Are you in quadrant 2?

STEPHEN COVEY was a management consultant famous for his book The Seven Habits of Highly Successful People. 
The book provided some interesting advice about prioritising work and included the diagram below:
 
  
  URGENT NOT URGENT
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The longest Journey starts with a single step

This phrase is well known – perhaps less well known is its origination: According to Google it’s from the quote by Chinese philosopher Laozi (c 604 bc - c 531 bc) in the Tao Te Ching, chapter 64

 

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FBT on Carparks

One would be forgiven for thinking that the Government’s recent back down on charging FBT on carparks located in the Auckland and Wellington CBDs means that the status quo remains. However, the draft legislation as it was introduced actually includes four proposed changes that would see FBT apply when:

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Revision of Trust Law

The Trustees Act 1956 (‘The Act’) forms the basis of New Zealand’s trust law. Given the age of the Act, it can be difficult to interpret and apply in today’s environment, which has arguably led to an increase in the number of court disputes.

 

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Tax Minimisation—How do they do it?

Multi-nationals such as Starbucks, Apple and Amazon have been under the spotlight lately due to the low amount of tax they pay in comparison to their total earnings. For example, Google reported that it paid US$248 million in taxes on foreign income of US$7.633 billion. However, it is difficult to discern from mainstream media reports exactly what the issue is. An explanation and example are provided below.

 

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Damage to Reputation

Two employment law cases received considerable media attention recently and highlight how employment dispute stories have become very newsworthy. Both involved employers who dismissed employees for reasons either wholly or partly attributable to reputational damage. This should serve as a reminder to other employers to be concerned about the potential implications of this sort of publicity.

 

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Future Tax Changes

The IRD and the Treasury have released a Taxation of Savings and Investment Income report outlining potential tax reforms that could improve NZ’s economic performance. Although changes in the near future are unlikely, it is an interesting gauge of what changes could be made in the longer term. Some notable highlights have been summarised below.

 

CAPITAL GAINS TAX

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Buying a business – warranties and tax

We've written articles before about buying a business. This time we’re talking about a couple of things which should not be overlooked.

 

Warranties

Include in your sale and purchase agreement as many assurances from the vendor as you can. Examples include:

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