When buying or selling land, it is important to consider the tax implications of any standing timber on the property. Standing timber refers to a block of trees that will yield saleable timber. The Inland Revenue Department (IRD) excludes fruit trees, ornamental or incidental trees. However, standing timber does include native bush, shelterbelts and erosion […]
Can you see the tax through the trees? Read More »
Deciding which dairy company to supply when buying a farm is an important decision when it comes to shares. Dairy company shares make up a substantial part of a farm purchase. For an average sized Fonterra farm to be fully shared up producing 100,000 kg/ms at $6.00 per share equates to $600,000. There is the
Buying a farm and sharing up – what are my options? Read More »
New Provisional tax rules have come into force for the 2018 income tax year. The two major changes provide not only a simplification of the provisional tax rules but also opportunities for tax payers to manage their provisional tax liabilities much more effectively. Change One – Safe Harbour One of the most significant changes is
New Provisional Tax Rules Read More »
The Commissioner of Inland Revenue has recently announced changes to the deductibility of farm house expenditure for farmers. For the majority of our clients there will only be a change in the default percentage that can be claimed from 25% to 20%. However for a small group where the value of the farmhouse is greater
Farm House Deductibility Changes Read More »
Articles Bright-line nominations – update July 2017 Thankfully common sense has prevailed and Inland Revenue has clarified that where a nomination occurs between associated persons this will not trigger the bright-line test. > Therefore in the examples below the nomination to a newly formed family trust of Bob would not result in a tax liability to
Bright-line nominations – update July 2017 Read More »
Articles Coral Phillips – Dairy Farmer turned Accountant Coral Phillips is a Chartered Accountant and Associate at CooperAitken. However, Coral hasn’t always been an accountant. Previously she spent many years dairy farming.
Coral Phillips – Dairy Farmer turned Accountant Read More »
Articles Bright-line test affects rural properties too New rules, known as the “bright-line test”, were introduced in October 2015 to allow Inland Revenue to easily tax property investors that frequently buy and sell residential property for a profit. These new rules apply to residential property that is purchased after 1 October 2015 and sold within
Bright-line test affects rural properties too Read More »
Articles Changes with renting a farm house The farm rental needs to reflect market rates or employers could be faced with fringe benefit tax issues… read more
Changes with renting a farm house Read More »
Articles LTC – Fishhooks In an attempt to reduce the tax benefits of LAQCs the Government introduced Look-through Company (LTC) legislation to apply from 1 April 2011. As time as passed ‘fish hooks’ have surfaced…read the consequences of these…
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