Tax Updates

Tax Working Group final report

On the 21st of February, the Tax Working Groups final report on the ‘Future of Tax’ is due.  The working group was established by Government, chaired by Sir Michael Cullen, and tasked with reviewing the structure of the tax system.  Formed ostensibly to improve the fairness and balance of the tax system, this move has …

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Payments of Tax

Inland Revenue has released very recently an exposure draft on when they will consider a payment of tax to have been received on time.  This statement has the most impact for taxpayers who wish to pay by a cheque and in particular a post-dated cheque. The options for paying by cheque remain as follows; Physical delivery …

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Can you see the tax through the trees?

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 …

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IRD Scam

Articles IRD Scam An example of of an Email Scam

Provisional Tax in dairy downturn

Articles Provisional Tax in dairy downturn With the changing dairy payout from one year to the next it can be difficult to establish what amount of provisional tax should be paid. Read more Attachments Provisional Tax Options in a Dairy Downturn 110915 (171 kB)

Plan your tax payments…

Articles Plan your tax payments… Currently, of particular importance for Dairy Farmers is the timing of taxable income and managing the resulting tax payments.  With dairy payout having significant swings between the tax years, careful planning can result in both significant delays of tax payments and permanent tax savings. Read more Attachments Are you planning …

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Claim back the petrol increase

Articles Claim back the petrol increase Petrol has just gone up another 3 cents per litre.  This means you are  paying about 66 cents per litre to the government in taxes.  If you are farming you will be able to claim much of this back – read more Attachments Fuel Rebates July 2014 040714 (166 …

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Ways to minimise your tax bill

Articles Ways to minimise your tax bill There are serveral aspects to consider to minimise tax…. read more Attachments Tax Article (204 kB)

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