In December 2020 the legislation enacting the new 39% tax rate was passed. Within the same bill, somewhat overshadowed by the rate change, was the introduction of a new “annual return” requirement for trusts. Not to be confused with the new Trustee Act that came into effect at the end of last month which requires […]
New trust annual return requirements Read More »
The treatment of employee accommodation (and taxable allowances) can be confusing. In 2015 the rules around employer-provided accommodation were subject to a reform, with the changes intended to provide greater clarity and cohesion for employers to understand their tax obligations. Previously, a net benefit approach was acceptable, where accommodation provided to an employee was not
Employee accommodation Read More »
In 2013 the law commission was asked to review the Trustees Act 1956 and NZ Trust law generally. Following this initial review, nearly eight years later, the long-awaited “Trusts Act 2019” will finally come into effect on 31 January 2021, replacing the entire 1956 Act. One of the most significant changes in the new Act
New Trustee disclosure obligations Read More »
After Labour’s victory in the 2020 General Election, their proposed tax policy changes are now likely to be implemented. Labour has ruled out a capital gains tax and an increase in fuel taxes but is prepared to introduce a Digital Services Tax to target multinational digital businesses who have taken advantage of tax structuring options.
Election outcome and tax policies Read More »
Can you steal GST? Whether a price includes GST or not is important to know for the price of a product. In the case between the New Zealand Police and Genesis Pure, ‘GST’ became the difference between a maximum penalty of seven years in jail, or one. Mr Pure was charged with stealing an iPhone
Snippets: May – Jul 2020 Read More »
In addition to the tax loss carry-back scheme, the New Zealand Government has introduced a number of other tax changes to assist businesses and individuals to get through COVID-19. Currently, if an asset is purchased for less than $500 it does not need to be depreciated. The cost is immediately deductible in the year of
Other tax changes in response to Covid-19 Read More »
Ordinarily, if a taxpayer incurs a tax loss within a particular year, they are able to carry that loss forward and offset it against income derived in a future year, thereby reducing the taxpayer’s future tax payable. As part of the Government’s Covid-19 response, on 30 April 2020 legislation was passed under urgency which allows
Carry back of tax losses Read More »
As New Zealand moves down the COVID-19 alert levels businesses face a long transition period from the unknown to the ‘new normal’. Social distancing, strict health and safety guidelines, restricted international and regional travel are amongst numerous practises that will likely continue to apply for as long as COVID-19 remains a global threat. This may
Emerging from Covid-19 Read More »
Introducing our new staff… Kecia Laing-Timu I started at Hughson & Associates back in November after being a manager at a local restaurant for 4 years. You will find Kecia at reception at our Hawera office. Outside of work I like to keep active and social by playing sport and catching up with friends. I
Wacky business ideas Ever dreamt of being your own boss? Well, millions of people have turned that dream into a reality and some even claim it’s easy! Recent studies conducted by the Global Entrepreneurship Monitor reveal that 40% of respondents thought starting a business was easy and 46% thought there were plenty of opportunities to
Snippets: Nov 19 – Jan 20 Read More »
