Day

June 5, 2018
Main points of proposed change are: Overseas supplier to register if sales to NZ consumers (i.e. not business to business sales) expected to exceed $60,000 in any 12 months. Some smaller suppliers will be able to continue to export to NZ without having to collect GST. Overseas suppliers selling to New Zealand registered businesses do not have to...
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On 29 March 2018, Inland Revenue released the officials’ issues paper on the subject of ring fencing rental losses. These are the main proposals:- ·         It will apply to residential land. ·         It will not apply to mixed use assets or land held on revenue account. ·         It may be applied on a portfolio basis. ·         To...
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Inland Revenue is considering a range of issues related to cryptocurrencies. Their thought is cryptocurrencies are property and not currency. Therefore, currency gains and losses would not apply.  If the currency is bought for the purpose of disposal, the profits made from selling it would be taxable. The department says cryptocurrencies also have similar characteristics to...
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You may recall there are now two ways of claiming the cost of the business portion of premises used partly for business and partly private.  You will be used to the old method of taking a share of power, maintenance and so on. The new method is split into two parts.  The Commissioner advises a...
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