“The Taxman giveth and the Taxman taketh away” an adage that has always rung true. We are entering a new financial year which brings with it changes to legislation which will be favourable for some taxpayers but not so much for others. A new top tax rate of 39% will apply to all employment income […]
Upcoming Tax and Legislation Changes Read More »
For many years New Zealanders have had an affinity with Trusts as an ownership structure. Reasons have included protection from business activity (creditors, business compliance risk etc.), government (taxes or means testing), relationship matters or simply management of wealth to future beneficiaries. There is limited information on the exact number of trusts in New Zealand
New Trust Act 2019 Read More »
WHAT IS TERMINATION PAY? Termination pay is another name for the final payment an employee receives when their employment ends. It differs from regular pay because it includes: Any time worked since the last pay period. Any leave entitlements owed to the employee. Any other contractual benefits such as notice periods or redundancy compensation. Any
Termination Pay & Redundancy Read More »
What does it mean when you reduce an employee’s pay or hours? The current pandemic has seen a lot of confusion for employers as well as for employees about what happens when hours or pay are reduced. So, first things first, in general terms, an employer cannot reduce an employee’s pay or hours without first
Reducing an Employee’s Pay or Hours Read More »
Inland Revenue (IR) and the Accident Compensation Corporation (ACC) are calling ‘time’ on cheques as part of the governments’ voyage into the digital age From March next year, IR and the ACC will no longer accept payments by cheque from customers who are able to use alternative payment options. Inland Revenue Deputy Commissioner Sharon Thompson
The end of the cheque payment as we know it Read More »
Originally signaled in March 2018, in a discussion document, draft legislation to introduce the ring fencing of rental losses has been released just in time for Christmas. The rules that are proposed will bring to an end the ability for taxpayers to offset losses from a rental property against their other sources of income. The
Ring fencing of Rental losses Read More »
It is always a very exciting prospect when looking at purchasing land. But how many people buy property and are happy to move in without spending more money? There is usually a “wish list” of items a new purchaser is keen to spend money on, and put their own stamp on it. Because the tax
Tax implications for spending on land Read More »
After the recent increase of the bright-line test period from two years to five years the continued pressure being put on the rental property market through tax settings continues. Inland Revenue have recently released a discussion document to ring fence losses made on residential rental properties. This will mean that for rental properties that make
Ring-fencing rental losses Read More »
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 »
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