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Deductibility of holding costs for land

On 31 March 2023, Inland Revenue released a draft interpretation statement (PUB00417) addressing the deductibility of land holding costs – namely, interest, rates and insurance – and the relevance of whether the land is taxed on disposal. This had been an area of uncertainty since the introduction of the residential bright-line provisions in 2015, which […]

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Depreciation on buildings

On 20th July 2022 Inland Revenue released a 51-page interpretation statement 22/04 – Claiming depreciation on buildings. In light of the re-introduction of depreciation on non-residential buildings from the 2021 income year, the interpretation statement is intended to give guidance to building owners on when they can claim depreciation on buildings. Specifically, the statement emphasises

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Covid rewards

  As the world moves to a vaccine-based approach to manage Covid-19 there have been some interesting incentives to boost vaccination rates. Across New Zealand, organisations including KFC, New Zealand Rugby and local burger and kebab joints have got on board by giving away freebies to vaccinated individuals. However, Amazon’s incentives top these freebies after

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Supply shortages

COVID-19 has fundamentally disrupted global trade to the point there are a number of product shortages starting to play out, and in some cases of some surprising items: The shipping containers themselves: With only two makers of shipping containers globally and containers being trapped in the congestion at ports, there is now a shortage of

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Business interruption due to Covid-19

The onset of the Covid-19 pandemic had an immediate impact on businesses nationwide. Lockdowns and the border closure have caused massive disruption. For many this was temporary, for some, permanent. Inland Revenue has released a draft Interpretation Statement “Income tax and GST – deductions for businesses disrupted by Covid-19 pandemic”. The statement sets out Inland

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