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 MoreA company has sold its business. The funds from the sale have been taken out by the shareholders without liquidating the company. The company charges interest on the shareholders’ overdrawn current accounts. There was no capital distribution. Is there a deemed dividend situation in this case?
Read MoreWe have a client who inherited three rental properties in Sept 2017. We are looking at transferring these properties into a Trust the client has created. Will they be caught under the brightline test and if so how will the gain be calculated, as she didn’t pay anything for the properties.
Read MoreIf a property is being sold and is subject to tax under the bright-line test, are all the holding costs since the property was purchased deductible?
Are rates paid back to the time of the initial purchase deductible on sale?
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 MoreA client receives some of its payments via Paypal. It is GST registered on the sales it makes.
Would the deduction/payment to Paypal include GST or would it be exempt for GST purposes.
Read MoreCould you confirm the following is correct:- Because property was jointly owned, then upon a relationship property transfer into one party's name, it is treated as being transferred on the same day as the original purchase and so falls outside of the bright-line test.
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 MoreSomeone is offering short-term holiday rental via booking.com (e.g. 4 days at a time). They are not NZ tax residents. (US ones) They will be under $60 k turnover. This will only be for a few months a year. Can they register for GST and do they have to? Is this like the inbound tour operators situation?
Read MoreIf two GST registered entities are involved in a vehicle transaction e.g. One buys from the other, should the sale and purchase be zero rated? Does the seller have the option to pay GST and the buyer to claim the GST?
Read MoreIf a company lends money to a trust, is the company required to accrue interest income? (if so, the trust will mirror the entry as an interest expense). The shareholder and director of the company is also a trustee of the trust.
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.
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