A major change to tax pooling was announced the by Minister of Revenue recently. Tax pooling allows tax payers to trade their under or over payments of provisional tax and reduce the amount of interest they need to pay. This process is conducted by a tax pooling intermediary like TMNZ. Some business routinely overpay their income […]
Major change to tax pooling Read More »
Changes to student loans for expats Law changes from 1 April this year will impact New Zealanders with student loans who live abroad. If a borrower’s loan balance is over NZ$45,000, the amount they need to repay has increased. Overseas borrowers will now have a fixed minimum repayment obligation regardless of their loan balance. Previously
Student Loans: Changes Ahead for Expats Read More »
The rules around IRD payments are changing. The IRD recently issued draft guidelines on when they will consider they have received payment. That all sounds pretty dry but in fact it signals a significant change that could result in penalties for taxpayers who are unaware of the changes. For years the payment date of a
Significant Change for IRD Payments Read More »
With the tax season about to get underway, we thought it would be useful to look at the consequences of decisions made around paying dividends and the solvency test. When companies make a profit it is common practice to credit the profit share (or dividend) to their shareholders current account each year. The theory is
Paying dividends and the solvency test Read More »
Crowdfunding in New Zealand could make raising capital for SMEs quite a lot easier. While it is quite a new concept for us, it’s big overseas. At its most basic it enables a whole bunch of people – “the crowd”- to pool their resources together to raise capital for a company. In recent months we
Crowdfunding in New Zealand Read More »
We’ve put together some tax tips for end of the financial year that we hope you’ll find helpful. Tax can be a nightmare but with careful planning and an accountant who is up to date with changes in tax law, it should be a breeze. It could be useful to keep this handy as you
Tax Tips end of financial year Read More »
We were reminded recently of the importance of keeping valid and up-to-date payroll records and thought it was timely to remind our clients of this. All clients employing staff must file monthly payroll returns with PAYE information to the IRD and nearly everyone complies. However, some companies don’t have thorough payroll records which can be
Why payroll records are critically important Read More »
Most people will be aware that landlords can no longer charge depreciation against their rentals. The government did this is an attempt to reduce some of the tax advantages of rental ownership. So are rental property repairs tax deductible?As such, the IRD have been giving a lot of attention to the area of repairs and
Are rental property repairs tax deductible? Read More »
With the Christmas break still fresh in most of our minds, the prospect of annual leave might seem a little way off but leave liabilities for employers make it a very real topic year round. Many employers have a significant amount of annual leave owing. This is often an unfunded liability and understandably many business
Cashing up annual leave Read More »
There are hundreds of thousands of New Zealanders who live abroad. Many have lived away from New Zealand for decades. They have moved their families. They have established careers, business interests and possessions. Yet for some, they may still be regarded as New Zealand tax residents.A recent decision from the Taxation Review Authority (TRA) may
Tax Residence just got Trickier Read More »
