Registered New Zealand Not for Profit organisations can access a range of tax concessions compared to their for Profit counterparts. GST registered New Zealand Not for Profit organisations can claim GST credits on all of their assets and on related ongoing costs even if those assets are not used in their GST taxable activity.
Read MoreThirty-one March, the standard New Zealand balance date is not far away. This article discusses year-end issues that it may be prudent to consider.
Read MoreThe case itself was about the Commissioner of Inland Revenue taking steps to liquidate the company because of non-payment of tax debt. However, it also highlights several fundamental tax and company law issues.
Read MoreUpdates to the Business Finance Guarantee Scheme were announced on 20 August 2020. The Scheme has been revisited to provide a higher level of loans to an increased number of businesses to help in the recovery from the impact of COVID-19.
Read MoreThe impending implementation of the Trusts Act 2019 has prompted many people and their advisors to question whether existing trusts should be retained or wound up. This article focuses on potential tax issues that trustees and their advisers may wish to consider.
Read MoreThe current unprecedented times have forced many businesses to reconsider their supply chain, including rethinking their import and export strategy to meet customer demands.
Read MoreFBT does not apply to a vehicle if it meets all of the following condition…
Read MoreThis issue of Tax Bites focuses on the tax obligations relating to the depreciation of commercial buildings, Writing-off of low value assets, the wage subsidy and the remission of UOMI in the current COVID-19 environment.
Read MoreI have received several queries in respect of “working at home” costs during Covid-19 lockdown. This article provides a summary of the position…
Read MoreLate last year Inland Revenue finalised its views on the taxation of telecommunication allowances/reimbursements and employer provided travel.
Read MorePreparing for the end of financial year - it's about as mundane a task as a business can perform. Or at least, the old way was.
Read MoreThe Credit Contracts Legislation Amendment Act 2019 (Act) became law on 19 December 2019. The Act amends the Credit Contracts and Consumer Finance Act 2003 (CCCFA) and introduces some significant changes which will affect all lenders providing consumer credit in New Zealand.
Read MoreGiven that the company tax rate is 28% and the top personal tax rate is 33% (on income above $70,000 per annum) there is a temptation for many small to medium business owners to leave profits in the company once their personal income is $70,000.
Read MoreThe new provisional tax rules are causing a few headaches for taxpayers and their advisers.
Read MoreIn this article I discuss:
1. Information sharing by financial and other institutions;
2. Inland Revenue is being more proactive;
3. Inland Revenue Raids; and
4. A brief discussion about tax avoidance and evasion.
With tightening rules on residential tenancies, people making greater use of flatmates and boarders to help pay the mortgage and the rise of apps such as Airbnb, it was only a matter of time before people would start querying their income tax and GST obligations around property that had previously not been used to derive income.
Read MoreThe following discussion reflects the adage that GST is 95% easy and 5% difficult.
Read MoreA recently reported decision of the Taxation Review Authority (TRA) emphasises the need for shareholder/employees to carefully document financial transactions with their own companies, to be clear about what those amounts are paid for, and to ensure they pay tax when required. Failing to do so led to a large tax bill for one particular taxpayer.
Read MoreIn a typical small company scenario, the profit the company derives is usually split between being retained by the company and being distributed to the shareholders.
The final decision is typically being made at the end of the year once the final results are known. Allocating a shareholder salary has been a very convenient way in improving the taxpayer’s overall annual position.
Read MoreThis article focuses on GST issues relating to short - stay accommodation providers to whom I have offered advice recently.
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