Inland Revenue

PAYDAY FILING

PAYDAY FILING

The way employers report payroll information to Inland Revenue (IRD) is changing. From 1 April 2018, IRD introduced a new electronic reporting system, providing employers the option of filing payroll information every payday...

Proposed Tax Changes

The Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Bill was introduced into Parliament in June 2018. The Bill seeks to improve tax administration and modernise the revenue system by making tax “simpler...

New myiR system online services

New myiR system online services

In April 2018 Inland Revenue are releasing the latest myIR upgrade to provide more advanced online services for you – and there’s more to come. All of the Inland Revenue online services will be unavailable in order to make these...

Mixed Use Assets

Mixed Use Assets

When an asset, such as a bach or a boat, is used both privately and to generate income, prescriptive rules exist within the Income Tax Act that determine the extent to which a tax deduction is available. Expenses broadly fall into three...

Loss offets & subventions

Loss offets & subventions

The loss offset (and subvention payment) mechanism allows a ‘profit’ company to reduce its taxable income by utilising the tax losses of a ‘loss company’. The mechanism is a great tool that is commonly used. Before a loss offset can be made, the...

Repairs & Maintenance (Housing WoF??)

*The condition of New Zealand’s housing stock was hotly debated during the lead up to the election. Houses that were acceptable in the 1970’s are now considered outdated and low quality for 21st century living. With the introduction of a new...

Accommodation Allowances

In today’s fast changing commercial environment, it is common for employers to provide board or accommodation to employees, and move staff to new locations based on the needs of the business. This can occur when permanently moving an employee to...

Holding Gold

Can an investment in gold bullion create a tax liability? Inland Revenue (IRD) has recently released a statement on this specific point. IRD consider that gold bullion purchased as an investment has been acquired with the purpose of eventual...

Budget 2017

Budget 2017

Budget 2017 presented a broad range of small yet smart changes that target working families and low income earners. From a tax perspective, the key changes are predominantly to the income tax thresholds, working for families’ package and the...

Sale & Purchase of Residential Properties

Sale & Purchase of Residential Properties

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...

The Business of Immigration

The Business of Immigration

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...