INCLUDED THIS MONTH;Our Easter hours, ur teams new working environments, all you need to know about COVID-19, what we’re doing and how to get your business through this tough time, the End of the Financial Year questionnaires and the latest article from Director, Coral Phillips on the Drought Declaration. Check it out here… ?? DOWNLOAD
April 2020 newsletter Read More »
Declaration of Drought changes the rules for the use of Income Equalisation Deposits. The Government have declared a drought “large-scale adverse event” for the whole of the North Island and parts of the South Island. No surprise, you may say. This now means Income Equalisation Scheme discretionary relief is available. The change means possible improvements
Declaration of Drought Read More »
The Xero Assistance Programme (XAP) pilot provides free and confidential mental health support to all starter, standard and premium plan subscribers in New Zealand, and their employees and families. The service is available through Xero’s own provider, Benestar. Users will have access to face-to-face, telephone, live chat and online counselling, as well as the Benehub
Xero Assistance Programme (XAP) 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 »
What you need to know Whether you’re self-employed, a contractor, or you have staff, you’ll likely receive an invoice from ACC between mid-July and mid-August. Everyone in New Zealand who is in business has to pay ACC levies, which are separate from general tax and cover the cost of injuries caused by accidents. How ACC
What you need to know about ACC levies 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 »
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