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...
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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...
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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...
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AIM – new provisional tax option for small businesses: From April 2018 small businesses that have turnover of less than $5 million a year can work out their provisional tax using the accounting income method (AIM). How AIM works AIM uses...
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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...
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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...
Read More*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 Houses that were acceptable in the 1970’s are now considered outdated and low quality for 21st century living.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...
Read MoreIn 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...
Read MoreCan 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...
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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...
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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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