http://www.pwc.com/nz PricewaterhouseCoopers New Zealand: Latest publications, news, press items and more from our industry experts en-en 2007 PricewaterhouseCoopers S.à.r.l. http://www.pwc.com/images/topnav/pwc.gif http://www.pwc.com/nz http://www.pwc.com/Extweb/pwcpublications.nsf/docid/39376F4FEB111652CA2575000077EAF1 The Technology Forecast is a quarterly publication examining new technology trends that are reshaping the way companies are doing business as they face a rapidly-changing business landscape. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/39376F4FEB111652CA2575000077EAF1 Monday 17 November 2008 12:30:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/6BE932E4A17919C8CA2574DE000F5F1C The National Party’s tax policy has met with mixed reviews and produced plenty of issues worthy of healthy debate. This is hardly surprising given that there are both clear winners and clear losers from it, and the fact that the package has been watered down and modified in response to the current economic crisis. http://www.pwc.com/extweb/pwcpublications.nsf/docid/6BE932E4A17919C8CA2574DE000F5F1C Friday 10 October 2008 12:30:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/2EBAE7F37C0ABCD3CA2574C100783FB9 Most of the minor political parties have released their visions for the future of New Zealand’s tax system. The key features of the parties’ proposals are as follows. http://www.pwc.com/extweb/pwcpublications.nsf/docid/2EBAE7F37C0ABCD3CA2574C100783FB9 Friday 12 September 2008 12:30:00 +1200 http://www.pwc.com/extweb/ncpressrelease.nsf/docid/9368023222D156DDCA2574CB007B2761 Are New Zealand businesses simply treading water, or are they taking action to ride out the economic downturn? Results from the PricewaterhouseCoopers Clever Companies Insight 2008 shed light on this question, suggesting businesses need to put more energy into business planning to survive the tough times and prosper. http://www.pwc.com/extweb/ncpressrelease.nsf/docid/9368023222D156DDCA2574CB007B2761 Monday 22 September 2008 12:30:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/0C1395384D8B1854CA2574BB0015BEE8 The design of the New Zealand ETS is far reaching and will result in significant direct and indirect economic impacts to both businesses and households, regardless of whether they are participants in the scheme. To manage these impacts, businesses need to focus their attention on energy efficiency, and develop robust carbon management strategies to price carbon into all business decisions. For participants in the scheme, there will also be significant compliance, accounting and tax obligations. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/0C1395384D8B1854CA2574BB0015BEE8 Thursday 11 September 2008 12:30:00 +1200 http://www.pwc.com/Extweb/challenges.nsf/docid/2917442078B66273CA2574A200193A54 When a downturn threatens, you need to take decisive steps to understand the situation and what it means for the future survival of your business. Planning for a downturn helps you to maximise opportunities and prepare your business to survive and thrive in all circumstances. http://www.pwc.com/Extweb/challenges.nsf/docid/2917442078B66273CA2574A200193A54 Monday 1 September 2008 14:30:00 +1200 http://www.pwc.com/Extweb/challenges.nsf/docid/2917442078B66273CA2574A200193A54 When a downturn threatens, you need to take decisive steps to understand the situation and what it means for the future survival of your business. Planning for a downturn helps you to maximise opportunities and prepare your business to survive and thrive in all circumstances. http://www.pwc.com/Extweb/challenges.nsf/docid/2917442078B66273CA2574A200193A54 Monday 1 September 2008 14:30:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/4E1C459ECDDF4CF7CA2574A6001349BD A new Government Discussion Document invites views on two key aspects of the imputation rules: whether, and in what circumstances, the streaming of imputation credits should be allowed; and whether imputation credits should be refundable to charities and other tax-exempt entities. http://www.pwc.com/extweb/pwcpublications.nsf/docid/4E1C459ECDDF4CF7CA2574A6001349BD Thursday 20 August 2008 14:30:00 +1200 http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXFiveStarConsumerFinanceEnquiries?opendocument We last wrote to you on 31 March 2008 to provide you with an update as to the receiverships of the Companies and to advise the amount and timing of the first repayment to secured debenture investors of 17.5 cents in the dollar, which was paid to you on 16 April 2008. We now take this opportunity to update you on various matters, including our proposed second distribution to secured debenture investors. http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXFiveStarConsumerFinanceEnquiries?opendocument Friday 1 August 2008 12:30:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/1BD0614C019D31F7CA25748F001388F2 The Government intends changing the Employment Relations Act 2000 to prevent employers paying less to their employees who are members of KiwiSaver than to their employees who are not members of KiwiSaver. http://www.pwc.com/extweb/pwcpublications.nsf/docid/1BD0614C019D31F7CA25748F001388F2 Thursday 24 July 2008 12:30:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/748F5814D61CC2618525693A007EC870 The Cost of Capital Report provides estimates for selected New Zealand listed companies of earnings multiples, equity betas and their Weighted Average Cost of Capital (WACC). The current market average WACC, calculated by PricewaterhousCoopers as at 31 March 2008, is 9.7 percent. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/748F5814D61CC2618525693A007EC870 Wednesday 16 July 2008 08:30:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/E9A590FCF89547D7CA257478001B26CE This document is a practical guide that sets out the key features of NZ IFRS 8 Operating Segments, including guidance on identifying operating segments, aggregating and reporting segments, segment disclosure and other matters for consideration. http://www.pwc.com/extweb/pwcpublications.nsf/docid/E9A590FCF89547D7CA257478001B26CE Tuesday 8 July 2008 12:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/E18B1917251CF634CA2572C9000931AD Financial Statements for the year ended 30 September 2007 – to be used in the second/subsequent year of reporting under New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). http://www.pwc.com/Extweb/pwcpublications.nsf/docid/E18B1917251CF634CA2572C9000931AD Tuesday 8 July 2008 12:00:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/BA85FFF6D1D908B5CA25747B002520D0 Changes to New Zealand’s international tax rules, the associated persons definitions, the treatment of relocation and overtime meal allowances, compliance cost thresholds and the taxation of life insurance business are the key measures included in the latest tax bill. The Bill also introduces a new payroll giving system. http://www.pwc.com/extweb/pwcpublications.nsf/docid/BA85FFF6D1D908B5CA25747B002520D0 Thursday 3 July 14:00:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/8857686E813287EFCA25747A00756FF9 Legislation clarifying the tax treatment of prudential (or risk) margins included in an insurers outstanding claims reserve (OCR) was introduced into Parliament yesterday under the Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill. http://www.pwc.com/extweb/pwcpublications.nsf/docid/8857686E813287EFCA25747A00756FF9 Thursday 3 July 12:00:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/D88E9416A6A696AACA25747A007C3521 Legislation clarifying the tax treatment of prudential (or risk) margins included in an insurers outstanding claims reserve (OCR) was introduced into Parliament yesterday under the Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill. http://www.pwc.com/extweb/pwcpublications.nsf/docid/D88E9416A6A696AACA25747A007C3521 Thursday 3 July 12:00:00 +1200 http://www.pwc.com/extweb/challenges.nsf/docid/FFC7C9DA931B26A0CA2571800000684D This publication provides you with additional insight into the issues that impact you, your staff, and your business. Clever Company Check-up: The principles of sound business management are always relevant, regardless of whether the economy is growing or in recession. Cash is King: It is important to ensure that your business remains liquid and has plenty of cash available to avoid any setbacks. Friday 26 June 09:00:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/F07FC00BBE79FF4ECA2574660071FAA2 A recent Issues Paper considers a number of options for strengthening the GST neutrality on business-to-business transactions and reducing the risks that GST can present to both businesses and the government. http://www.pwc.com/extweb/pwcpublications.nsf/docid/F07FC00BBE79FF4ECA2574660071FAA2 Friday 12 June 10:00:00 +1200 http://www.pwc.com/extweb/ncpressrelease.nsf/docid/29839491AFF9EC75CA25745F00723C47 Bridgecorp receivers Colin McCloy and John Waller say they are pleased with the judgment awarded against Bridgecorp Director Rod Petricevic. http://www.pwc.com/extweb/ncpressrelease.nsf/docid/29839491AFF9EC75CA25745F00723C47 Thursday 5 June 10:00:00 +1200 http://www.pwc.com/nz/lombard Letter to Lombard Finance and Investment Limited investors http://www.pwc.com/nz/lombard Tuesday 26 May 10:00:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/CE05DA4266E7C615CA25744F007F19F8 Finance Minister Michael Cullen read his ninth budget on 22 May 2008. Over the next three years the Budget delivers personal income tax relief by lowering the bottom tax rate and adjusting the tax thresholds. Disappointingly the middle and top marginal tax rates remain at 33 and 39 percent, and it looks likely that these tax rates will stay as a permanent feature of the tax landscape. A team of PricewaterhouseCoopers tax analysts worked overnight to assess the implications of the Budget announcements. Download our Budget 2008 Tax Analysis for more information. http://www.pwc.com/extweb/pwcpublications.nsf/docid/CE05DA4266E7C615CA25744F007F19F8 Thursday 21 May 22:00:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/E831D345183FECA7CA25743D0000E00D A new Government discussion document seeks views on whether income splitting would be the best way to provide additional support to families with children. http://www.pwc.com/extweb/pwcpublications.nsf/docid/E831D345183FECA7CA25743D0000E00D Thursday 2 May 10:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/911F41BAABE663B2CA257139007F5E05 New Zealand Tax Facts and Figures 2007/2008 is designed to provide an overview of the New Zealand tax system for the year ending 31 March 2008. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/911F41BAABE663B2CA257139007F5E05 Wednesday 23 April 16:00:00 +1200 http://www.pwc.com/nz/lombard John Fisk and John Waller, partners of PricewaterhouseCoopers, have been appointed receivers of Lombard Finance and Investments Limited (“Lombard”) and its subsidiaries; Lombard Asset Finance Limited, Lombard Asset Finance NO.2 Limited and Lombard Property Holdings Limited. http://www.pwc.com/nz/lombard Thursday 10 April 18:00:00 +1200 http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXNathansFinanceNZLimited(InReceivership)Enquiries?opendocument http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXNathansFinanceNZLimited(InReceivership)Enquiries?opendocument Monday 31 March 18:00:00 +1200 http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXBridgecorpLimitedEnquiries?opendocument Letter to Secured Investors. http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXBridgecorpLimitedEnquiries?opendocument Monday 31 March 18:00:00 +1200 http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXFiveStarConsumerFinanceEnquiries?opendocument Update to Investors http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXFiveStarConsumerFinanceEnquiries?opendocument Monday 31 March 18:00:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/5A6106E8E239E33BCA2574180080A97E 1 April 2008 marks the start of a new tax year for most taxpayers and this year a number of reform measures are effective from that date. It also marks the commencement date for the largest Act ever passed by Parliament: the Income Tax Act 2007. http://www.pwc.com/extweb/pwcpublications.nsf/docid/5A6106E8E239E33BCA2574180080A97E Thursday 27 March 12:00:00 +1200 http://www.pwc.com/extweb/home.nsf/docid/2AE969AC42DD721A8525725E007D7CF2 PricewaterhouseCoopers’ 11th Annual Global CEO Survey set out to discover how CEOs balance the risks and opportunities of competing and collaborating in a world where globalisation, technology, and rapid social change are transforming the business landscape in ways that were unimaginable even 20 years ago. http://www.pwc.com/extweb/home.nsf/docid/2AE969AC42DD721A8525725E007D7CF2 Wednesday 30 January 12:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/748F5814D61CC2618525693A007EC870 Welcome to our Cost of Capital Report for the September 2007 quarter http://www.pwc.com/Extweb/pwcpublications.nsf/docid/748F5814D61CC2618525693A007EC870 Wednesday 30 January 12:00:00 +1200 http://www.pwc.com/extweb/service.nsf/docid/093CDC6EF3B51301CA25717D00126259 Receivers’ Report on the State of Affairs of Provincial Finance Limited, Consumer Credit Limited and South Auckland Cars Limited (All In Receivership) http://www.pwc.com/extweb/service.nsf/docid/093CDC6EF3B51301CA25717D00126259 Wednesday 30 January 12:00:00 +1200 http://www.pwc.com/extweb/service.nsf/docid/093CDC6EF3B51301CA25717D00126259 The receivers of Provincial Finance Limited ("Provincial"), John Waller and Maurice Noone, partners at PricewaterhouseCoopers, have advised secured debenture holders that a further 7.5 cents in the dollar repayment of principal will be made on 19 December 2007. http://www.pwc.com/extweb/service.nsf/docid/093CDC6EF3B51301CA25717D00126259 Friday 14 December 12:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/AB13B5F5FC502A96CA2573AF006AD86A Parliament has passed the Taxation (Annual Rates, Business Taxation, KiwiSaver, and Remedial Matters) Bill introduced in May. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/AB13B5F5FC502A96CA2573AF006AD86A Friday 14 December 12:00:00 +1200 http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXFiveStarConsumerFinanceEnquiries?opendocument Five Star Consumer Finance (In Receivership) - Final update to Investors http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXFiveStarConsumerFinanceEnquiries?opendocument Wednesday 12 December 12:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/555A0AB694CC8B2CCA2573A80003A38E On 20 September 2007, the Government released The Framework for a New Zealand Emissions Trading Scheme (‘Framework Document’), its core price based mechanism for addressing climate change issues in New Zealand. The Framework Document proposed that the legislative mandate for the Emissions Trading Scheme (‘ETS’) would be through an amendment to the Climate Change Response Act 2002 (‘the Act’). http://www.pwc.com/Extweb/pwcpublications.nsf/docid/555A0AB694CC8B2CCA2573A80003A38E Monday 10 December 12:00:00 +1200 http://www.pwc.com/extweb/aboutus.nsf/docid/28DEE4CE82C0C38ECA2573A6000CA136 This year PricewaterhouseCoopers (PwC) has awarded a record 20 Aspire Scholarships to New Zealand students under the two strands of the Firm’s secondary schools’ programme. A total of 68 scholarships have now been made over the four years the scholarship programme has been in place. http://www.pwc.com/extweb/aboutus.nsf/docid/28DEE4CE82C0C38ECA2573A6000CA136 Monday 3 December 12:00:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/B2BC0BBF07C2854D852573A10075CF1D Most payments made by employers in relation to employee relocation expenses and overtime meal allowances will be tax-free in the hands of the employees who receive them once proposals included in a recent Issues Paper are enacted. The proposed legislative changes are in response to uncertainty about the treatment of relocation costs and overtime meal allowances under the current law following two recent IRD interpretation statements. http://www.pwc.com/extweb/pwcpublications.nsf/docid/B2BC0BBF07C2854D852573A10075CF1D Thursday 29 November 12:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/391859A5B139872CCA256C7D001375FE 2007 marks a sea change in the mindset of the global utilities industry. For the first time, in the nine-year history of PricewaterhouseCoopers’ global annual survey, sustainability is foremost in the minds of utility company leaders. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/391859A5B139872CCA256C7D001375FE Tuesday 27 November 12:00:00 +1200 http://www.pwc.com/nz/nathans/MediaRelease_Nathans_22Nov.pdf PricewaterhouseCoopers partners Colin McCloy and John Waller are writing to secured debenture holders in Nathans Finance NZ Ltd (Nathans) to advise investors could recover an initial dividend of between 10 and 15 cents in the dollar during the first quarter of 2008. http://www.pwc.com/nz/nathans/MediaRelease_Nathans_22Nov.pdf Friday 23 November 16:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/206F71083AB4B2A8CA2573950008185D The Finance and Expenditure Committee (FEC) has reported back to Parliament on the Taxation (Annual Rates, Business Taxation, KiwiSaver, and Remedial Matters) Bill introduced in May 2007. The FEC has recommended a limited number of changes to the Bill following consultation with interested parties including PricewaterhouseCoopers. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/206F71083AB4B2A8CA2573950008185D Friday 16 November 12:00:00 +1200 http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXFiveStarConsumerFinanceEnquiries?opendocument Five Star Consumer Finance Limited, Beverage Rental Limited, Vintage Finance Limited, Vintage Rentals Limited: Receivers' First Report on the State of Affairs Pursuant to Section 23 of the Receiverships Act 1993 Limited http://www.pwc.com/extweb/onlineforms.nsf/weblookup/NZENGBRSXFiveStarConsumerFinanceEnquiries?opendocument Tuesday 6 November 9:00:00 +1200 http://www.pwc.com/extweb/ncpressrelease.nsf/docid/99C13BAECF15A05DCA2573890070B2FD Endace, of Auckland, won the Supreme Award and the Rakon Deal Award at last night’s PricewaterhouseCoopers New Zealand Hi-Tech Awards, held at The Town Hall in Wellington. Endace is a world leader in network traffic monitoring technology. Judges commented that Endace continues to thrive, achieve, and to boldly venture where few New Zealand companies haven’t even thought of going. http://www.pwc.com/extweb/ncpressrelease.nsf/docid/99C13BAECF15A05DCA2573890070B2FD Monday 5 November 9:00:00 +1200 http://www.pwc.com/extweb/ncpressrelease.nsf/docid/859EED3AF4B5CED4CA257375001AD00D The Survey 2007 was conducted on behalf of PricewaterhouseCoopers and interviewed 5,428 leading organisations globally, 894 in the Asia-Pacific region and 78 in New Zealand. Results were compiled by independent experts and reported to PwC to protect the anonymity of those surveyed. http://www.pwc.com/extweb/ncpressrelease.nsf/docid/859EED3AF4B5CED4CA257375001AD00D Tuesday 16 October 020:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/B0DCA2294FF35305CA2573740078976A Despite heightened efforts to control economic crime, it continues to pose a significant and growing threat to companies around the world, and New Zealand is no exception. According to the Global Economic Crime Survey 2007 released today by PricewaterhouseCoopers, economic crime is a fact of life for business in New Zealand. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/B0DCA2294FF35305CA2573740078976A Tuesday 16 October 020:00:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/F494DCAA09FC1F98CA257361000A3B78 The Clever Companies Survey is dedicated to understanding how businesses in New Zealand are responding to the diverse challenges thrown at them. http://www.pwc.com/extweb/pwcpublications.nsf/docid/F494DCAA09FC1F98CA257361000A3B78 Monday 8 October 09:00:00 +1200 http://www.pwc.com/nz/fivestarfinance/MediaRelease_5Star_4Oct.pdf The receivers of Five Star Consumer Finance (‘Five Star’), PricewaterhouseCoopers partners Richard Agnew and Anthony Boswell, have completed a preliminary review of the assets of Five Star and its three subsidiary companies, all of which are in receivership. Investors have been written to today. http://www.pwc.com/nz/fivestarfinance/MediaRelease_5Star_4Oct.pdf Thursday 4 October 18:30:00 +1200 http://www.pwc.com/extweb/pwcpublications.nsf/docid/5774295FB40651DACA257362001A4378 New provisional tax rules come into force on 1 October 2007 and apply from the 2008/2009 income year to all provisional taxpayers. The first taxpayers affected by the changes will be those whose 2008/2009 income year commences on or after 2 October 2007. For taxpayers with standard balance dates the changes will apply from 1 April 2008. http://www.pwc.com/extweb/pwcpublications.nsf/docid/5774295FB40651DACA257362001A4378 Thu 27 Sep 09:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/3B73E46B6FEAC003CA25736100734455 The tax consequences of the Government’s proposed emissions trading scheme (ETS) are the subject of an Officials’ Issues Paper released for public consultation on 24 September 2007. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/3B73E46B6FEAC003CA25736100734455 Wed 26 Sep 15:00:00 +1200 http://www.pwc.com/Extweb/pwcpublications.nsf/docid/6D8F09FF4F39E387CA2573610077F456 Results from a worldwide study by PricewaterhouseCoopers, CIO magazine, CSO magazine. Organisations worldwide are investing in infrastructure but lagging in implementation, measurement and review of security and privacy policies according to the 5th annual Global State of Information Security Survey 2007. http://www.pwc.com/Extweb/pwcpublications.nsf/docid/6D8F09FF4F39E387CA2573610077F456 Wed 26 Sep 13:00:00 +1200