The Inland Revenue Department have recently clarified their view on tax residency in New Zealand for natural persons. Some of our more frequent blog readers might remember that we alerted you to a case that was proceeding through the courts regarding tax residency. This particular case involved a New Zealander who had lived abroad for […]
Tax Residency and a permanent place of abode Read More »
Cash flow loans used to be too complicated to consider. That’s all changed with a new product that links to Xero. Xero have announced that they are partnering with a Wellington start-up called Fuelled to launch a new lending service for small businesses. Fuelled has been made possible with changes to regulations in 2014 allowing
Cash flow loans just got easier Read More »
Managing business travel can be time consuming and costly. The new serko.travel app may be just the thing you need. Serko software is widely used by many corporates to manage travel expenditure. Developed right here in New Zealand, and listed on the NZX, Serko have recently expanded their reach by offering the same software used
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Mileage Rate change The IRD announced recently that for the second year running they have reviewed the mileage rate down. In 2015, the IRD moved the mileage rate down from 77c per kilometre to 74c. Effective for the 2016 tax the rate is now 72c per kilometre. The IRD have justified the reduction by stating that
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Use of Money Interest Rate Change Use of Money Interest is charged by the IRD interest when too little tax is paid. They also pay interest when too much tax is paid. The amounts differ significantly however. Although the Use of Money Interest rates are not penalties per se, they are designed to act as
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Motor Vehicle deductions – is travel from home to work deductible? In nearly all cases, travel between home and work is considered private use. There are exceptions to the rule where travel from home to work is deductible. Where work is performed partially at home; and Travel by motor vehicle is in the course of
Motor vehicle deductions – is travel from home to work deductible? Read More »
Property sales and tax The IRD have added a new ‘decision tree’ and two new online calculators on their website to assist taxpayers on deciding whether or not a property sale is taxable or not. The new calculators include information on the new Bright Line test that applies to property sales after 1 October, 2015.
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Provisional Tax changes The government has signalled some significant changes to Provisional Tax from 2017. Specific details are still being worked through and nothing has been finalised but we are able to highlight some of the key recommendations: The threshold for Use of Money Interest would increase from $50,000 to $60,000 Use of Money Interest
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New legislation will see GST applied to online services from 1 October this year. GST will impact consumers who purchase remote services and intangibles supplied by non-resident suppliers. That’s all a bit of a mouthful but in essence it will impact you if you are buying e-books, music, software downloads or videos from companies based
GST applied to online services: the Netflix tax Read More »
Personal tax deductions – are there any left? If you are on a PAYE salary, the number of expenses you can claim is rather limited but there are still some that are worthwhile. Accounting fees The fees charged for preparing your personal return are fully deductible. Donations A donation to a charity is deductible. You
Personal tax deductions – are there any left? Read More »
