Last night WHK hosted an event "Budget 2010 - How will it Impact Your Property Interests?" There was a fantastic turnout over 70 people from various sectors in the Property Industry. It was signalled early on this year that there would be major changes to the taxing of property in this year's Budget, and we weren't disappointed!  

The 2010 Budget has been described by the Government as the largest overall in 25 years. Therefore, there was a lot to cover.

Amanda Watt along with Andrew Sayers

The highlights for Budget 2010:

• Personal tax cuts across the board from 1 October 2010 with the top rate dropping from 38% to 33%
• An Increase in GST from 12.5% to 15% from 1 October 2010
• A cut in the company tax rate from 33% to 28% from the start of the 2011/12 income year
• A suite of measures against property investment including removal of depreciation on all building and tightening of QC and LAQC rules
• Removal of all 20% depreciation loading on all new depreciable assets acquired from

Leading business and accounting advisers WHK Gosling Chapman (part of the WHK Group Limited) will simplify its name to WHK from 1 September, 2009.

Chief Executive, Gay Rankin says: "Since joining the WHK Group, the firm has seen tremendous benefits from working increasingly closer with our sister firms throughout New Zealand.

The firm (formerly WHK Gosling Chapman) has appointed Gay Rankin to run the accountancy firm when founding Principal, Rowan Chapman, steps down from his leadership role in September.