Inland Revenue (IRD) have recently released a new Taxation Bill and published the eighth discussion document in the Making Tax Simpler series, both of which aim to reduce the cost of tax compliance and administration for NZ businesses and individuals. Under the current PAYE system, it can be difficult for IRD to collect the correct […]
PAYE changes and tax simplification Read More »
The sale and purchase of residential property is an area of focus for IRD Investigators as a result of the ongoing investment in the Property Compliance Programme. A Taxation Review Authority (‘TRA’) case heard in May 2017, serves as a timely reminder for all property owners to remain aware of the tax implications that can
Proof of intention Read More »
Nordic Tax Records It’s often considered taboo to ask other people how much they earn. So what would you do if you could look up how much your colleagues, neighbours and friends make, all legally, online and for free? Well this is what happens in some Nordic countries! Norway has had an ‘open salary policy’
Snippets: May – July 2017 Read More »
Effective 01 April 2017, the Government announced that the adult minimum wage increased by $0.50 cents to $15.75 an hour.
Minimum Wage Increase Read More »
On 8 December 2016, the Minister of Revenue, the Hon Michael Woodhouse, released the discussion document, “Making tax simpler — proposals for modernising the Tax Administration Act”. The document contains detailed proposals developed following the first round of consultation in November 2015. In November 2015, the Government released the discussion document, “Making Tax Simpler: Towards
Further TAA Consultation Announced Read More »
The Student Loan Scheme (Repayment Threshold) Regulations 2016 came into force on 1 April 2017 and increased the annual repayment threshold for the purposes of the Student Loan Scheme Act 2011 from $19,084 to $19,136 for the tax year commencing on 1 April 2017 and subsequent tax years.
Student Loan Annual Repayment Threshold Increased Read More »
It is important for individuals to correctly determine their residency status for tax purposes, as a New Zealand tax resident is taxed on their ‘worldwide income’. A person is considered to be a New Zealand resident for tax purposes if they have been physically present in New Zealand for more than 183 days in any
The Perils of a PPOA Read More »
New legislation enacted in February substantially simplifies obligations under the provisional tax regime. Most taxpayers pay their provisional tax at three times through the course of their financial year, being the 28th day of the 5th, 9th and 13th months after their balance date. The ‘standard uplift’ method determines a person’s liability based on a
Provisional Tax Improvements Read More »
Irrespective of the size of a business, one of the challenges for any business owner is to be able to attract and retain talented staff. One means to do so is an effective remuneration package that motivates staff in a way that aligns their performance with the owners’ business objectives. Not every individual is driven
Employee Share Schemes Read More »
In May 2016, the Government introduced the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill (the Bill). Some of the key changes proposed in the Bill are outlined below. Tainted capital gains Capital gains derived by a company from the sale of a capital asset are able to be distributed tax
