Finance

NARGON submitted in support of Foodstuffs NZ and Business NZ submissions. Click on the attachments below to view our letter and both submissions.

 Foodstuffs Sub To MED Re Fin Rep Jan 10 (844.62 kB)

 Bus NZ StatutoryFrameworkforFinancialReportingSubmission (71.33 kB)

 NARGONSubmissiononFinancialReportingAct (61.32 kB)

The New Zealand Institute of Chartered Accountants (NZICA) and Tax Management New Zealand,have released a first draft report to Government proposing radical changes to the current tax system for small businesses in New Zealand.

Titled “Simplifying tax for small business in NZ”, the report targets businesses turning over up to $1.2 million per year and can be found at www.smetax.co.nz. We are now calling for people to submit constructive and critical feedback before the final proposal is tabled to Government early next year.

They believe our members can offer valuable comment and so they have asked if we could strongly encourage you to visit the above mentioned website and submit your suggestions and ideas. You can choose to either remain anonymous or provide your details.

The attached document ooutlines why changes to the existing tax system for small businesses are now imperative and also includes a summary of the proposal’s recommendations for Micro and Small businesses.

They will be soliciting feedback until the end of February 2010 at which point a final, all-encompassing document will be submitted to Government.

If you have any questions about this, please contact Craig Macalister, NZICA Tax Director, on 04-474-7860.