One of our clients wishes to lease a car via an operating lease through a company. Is the company able to claim the car lease payments as a deductible expense? I assume FBT would still need to be paid on this car?Please advise.
Read MoreAn individual runs a property development business. She also has spare land to build her own home. Do we need to include the spare land in her accounts? I.e. as an asset in balance sheet? It is not a business property.
Read MoreMy client has residential investment properties and they replaced the garage door in one of them, costing $6,000. Are we able to claim depreciation on this? If so, at what rate.
Read MoreWe have someone who paid for his airfare for travel for a registered charity and in the same deposit he paid enough for two other people.
Can he have this amount for the other two airfares as a donation and get a donation rebate receipt for it?
Read MoreShould the costs of building fitout be capitalised and depreciated? e.g. An office is leased by a company for its business use and they have to do some fitout work to make it suitable. We believe this is the case but would like confirmation.
Read MoreA client owns a company and has been advised to put the shareholding in the name of the family trust?
Are each of the entities (i.e. the company and the trust) required to have separate IRD numbers?
Read MoreWe have a client who was resident in New Zealand for less than 180 days during the 2018 year. Do we still need to file a tax return for him?
Read MoreA client has a rental property. There are two houses on the land, offering a home and income situation. He has rented for 4 years. He now plans to split the property into two titles, and sell the house. I assume he is not liable for income tax for changing the title and sell as it was a rental investment property?
Read MoreA client has a trust that now only owns a personal home, although previously it had some interest and rental income. We still prepare a set of financials re keeping track of where the funds get used etc. We charge the trust a fee. Is this fee deductible to the trust if there is no taxable activity now?
Read MoreMy employer is offering a $400 per month fuel card as part of my package.
Is the company liable to pay FBT on this and if so how much.
Read MoreCould you please confirm that it is illegal to accrue accounting fees due to a precedent set in case law that stated that accounting fees could only be claimed in the year they were paid?
Read MoreAre there any NZ tax implications for a NZ Trust which makes a capital and final distribution to a non-resident New Zealander who is a beneficiary? The beneficiary is aware that there may be tax consequences for her in her current country of tax residence.
Read MoreA business is renting a premise as a shop, now it is required by the landlord to share the repair & maintenance of the building roof, my question is that can the business claim for tax purpose?
Read MoreA client is buying a caravan as a home office area. They have an LTC which owns rental property. If they took the caravan away to use as holiday accommodation from time to time, how should we treat this? It will be a private asset which is being made available for mostly business use, but some private use.
Read MoreI have a client who leased a motel then the Kaikoura earthquake happened and the motel needed repairs done to it before being able to open again. The landlord has not done any of the repairs in the 2019 income tax year, and therefore there has been no income. The client has still incurred costs such as legal bills fighting the landlord (they are currently in arbitration), insurance, accounting, rates, storage, depreciation etc. Are they still able to claim these expenses when there is no income for the year due to landlord not doing the repairs?
Read MoreA deceased individual owned a share in a limited partnership which owned forestry. We are aware that an exemption applies, which allows the transfer to the beneficiaries if they are within the second degree, to be at tax book value. In this case the deceased's children have inheritance trusts (set up as part of the will) which are the beneficiaries of the interests in the limited partnership. Do the inheritance trusts qualify for the exemption?
Read MoreAn individual bought insurance to cover his mortgage liability, which is a major expense serviced by his income. Can this insurance premium be deducted as expenses in his personal tax return?
Read MoreIf a partner's current account goes into an overdrawn situation in a partnership, does interest need to be charged on it. I’m thinking not, but can you please confirm.
Read MoreAre partnerships bound by the accrual rules? Do I need to bring in accounts receivable and payable into the annual accounts, or is that just for companies?
Read MoreA client received shares as part of an inheritance. Is this taxable income? They are not a share trader.
Read More