Our office hours
HAWERA Monday to Friday 8:30am – 5:00pm OPUNAKE Monday, Wednesday & Thursday 9:00am – 3:00pm NEW PLYMOUTH Wednesday & Friday 10:00am – 3:00pm PATEA (New Hours) Every 1st & 3rd Thursday of the month 9:30 – 2:00pm
Snippets: Super profits
Last year, the Green Party hit the headlines for suggesting banks, fuel companies, supermarkets, building products suppliers and energy generators/retailers should pay tax on super profits. So, as we go into the election, we should give some thought as to whether some new innovative taxes are warranted. For example, in Canada, kids cereal manufacturers have
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Snippets: GST registration checks
A standard data policing check completed by Inland Revenue is to review taxpayer GST filing patterns to identify taxpayers that are GST registered, but perhaps shouldn’t be. In order to qualify for GST registration, a taxpayer needs to be conducting a “taxable activity”. This comprises a continuous or regular activity that involves making a supply
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39% Trust tax rate
On 18 May 2023, the government introduced the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill. The Bill includes draft legislation that will see the trust tax rate increase from 33% to 39% from 1 April 2024, thereby aligning it with the top personal marginal tax rate. Between 2000 and 2010, the
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Leaky home repairs concluded as not deductible
The leaky homes crisis represents one of the most severe problems faced by New Zealand’s property sector and continues to cause stress and anxiety for those affected. Adding to the uncertainty for rental property owners has been the question of whether repair costs are immediately deductible as ’repairs and maintenance’ (R&M). Inland Revenue has assisted
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Taxation Principles Reporting Bill
The Taxation Principles Reporting Bill was introduced to parliament on 18 May 2023, and has since been reviewed by the Finance and Expenditure committee. If passed, it will require the Commissioner of Inland Revenue to report on New Zealand’s current tax settings based on specific principles. A hybrid reporting model will be used where a
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Tax policy from two sides of the political aisle
Given that either Labour or National are likely to enter into coalition agreements of some form with the Green Party and Act, respectively, and the tax policies of the two main parties are more ‘vanilla’, it is worth reviewing the tax policies of the two minor parties as this is where unexpected change may come
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Tax ourselves out of recession?
The buoyant covid subsidy funded days are behind us, New Zealand has entered a ‘technical’ recession. This was reinforced by the recent announcement that New Zealand’s corporate tax paid was almost 11% down in the 11 months to May relative to Government expectations. A drop in the corporate tax take reflects the declining profits of
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Snippets: Proposed amendment to directors’ duty
One of the fundamental director’s duties within the NZ Companies Act 1993 (‘the Act’) is to act in good faith and in what the director believes to be the best interest of the company. This has traditionally been interpreted to mean decisions should be aimed at maximising shareholder returns. In September 2021, an amendment was
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Snippets: Global tax rates
Inland Revenue made the headlines end of April 2023 with the release of its report on the amount of tax paid by our high-wealth individuals (HWIs). The findings were that HWIs’ overall effective tax rate when taking into account all sources of income, including unrealised capital gains, is 8.9%. The Treasury simultaneously released a number
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