Inland Revenue (IR) has recently released information setting out the tax rules which apply on fees paid to board members. The way taxation applies to any fees paid to members will depend on the personal circumstances of the individual member and the terms of their contract/appointment. Employees Many SME companies have employees sitting on the …
Coronavirus – Tax Loss Scheme The government has announced details on the changes to tax losses as part of a suite of measures to assist with the economic downturn caused by the COVID-19 lockdown. The scheme will allow entities to offset a loss in a particular tax year against a profit in a previous year. …
Coronavirus – IRD Tax Payments Inland Revenue have issued advice on tax payments during the Coronavirus pandemic. With New Zealanders locked down in their homes, and many businesses at a standstill, the department acknowledges that making timely tax payments will be a challenge. Some businesses will be financially distressed at this time. We know from …
Coronavirus Tax Changes The coronavirus pandemic has seen some significant tax changes announced. Media attention seems to have focused on the announcement on wage and salary subsidies but the government has also announced some important changes for the 2021 income year (1 April 2020 – 31 March 2021). Depreciation on Low Value Assets For nearly …
