Fresh from its big win in the Court of Appeal on the use of Optional Convertible Notes to avoid corporate tax, the Inland Revenue Department is warning individual taxpayers who have reduced their tax through income diversion schemes to come forward by March 31. By making a voluntary disclosure and reordering their tax liabilities within the concession period, taxpayers will …

Fulton Hogan, the privately-held construction firm, says it has ironed out the problems associated with its Pacific Highway project in New South Wales and has recorded a strong first-half result, without disclosing what it is. The Christchurch-based company resolved contractual matters on the rain-delayed Pacific Highway project, which was seen as one of the major causes behind its 90 percent …

Snakk Media, the latest brainchild of Hyperfactory co-founder Derek Handley, almost doubled its share price upon listing on the stock exchange’s small-cap NZAX bourse, and signalled plans for a share purchase plan in the second quarter. The stock traded at 12 cents, almost twice the 6.5 cents it listed at, in a compliance listing on the market, meaning no funds …

New Zealand’s building work grew for a fifth quarter in the final three months of 2012, though the pace of residential construction growth slowed in the period. The volume of all building work grew a seasonally adjusted 1.8 percent in the three months ended Dec. 31, slowing from a 9.8 percent pace of expansion in the September period, according to …

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The mining lobby group Straterra says the government is right to try and improve the operation of the Resource Management Act and dismisses environmental groups’ claims of a Ministerial power grab as “rubbish.” “We all want the same thing, a robust framework for assessing development proposals against economic, environmental, social and cultural criteria,” Straterra chief executive Chris Baker said in …

The New Zealand dollar rose above 83 US cents after dairy prices surged at Fonterra Cooperative Group’s latest online auction, as drought threatens to engulf most of the North Island. The kiwi climbed to 83.18 US cent at 8.30am in Wellington from 82.92 cents yesterday. The trade-weighted index advanced to 76.34 from 76.12. The average price across all products sold …

Online auction site Trade Me, which is on the prowl for more acquisitions, has sold its group-buying Treat Me website for an undisclosed sum in a management buyout. The Wellington-based company expects to complete the sale to a consortium led by Treat Me head James Macavoy in the next month, two years after launching the website, it said in a …

New Zealand shares rose on a day dominated by New Corp’s sales of its Sky Network Television stake, with Warehouse Group leading gainers ahead of its earnings on Friday. The NZX 50 rose 15.55 points, or 0.4 percent, to 4269.16. Within the index, 24 stocks rose, 18 fell and eight were unchanged. Turnover was about $1.03 billion, of which about …

The Reserve Bank of Australia kept its cash rate unchanged at 3 percent as expected, while saying it has room to ease further if needed in the face of tame inflation and noting more stability in the global economy. “The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand,” …