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…
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Carry back of tax losses
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…
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GST issues paper
On 24 February, Inland Revenue released an Officials’ Issues Paper seeking feedback on various GST issues. A long-standing rule that has proved a source of frustration for those affected applies to transfers of goods between associated persons. The issue is highlighted in the following example. Joe buys a block of land on the edge of…
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IRD – Non acceptance of cheques
From 01 March 2020, the IRD will no longer accept cheques. Developments in electronic payment methods and improved ease of online payments from your smartphone or tablet, means processing cheque payments has become a rather laborious task. However old habits die hard, and a significant amount of people continue to use cheques – IRD alone…
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