Latest News

From My Desk…

Greetings We are now in full tax season (like spring time on the farm) and our move to Xero is starting to show efficiencies.  The team are still refining their abilities on the new system, so further efficiency awaits….I hope. On the MAAT front, we completed the $42m purchase of Cameron Road, Tauranga and our…
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Snippets: May – July 2018

Cryptocurrency and tax Over the last decade, the use of digital or virtual currencies, known as “cryptocurrencies”, has grown dramatically in popularity. A single piece of Bitcoin is currently valued at over $9,000 NZD. Some New Zealand retailers have already begun accepting Bitcoin as a form of payment, which has led to the Inland Revenue…
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Reimbursing allowances

On 3 April, Inland Revenue issued a draft ‘Questions we’ve been asked’ (QWBA) covering the tax treatment of allowances and benefits paid or provided to farm workers. A key principle covering such payments centres on the tax treatment of ‘reimbursing allowances’ – this is relevant not just to farm workers but all employees. Reimbursing allowances…
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Bright-line breach warning

The bright-line test came into force from October 2015, introducing rules that a profit derived on the sale of a residential property is subject to tax if sold within two years of purchase, albeit subject to some exceptions such as the family home. These rules have recently been revised to extend the bright-line period from…
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