My 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 MoreA lawyer client who currently trades in his own name is looking to incorporate a company and trade from that company.
1. Does a formal valuation need to be made of his existing business to enable a value for the transfer to the company or would something less formal suffice?
2. How do you differentiate between “A” and “B” class shares (voting and non voting shares) when you incorporate?
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 MoreMy client bought a farm with a house, a cottage and a glasshouse on the farm. This farm was purchased in 2002 with GST zero-rated. The house and cottage were rented to my client as residential rental and no GST charged on rental. The glasshouse was rented out with GST. Now client is looking to sell the farm including the house, cottage and glasshouse. How to fill out the sales agreement?
i.e. What is the correct GST treatment for this sale?
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 receives ACC caregiver payments for care of her son at home. Does it include GST or only if the person is self-employed and earns over $60k when including all sources of income?
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 an rental investment property?
Read MoreA client is a closed company offering Maori cultural tourism activities.
The client was recently awarded a contract for providing Maori performances on cruise ships, when the ships stop over at various New Zealand harbours. The customer/ cruise ship tour organiser is a foreign company based in the UK.
Should our client charge normal GST @ 15% for the services offered to the foreign cruise ship company or is the service qualified for zero rated GST?
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 MoreWe have two questions in regards to education fees and whether they are tax deductible.
Question 1) One of our clients is arguing that his 3-year university fee should be a deductible expense as he won’t be able to derive income without the 3-year study. However, the 3-year university study sounds more like a personal expense to me. Are these costs deductible?
Question 2) We have another client who is working in a law firm. He is currently working toward obtaining a certificate from the Law Society. Is the education cost incurred to obtain a certificate deductible?
Read MoreI have a client who has an ordinary company with A & B as directors and 50/50 shareholding which has losses carried forward. They have another company which is a look through company (LTC) with the same shareholding but one of them is a director. Can we do subvention payments to offset the profits in the LTC company?
Read MoreI have a GST registered Club that has purchased items from a non- GST registered party. No GST invoice has been provided. Is the Club able to claim GST on these purchases?
Read MoreShareholders of a company sold its shares to a non-related company. Are the consultancy fees paid to one of the big four accounting firms in relation to settlement dispute tax deductible?
Read MoreIs there any issue such as Anti-Money Laundering (AML) with accounting clients having dual citizenship with NZ and USA?
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