Client wants to start trading on virtual currency (cryptocurrency) such as bitcoin. Do they need any license for trading? What processes need to be followed before trading commences? If a license is required, which government department will deal with the application?
Read MoreMy client is dissolving his Trust and transferring all assets (via him and his wife) to a company structure. Included in the assets is the family home. As long as no costs associated with the home are claimed for tax purposes is there any issue with the home being owned by the company?
Read MoreIs there any legislation that allows au pairs to be deductible expenses in NZ?
Read MoreAre legal and accounting fees for succession planning tax deductible? If they are not tax deductible, can the GST be claimed on the expense because they are somewhat capital in nature (costs are partly to do with sale of a capital assets)?
Read MoreMy client has a company and has made a donation of groceries through the company to a third party. Can this be a deductible expense?
If he started a charity could money given to that charity be counted as a donation and be tax deductible, providing that the charity used the funds to provide for those in need.
Read MoreI have a query regarding a client who has received various scholarships and grants in the 2018 year.
Read MoreI have a client who has owned a rental property for a long time so it has depreciation claimed on the dwelling...
Read MoreA labour hire business uses contractors both in NZ and abroad. Although not written into their contracts, the business gives them a bonus payment if they have fulfilled their contract well.
Can the labour hire business claim this cost?
Read MoreA client required a valuation on their residence in order to get a loan to buy an investment property. Can they claim the cost of this valuation?
Read MoreI have a client who needs to strengthen their building to get up to code due to the earthquakes in the upper South Island. Normally I would say this is to be capitalised. However, do you know of any tax changes allowing building strengthening to be expensed due to earthquakes?
Read MoreBackground: A husband and wife jointly own two properties. One is their main home (in Takapuna) and the other one is a holiday home in Whangaparaoa.
Pursuant to their wills, the holiday home will be passed to one of their sons. The wife died recently and the property titles will be transferred from their joint names to the husband. If the holiday home were to be passed to the son now instead of at the time when the husband dies, will the transfer trigger any tax implication?
Read MoreOur clients have moved to Brunei and have been living there for a couple of years. Brunei does not seem to have a double tax agreement listed on the IRD website. Please confirm that the clients still only have to include their NZ rental income in their NZ returns and we can ignore their Brunei earnings.
Read MoreMy client has received estate funds from the UK after his mother died. These funds have been taxed in the UK - do we need to declare this on his IR3 return and are these taxed in NZ?
Read MoreI have a client who bought a residential property on 20.01.2017 This was their holiday home. They bought it under their Family Trust. They want to transfer this property to their Limited Company and rent it out.What would be the tax implications ?
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 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 More