale of patent rights are deemed to be income – income tax does apply to property transactions in certain circumstances, particularly speculation. There are currently no land taxes, but local property taxes ( rates) are managed and collected by local authorities. Some goods and services carry a specific tax, referred to as an excise or a duty, such as alcohol excise or gaming duty. These are collected by a range of government agencies such as the New Zealand Customs Service. There is no social security (payroll) tax. New Zealand went through a major program of tax reform in the 1980s. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Types Of Business Entity
A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability companies and other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province. Some of these types are listed below, by country. For guidance, approximate equivalents in the company law of English-speaking countries are given in most cases, for example: *private company limited by shares or Ltd. (UK, Ireland and the Commonwealth) *public limited company (UK, Ireland and the Commonwealth) *limited partnership *general partnership *chartered company *statutory corporation *state-owned enterprise *holdin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
