2019 Tax Calendar

January 15

Second instalment of 2019 Provisional Tax 
(March balance date except for those who pay Provisional Tax twice a year)
Pay GST for period ended 30 November 2018
April 8

Terminal tax for 2018

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Tax on crypto-currencies

Inland Revenue is giving a lot of thought to taxation issues, which affect crypto-currencies. 

They see these as property and not currency. Therefore, capital gains and losses from fluctuations in value would not apply. 
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Be systematic when setting up a business

You need a systematic approach if you are setting up a new business. 

Jack had been made redundant and decided to have a go by himself but wasn’t sure where to start. 
We suggest this sequence:
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Modernising individual’s income tax

Inland Revenue is proposing to get more involved with taxing individuals in the following ways:

  • Helping them to use the most appropriate tax rates and codes
  • Tailored tax codes to improve the way secondary and irregular income is taxed
  • Year-end tax obligations for individuals will be simplified
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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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