Greetings, Not long now until we get to vote for our country leaders – I get a sense the public are wanting a change, let’s all do our part on the 14th of October and make our votes count! The recession is still biting and affecting household budgets which then flow onto business revenues with …
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 …
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 …
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 …
Greetings, The government has finally decided that we are in recession. The people (Tax payers) knew this, way before Christmas and were starting to adjust their spending habits – less lattes, less haircuts (I have been saving on those since 1/1/2000). You can see the impact of this now in the cities as mortgage interest …
Two changes have recently surfaced in relation to trusts and the disclosure of trust information. Firstly, the Tax Administration (Financial Statements—Domestic Trusts) Order 2022 was made on 7 March 2022. This Order sets minimum standards for financial statements prepared by trusts. The Order applies to income years ending on or after 31 March 2022 and …
In March 2022 Inland Revenue released a government discussion document that contains a proposal that represents a further erosion of the principle that New Zealand does not tax capital gains. Currently, if a person sells shares in a company and the shares were not purchased with the intention of resale (such as by a share …
Despite significant technological and operational business changes, the rules regarding GST tax invoices have remained largely unchanged since GST was first introduced in 1986. However, new legislation was passed on 29 March 2022 that is intended to improve and modernise GST invoicing and record-keeping requirements. A long-standing requirement to be able to make a GST …
For those of you who prepare and file FBT returns on behalf of a GST-registered employer, you will be familiar with the GST on FBT adjustment that forms part of the FBT return. The adjustment itself is straight-forward and involves calculating GST on the gross taxable benefits that are subject to GST, and including this …
The summer break is a time for reflection on the year that has been. For business owners, this break is an opportunity to evaluate their future strategy and consider whether it is time to exit, or conversely, grow by purchasing someone else’s business. Whether buying or selling, it is a demanding exercise. A business sale …
