Low rates not so good

Don’t be taken in by very low interest rates for hire purchase, or even those offering zero percent.
Many retailers occasionally offer “special deals” of 0% percent interest on hire purchases. Does it mean you pay only the ticket price over the term of the loan?
The answer is no, and in fact the total price can be very expensive.
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When is income from professional services derived?

The Inland Revenue Department (IRD) recently released a new interpretation statement discussing when income from professional services is considered to be derived, and hence becomes taxable. The statement replaces several older IRD Information Bulletin’s and consolidates their view, giving greater detail and more examples.


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Importance of good record keeping

A recent case Taxation Review Authority (TRA) decision has highlighted the importance of good record keeping. 


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Use of Home Office – New Rules – from 1 April 2017 for March balance dates

From the beginning of the 2018 tax year the rules for claiming for use at home are changing. 

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Cashflow management: 7 May provisional tax payment options

We would like to recommend an IRD-approved service those who are due to pay provisional tax on 7 May might find useful – especially if cashflow is tight after settling terminal tax.


Tax Management NZ (TMNZ) is a payment intermediary that gives you greater flexibility around how and when you make your provisional tax payments, while eliminating IRD late payment penalties and reducing interest costs.


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FBT changes on the horizon

Currently, companies that provide a motor vehicle for the private use of their employees must register for and pay FBT. Draft legislation has been introduced which will enable some small businesses to avoid having to pay FBT.
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April 7 2017
2016 Terminal Tax 
(March balance date)
May 8 2017
3rd instalment of 2016 Provisional Tax 
(March balance date)
GST for March 2017
May 29 2017
1st Instalment 2018 Provisional Tax 
(December balance date)
GST for April 2017
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Tax deductions on food and drink

Inland Revenue has informed us it considers the supply of all food and drink, whether in the course of entertainment or not, is tax deductible only to the extent of 50%. Thus, under this new interpretation, if you give your client a bottle of wine or a food hamper you can no longer treat this as a fully tax deductible cost. If you want a 100% deduction, think of something different such as a bunch of flowers or something else which cannot be consumed.
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