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  1. #1051
    An awesome cool cat winner69's Avatar
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    Well that Bridges has just made a fool of himself in his reply to the budget speech

    Only comment I make on the Budget at this point in time is that its good that buying a nice looking horse is now tax deductible
    The bullish case is always most compelling on the highs.

  2. #1052
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    new budget with lower doctors costs and the heating payments gives me about $1,100 a year in total. I will be able to save this much towards my old age which is very close. I might even stretch to a new chainsaw. Winston Peters will be saving for his old age - he hasn't got a snowballs chance in hell of getting back in next time. I know a heap of his voters - I was one once - and they all voted for him as a right-wing controller. Someone who would keep National away from excesses.

  3. #1053
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    Great attitude re your old age which is close craic. And do you really need a new chainsaw after your last episode, sounds excessive, how about donating to the food bank instead.. Talking about excess, this budget is so far from excessive craic , prudent is more accurate. Enjoy your whiskey but dont mix it with politics

  4. #1054
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    Quote Originally Posted by craic View Post
    new budget with lower doctors costs and the heating payments gives me about $1,100 a year in total. I will be able to save this much towards my old age which is very close. I might even stretch to a new chainsaw. Winston Peters will be saving for his old age - he hasn't got a snowballs chance in hell of getting back in next time. I know a heap of his voters - I was one once - and they all voted for him as a right-wing controller. Someone who would keep National away from excesses.
    My relatives were set to spend their winter cash bonus on a holiday, but it turns out that the $750 promised shrunk dramatically this year. Perhaps I'll follow your example and suggest they buy a chainsaw

  5. #1055
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    I got served with a ban after the Election after making a comment on the Maori Party voters.

    Well, whaddya know. They got didly squat in the budget. Just as I said. (opops time in JoyCamp must be wearing off. Bags packed for another visit)

  6. #1056
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    Quote Originally Posted by minimoke View Post
    I got served with a ban after the Election after making a comment on the Maori Party voters.
    What was your comment?

  7. #1057
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    Have to laugh at National complaining Labour did not spend enough money

  8. #1058
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    Lol yes, saving that firepower for the next 2 budgets.

  9. #1059
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    Quote Originally Posted by ratkin View Post
    Have to laugh at National complaining Labour did not spend enough money
    The coalition did keep their word on R&D tax credits, these being open to all businesses doing the defined R&D.

    http://www.scoop.co.nz/stories/PO180...udget-2018.htm

    The rate will be 12.5% of the valid expenses refunded as a tax refund. I haven't had a good look at the fine print yet, but it's available on the web and they're looking for submissions on the exact format by 1st June.

    As a small business owner in this sort of area, I'm a bit perturbed by the start amount, a firm now needs to spend $100,000 on applicable R&D in a financial year, before they can claim anything back. It's about the equivalent of one full-time researcher (wages at cost, overheads at cost, parts used at cost). This will reduce the amount of claims considerably, and brings it into line with a replacement of the lower level Callaghan funding. Without the same hurdles though. You won't have to prove how well you've been going for the last x years and all the rest of it. So it's more accessible, but still has a significant hurdle in funds that must be deployed first. Since there are few products that can be developed for under a few $100k anyway, it's not a problem if the small firm does development quickly, not so good if they want to take a few years doing it out of leftover cashflow.

    There is no real upper limit on how much a firm can spend on R&D and claim some back, but they can't use another Callaghan Fund as well. Most of the big spenders will be looking at the 50% grant funds that need a lot more paperwork.

    Anyway, firms are encouraged to file a submission.

  10. #1060
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    I agree EZ that this was a good idea but the policy seems to be ill thought out, unless they are targeting assistance to the likes of Spark, Vodafone, Xero etc. Sadly, most of the small startups will fail 2 of the criteria, the $100,000 p.a. expenditure requirement and they need to be very profitable to gain from a tax credit. This policy sadly is a fail.

  11. #1061
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    Quote Originally Posted by iceman View Post
    I agree EZ that this was a good idea but the policy seems to be ill thought out, unless they are targeting assistance to the likes of Spark, Vodafone, Xero etc. Sadly, most of the small startups will fail 2 of the criteria, the $100,000 p.a. expenditure requirement and they need to be very profitable to gain from a tax credit. This policy sadly is a fail.
    It can't be a fail, Iceman, as it hasn't started yet. In fact the submissions have been pre-structured into 23 questions that should be answered.

    Q15 states: "Is the minimum threshold set at the right level? If 'no', please provide further details.

    Here is a link to the files. http://www.mbie.govt.nz/info-service...-tax-incentive

    Considering even the likes of farmer-funded DairyNZ can apply for this credit from taxpayers, I think it's important that smaller businesses, of which there are many tens of thousands in NZ, can also access a small credit for their true R&D activities. They shouldn't need to get to say 3-4 staff before they can afford to spend $100,000 a year on R&D. A setting like $50,000 might be more suitable as a threshold if they really want to include small businesses. The credit for that amount is $6250 off your tax bill, which starts to make it a worthwhile exercise for the business owner to do the report/claim, and it would also be a valuable source of R&D data for the govt.

    SMEs should send in submissions, there is an online or postal system for it.

    I must note that the annual threshold of $100,000 only applies if a firm carries out their own R&D. There is no threshold if they use an external "approved provider".
    Last edited by elZorro; Yesterday at 06:36 PM.

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