PSA blood test is better than the "alternative".... and yes @John Nick, we've heard your joke before.
Politics 🗳️ NZ Politics
- Thread starter wizard of Tauranga
- Start Date
NZWarriors.com
Just a note, I would recommend using your birthday or some other key date as an annual reminder to make a doctor appointment for a full check up and testing. And I wouldn't wait until you are 50. I started doing this when I was 35.
Totally, I haven't yet but should have. I qualify for the free PSA program next year, which is a good prompt.
NZWarriors.com
The plot thickens, there's not enough tinfoil at Pakas for this amount of cookery
View: https://www.facebook.com/100082641696933/posts/pfbid0trLiCXe9sdYao7vJ7iZVi4FYLyHwXVDCtDfMR9qDLHjyPqQqfbdfTazFU1wneFMFl/?app=fbl
NZ centric version of the great flood, Tartarian Empire conspiracy.
New twist on an oldy but a goody
NZWarriors.com
All the best conspiracies are just recycled. The only interesting thing about the Tartarian conspiracy is the overlap with frequency and resonance.
Frequency and resonance of what, floods?
No my young padawan. Of everything. Which is what Tesla hinted at and what anti gravity is looking like it may be based on.
NZWarriors.com
IRD is finally looking at loans made from companies to directors/shareholders, which are usually at little to no interest and then written off as a debt. In other words, untaxed salaries. About time…. It’s not a “privilege” as some businessmen claim, it’s a wrought that’s been going on for years
A former neighbour of ours used to be an investigator for the IRD and is now over in Perth working for the ATO. He told me off a businessman that the IRD had taken to court. The judge sided with the businessman and the IRD lost the case.
The guy ran a sound engineering business in West Auckland where he hired himself out as an engineer for recording, live gigs and the tv and film industry. He also had equipment he hired out for concerts. How he ran the finances of his company was he only paid himself wages between $10k - $20k each year but the business would “give” him a loan for over $200k tax free each year. The size of the loans meant the company paid hardly any tax.
After thirty years, he sold the business and the business wrote off the millions of dollars in loans. He went into early retirement with four mortgage free properties…. A villa in Ponsonby, a beach home in the Coro and two rental properties.
Some say he only “worked the system”….. not me. It’s a pity the judge went his way as the amount the IRD was seeking would have paid for one hell of a lot more nurses salaries.
NZ’s rejection of emission targets fuels risk of international law breach https://www.rnz.co.nz/news/environm...argets-fuels-risk-of-international-law-breach
NZWarriors.com
Fascinating to see. This with a rejection to recognise Palestine isn’t where NZ has traditionally found itself
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- #21,454
What! Why did I not know about this loophole??? I need a new accountant!
Your accountant will tell you it is a deemed dividend and assessable as income to you (ie you have to pay tax)
NZWarriors.com
There are very few genuine “loopholes” in NZ tax law.
Generally what some people think is a loophole is an area that they think they can get away with something.
At the end of the day, your tax return is a legal statement that you have calculated and paid the right amount of tax. If you are found to have taken the piss, you’ll be made accountable.
Similar to ticking the box at customs saying you aren’t carrying any drugs. The “loophole” at the border is that not everyone is checked for drugs
Generally what some people think is a loophole is an area that they think they can get away with something.
At the end of the day, your tax return is a legal statement that you have calculated and paid the right amount of tax. If you are found to have taken the piss, you’ll be made accountable.
Similar to ticking the box at customs saying you aren’t carrying any drugs. The “loophole” at the border is that not everyone is checked for drugs
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- #21,457
I ticked at customs that I had no fruit in our luggage and it was my honest belief. Then when those damn dogs stopped us I got a $400 fine because one of our kids took a apple with them…
Similar to tax returns, my intention is good but sometimes stuff slips through!
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- #21,458
Just talked to my accountant and apparently this is something we do, but you can’t take more than you have put it or something?
I don’t know but still think I pay to much tax!
Edit: apparently it’s not a loophole at all and the media is making it out to be a big tax dodge it isn’t. If a company makes $100k and loans it all to the owners, the company still has to pay tax on that 100k profit so the loans just exploit the difference between the company rate and the personal rate. Big tax is still paid.
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NZWarriors.com
Generally I’d imagine he squares your shareholder loan account at the end of each year (so you don’t carry a loan into the following year, which would need to attract interest otherwise it would be a deemed dividend).
You square the loan up by paying it back or reclassifying it as salary
- Thread starter
- #21,460
So people do it to save the difference between the 28% company tax rate and their personal 39% (less the interest)?
Apparently our loans are inter-company loans so completely different.
