Losses from rental properties

The following is the proposed tax law, which has yet to be enacted. Some of it could be changed.  
 
As you will know, losses on residential rental properties may no longer be claimed as a deduction in your annual tax return. 
read more

Snippets - Sugar Taxes

With obesity becoming an ever increasing problem in New Zealand, there is regular debate regarding the effectiveness of a sugar tax to curb the problem. There’s a lack of consensus on whether such a tax may be beneficial, yet sugar taxes are nothing new.
 
read more

Snippets - GST

GST on low value imported goods
 
read more

Winding up a company

If a company does not file its annual return with the Companies Office, it may be struck off from the Companies Register. This is sometimes used as a ‘short-cut’ method, rather than completing the short-form company liquidation process.
read more

When is a gift not a donation?

If an individual pays “…a monetary gift of $5 or more…” to a charity they are able to claim 1/3rd of it back from Inland Revenue (IRD). Prior to 1 April 2008, individuals could only claim donations of up to $1,890, i.e. a refund of $630. The coalition Government at the time removed this limit and increased the threshold to the amount of taxable income, to incentivise individuals to give charitably. 
 
read more

GST and land sales

In 2011 the GST Act was amended to prescribe that a supply of land between two GST registered parties was subject to a rate of 0% if the land was to be used by the purchaser to make taxable supplies and not as a principal place of residence.
 
read more

You versus your Trust

It is common from a layman’s perspective to not appreciate the relevance of treating separate legal entities as separate. Where expenditure is incurred to derive income, it is typically deductible for income tax purposes to the person that derived the income. Documentary evidence should be held that reflects this connection to ensure the expenditure comprises an allowable deduction. The High Court recently considered this issue in the decision of Wong v Commissioner of Inland Revenue (2018).
 
read more

TAX CALENDAR

April 8 2019
Terminal tax for 2018
(March April, May and June balance dates)
For all clients except those who have lost their extension of time privilege
7 May 2019
3rd instalment of 2019
Provisional Tax
read more
Subscribe to RSS - blogs