Capital gains tax

A capital gains tax, before the end of this Government’s term, is starting to look like a real possibility.

The current indication from the Tax Working Group is for the entire profit from a capital gain, such as the sale of a farm, business, shares in a company, rental property et cetera to be treated as income and added into your tax return. This would seem particularly harsh when compared with the Australian system which takes half of the profit and puts it in your tax return.
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Five key features of KiwiSaver changes

The following changes to KiwiSaver are proposed to be effective from 1 April 2019.

  • Additional KiwiSaver contribution rates of 6% and 10% 
  • Maximum contribution holiday to be reduced to one year 
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Tool helps track KiwiSaver

The authority has produced a tracker tool to help members compare and contrast fees and returns more easily.

Just type “FMA KiwiSaver Tracker” into your search engine and you will get a wealth of information, provided yours is one of the many funds listed. 
Quotes from the report include:
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    Rental losses law change coming

    The law is to be changed regarding rental losses. 

    For many years, investors in property have had a tax deduction, against their other income, for losses on rental property. Starting from 1 April 2019, residential property owners will no longer be able to set off their losses as previously. 

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    Get rid of email prompts – and keep working

    We’ve talked in the past about emails distracting you from your important business. There’s always the temptation to check an email as soon as it lands.

    However, it’s a better habit to check emails, and respond if necessary, at regular intervals that suit your work flow – perhaps every hour or two hours.

    Most email programs, however, automatically prompt you when an email comes in. 

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    Home business requires discipline

    Running a home business has some great rewards, but it requires planning and discipline if it’s going to be successful.

    If you’re thinking about starting a home-based business, or about bringing an established business into your home, here are a few things to consider.

    Will you isolate yourself from your clients?

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    Payments for babies born or due from 1 July

    From 1 July 2018 the Government started weekly payments of $60 per child, known as Best Tax, until the child reaches the age of one. 

    To qualify, a baby had to be due on or after this date. Therefore, if it was born a little early, it could still qualify. Best Tax can be extended to three years for families with a household income of less than $79,000.

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    New rules for PAYE

    Say goodbye to filing your PAYE returns monthly (or twice a month for bigger organisations). 

    From 1 April 2019 you will have to send in details of your PAYE within 10 working days of paying your staff. 

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