SALE & PURCHASE OF RESIDENTIAL PROPERTIES Proof of Intention: The sale and purchase of residential property is an area of focus for IRD Investigators as a result of the ongoing investment in the Property Compliance Programme. A Taxation...
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New Zealand’s immigration system is currently undergoing a significant overhaul, which is sure to impact many local businesses. Following the changes to Investor Category visas announced in December 2016, further changes are also proposed to the...
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Limited Partnerships Initially envisioned to be the preferred investment vehicle for foreign venture capital investors, the Limited Partnership (LP) was brought to life in NZ with the enactment of the Limited Partnerships Act 2008. LPs have now...
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Inland Revenue (IRD) have recently released a new Taxation Bill and published the eighth discussion document in the Making Tax Simpler series, both of which aim to reduce the cost of tax compliance and administration for NZ businesses and...
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For most taxpayers, 31 March represents the end of the financial year. In the lead up to ‘year-end’ there are a number of actions that business owners may want to take to avoid missing the boat on simple tax planning opportunities. Trading stock...
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Tax balance dates around the world are often quite straight forward. Most incorporate a full calendar month, like the standard New Zealand balance date of 31 March. However the standard balance date in the UK is the 5th of April – and there’s...
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Currently, companies that provide a motor vehicle for the private use of their employees must register for and pay FBT. Draft legislation has been introduced which will enable some small businesses to avoid having to pay FBT. The proposed...
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The Inland Revenue Department (IRD) recently released a new interpretation statement discussing when income from professional services is considered to be derived, and hence becomes taxable. The statement replaces several older IRD Information...
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A recent case Taxation Review Authority (TRA) decision has highlighted the importance of good record keeping. The taxpayer, an accountant, was accused by Inland Revenue (IRD) of using a company as a vehicle to create a tax advantage. He claimed...
Read MorePerceived tax avoidance by multinational companies has been attracting significant media and public attention. There is widespread concern that corporate structures and financing arrangements are being used to minimise worldwide tax bills. A...
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Trusts are a popular way of protecting property and managing assets in New Zealand. The number of trusts we have in New Zealand is unknown, but estimates put the figure between 300,000 and 500,000. The legislation governing NZ trusts has remained...
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We are jealous of the Norwegians Whether it is our waistlines or our bank balance, we tend to find ourselves in recovery mode after Christmas. However, for those living in Norway they don’t find this to be as much of a problem as we do. In...
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