cryptocurrency

Cryptocurrency - What are your tax obligations?

Inland Revenue has recently released Cryptocurrency and Tax guidance about how the tax laws apply to the new technology. The guidance includes answers to some frequently asked questions to assist customers in understanding their tax obligations.  

property

NZ Bright-line Test extension

From 29 March 2018 the bright-line test for residential property has been extended from 2 years to 5 years.

employers

Employers providing gifts to employees at Christmas

Non-monetary gifts to employees at Christmas may be unclassified fringe benefits (UFBs) and could be subject to fringe benefit tax (FBT). 

deductions

Tax treatment for leaky building remediation

NZ IRD highlight the steps to work out the type of repair and maintenance costs of the leaky building (as a rental property) and whether you can claim them as a deduction. 

accounting

Getting Business Structure Right

Learn why spending time on getting your small business structure right is just as important as the exciting times ahead as a new business startup.

budget

NZ Budget 2017: Family income and tax rates

$2 billion a year Family Incomes Package announced, commencing 1 April 2018 that will make changes to tax thresholds, Working for Families and the Accommodation Supplement to help Kiwi families get ahead. The Minister believes it is a first step towards simplifying the income tax system.

Inland Revenue Department

A better way to pay NZ tax

Tax pooling is a framework Inland Revenue established to help taxpayers meet their provisional tax obligations. Recognising that the provisional tax regime is burdensome, Inland Revenue offers tax pooling which gives taxpayers a means to pay tax when they want to whilst avoiding use of money interest and penalties.

economy

The Trump Presidency: What are the prospects for tax reform in 2017?

President Trump's aggressive tax reforms may not take effect until 2018. Alliott Group member firm Bowman & Company explains why and what this could mean for global trade.

tax

E-Sign for Xero Tax

Xero is taking one step more to make filing returns a breeze- with new E-Sign feature. We outline how.

IRD

Chronic bad payers of NZ tax – beware

Chronic bad payers of tax – take heed. NZ Inland Revenue is going to have the power to disclose tax debts to debt collectors.   

deductions

Deducting expenditure on gifts of food and drink

In essence, providing food and wine gifts are only 50% deductible. Historically there has been ambiguity around this but as of 1 September 2016 it is definitely only 50%. (This is of particular relevance to real estate agents.)

tax

The wide world of international tax

Where are the highest rates of corporate tax? And who pays none at all? Discover what the French spend their “Google Tax” on and why Canadian cereal companies are so keen to put toys in their boxes.