The IRD appears to have been busy before the holidays, with a number of documents released in the lead up to, and after Christmas. A summary of the documents that have been released is provided below. PUB0214 – Scholarships and Bursaries Income tax law exempts certain scholarships and bursaries from income tax. The IRD has […]
Many people are not aware that specific tax rules exist that can deem income derived by a company or trust to be derived by them personally. The rules were first introduced when the 39% tax rate was introduced to stop people getting a tax advantage by trading through a company or trust to access the
Attribution of Personal Services Income Read More »
A reminder that when you are making any changes to your trust in terms of trustees, we need to be informed. The IRD require that we pass this information on for their records also.
With the end of the financial year nearly here it’s mindful to think about the implications of any major financial transactions you may be planning. Examples include: large value purchases of feed or fertiliser. Paying for rental repairs. Purchase or sale of assets. Re-payment of debt. If you are planning anything which you think may
Major Transactions Read More »
Recent changes to the Financial Reporting Act 2013 Despite our best efforts, many of us are familiar with the consequences of making late tax payments to the IRD. Often, the problem is not just that we forget and leave it to the last minute, but that the payment we make is not processed or received
Tax Payments – when received in time Read More »
With the large decrease in the Fonterra pay-out it is worthwhile for our farming clients to have an estimate of their provisional tax. As you are aware provisional tax for the 2015 financial year is based on the income you made in 2014. You are going to make significantly less profit in 2015 therefore it
Recent changes to the Financial Reporting Act 2013 (FRA 2013) have changed the requirements for entities that are not “large” by definition. Broadly, this means that most NZ businesses will no longer have to prepare financial statements that comply with New Zealand Generally Accepted Accounting Practice (NZ GAAP). Recognising that this could lead to a
Reduced financial reporting requirements for SMEs Read More »
Depending on the election outcome, after 20 September 2014 New Zealand may join other developed countries and introduce a ‘capital gains tax’ (CGT). CGT is on the agenda of several political parties. Where the general left/right divide sees National, ACT, the Conservatives and United Future against introducing a CGT, the other side sees Labour, the
Capital gains tax – ready or not here I come…maybe Read More »
Although the tax rules around the private use of motor vehicles have been stable for some years now, other variables can change, such as a person’s circumstances. This makes it worthwhile to regularly revisit how vehicles are accounted for to make sure the most efficient outcome is being achieved. Most small businesses operate through companies
Motor vehicle options Read More »
The paid parental leave (PPL) weekly maximum entitlement rate increased from $488.17 to $504.10 (before tax) from 1 July 2014. This rate applies to employees and self-employed workers who are entitled to receive the maximum PPL rate. IRD have updated the following publications with the new rates: PPL application for an employee (IR880) PPL transfer
Paid parental leave maximum entitlement rate increases Read More »
