Day

April 6, 2017
IS 17/02 has been released by IRD on the ‘Deductibility of Farmhouse Expenses’. IRD begins its new Interpretation Statement by reminding us all that deductions for farmhouse expenses are available only to the extent that they are incurred in carrying on the farming business.  The Commissioner has always allowed full-time farmers to claim full deductions...
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There has always been an unwritten agreement between IRD and tax agents, that IRD will not contact clients directly. However IRD appears to be going directly to clients for not only outstanding tax, but also calling clients re unfiled tax returns, and seeking explanations re expenses claimed!  CAANZ have been battling with the IRD for...
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On 1 April 2017 use-of-money interest will now cut in at an RIT of $60,000 up from $50,000. For those clients who use the standard uplift method to calculate their pay provisional tax, there will no longer be any UOMI for both P1 and P2. And the old safe-harbour rule goes beyond just individuals to...
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