Category: Tax


Trust Health check – is your trust still fit for purpose?

Due to changes being introduced by the new Trusts Act it will be prudent to undertake a health check on your Trust this year. Many trusts have been set up for the purposes of achieving asset protection, estate planning or structuring efficiencies, and those purposes are more than likely still valid today. The new Trusts […]

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Window of opportunity for Healthy Home improvements

COVID-19 has had a massive impact worldwide and the New Zealand government has responded by making a number of short-term changes to the income tax rules to encourage growth in the economy. One of the changes is a temporary increase in the low-value asset threshold from $500 to $5,000 through to 16 March 2021, with […]

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SME Relief Package

Yesterday, the Minister of Finance announced a package of new measures to provide relief for SME businesses impacted by Covid-19 in addition to those measures already released. The new measures include a tax loss carry-back scheme, introduction of the ‘same business test’ for tax loss carry forward, ability of IR to modify tax timeframes and […]

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SHOULD YOU USE TAX POOLING?

Yes, we certainly think so. It is Inland Revenue approved and has been around since 2003. In a nutshell, instead of taxpayers paying their provisional tax payment to the Inland Revenue, they deposit their provisional tax payment with a tax pooling intermediary who then deposits that payment into a tax pooling account with Inland Revenue. […]

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Paying IRD by cheque – The screws are tightened

For some time Inland Revenue and other Government organisations have been pondering changing how their customers can make payment.  Specifically, whether you will be able to make payment using a cheque.  There has been some reluctance for Government departments to be seen as the “first cab off the rank” in proceeding with this change.  Recently however Kiwibank has announced it will be going cheque free from 28 February […]

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Was your tax payment received on time?

Technology has seen more and more of us making our tax payments electronically, which Inland Revenue actively encourages. It is therefore timely to review when Inland Revenue accepts payments as having been received on time. NEW ZEALAND ELECTRONIC PAYMENT will be received on time when it has been electronically paid or direct credited into an Inland […]

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Residential Rental Loss Ring-Fencing

Not only have residential investors been hit with the extended 5-year bright-line test, the new loss ring-fencing rules will mean many residential rental property owners may struggle to cashflow the costs of owning their rental property. Legislation was passed in mid-2019 which ring-fences residential rental losses from the beginning of the 2020 income year. A […]

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R & D Tax Credits – here we go again

Back in Budget 2007 the then Labour Government introduced a short-lived Research and Development (R&D) tax credit scheme that only lasted for the 2008/09 income year before it was abolished by the in-coming National Government in favour of R&D grants. Fast forward to 2019 and the now Labour Government has reintroduced a R&D tax credit […]

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2019 Year End Checklist

With the new financial year almost upon us, there’s not much time left to ensure you have your ‘house’ in order for 31 March. Our 40-point checklist below will guide you through the year-end process and ensure you maximise your tax deductions and minimise your annual tax bill. Assets Assets purchased costing $500 or less […]

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