My 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 MoreWe have a client who earned $62,000 in 2018 year. We did her accounts late in the following year by which time she realised her turnover would be less in the 2019 year. She earned $52,000 in 2019.
Does she have to register for GST now or only if the coming year will be greater than $60,000?
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 MoreCan you please clarify re zero- rating of GST for accounting services provided to overseas residents? Your answer in Sept- Oct publication, (and earlier) states that such services can be zero-rated. We understood that under s8(2)-(4) "if the supplier is resident in NZ.....or the services are physically performed in N.Z. " a supply is deemed, and GST is collectable?
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 family trust has owned a family home and a holiday home since 2000. In Oct 2017, the trust started building a 200m2 dwelling (without subdividing the land) on the land where the holiday home is. Please advise whether the new dwelling is subject to Bright-line Test.
Read MoreTwo trusts are 50% shareholders in an look through company (LTC) each. Can the trust retain their 50% LTC profit or does the profit have to be distributed to an individual (beneficiary)?
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 MoreWe have a client who has just purchased a property to renovate and on-sell. The activity is a one- off transaction and not seen as continuous for GST purposes. They prefer not to register for GST. They are asking us if they should actually register for GST. What is the best way to advise our client please? (My client understands that the transaction is subject to Income Tax).
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 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 MoreA client bought land. The intention was to sell for a profit. He sold the land after two years, and made a loss.
The question is whether he can use the loss to offset other income, such as salary and interest etc.
Read MorePlease advise the repercussion where all the shareholders and directors of a NZ company are non resident for tax.
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 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.
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