Auditors the elephant in the regulatory room

The role of auditors in the new trustee licensing regime is “the elephant in the room”, according to Trustee Corporation Association (TCA) chairman Clynton Hardy.

Revenue Minister Peter Dunne said the Government is set to amend proposals announced in the Budget on the removal of building depreciation tax "in order to provide clarity" on issues such as fit-out.

Clarification surrounding changes to qualifying company regimes has emerged, after the original press release caused confusion as to what the proposed changes mean.

Changes to qualifying company regimes are definitely on their way - despite details still pending - which means investors need to thoroughly review their structures.

 

A bill was introduced to Parliament today that will require the Institute of Chartered Accountants (NZICA) to regulate auditors as a specialist profession, rather than as chartered accountants.

Hoteliers, retailers and commercial office interior decorators look likely to get the reprieve they were looking for from new depreciation rules they feared would drastically raise the cost of maintaining modern premises.

The Government remains committed to sound management of its finances and ongoing fiscal discipline says Finance Minister Bill English.

One of the key objectives of the Financial Service Providers Act and Financial Advisers Act were to "promote the sound and efficient delivery of financial advice" and to encourage "public confidence .... [in] financial advisers".

The Commerce Select Committee has proposed narrowing the scope of the Financial Service Providers Bill and replacing the "necessary incident" concept entirely.

Eleventh hour substantial repairs have been made to the legislation governing financial adviser regulations.