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September 29, 2020
The limit for writing off assets of $5000 applies for only 12 months being the 17/2/20 to 16/2/21 Inclusive. There could bean issue some time in the future, if you are using your depreciation schedule as your plant register. A client may want toknow what happened to an asset not showing on the depreciation schedule.Instead...
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Inland Revenue has produces an eNewsletter from timeto time. The latest one reminds its readers of the legaltests:• Intention• Control or independence test• Integration test• Fundamental/economic reality test.You are also reminded of the consequences of getting itwrong and that Employment New Zealand can help youget it right.
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The Policy and Strategy division of Inland Revenue hasproduced GST policy issues. On pages 5, 6 and 7you will find a table summarising the proposed changes.The proposals include:• Reducing some of the requirements of whatconstitutes a tax invoice including:o Details of quantity and volume could be removed.o The requirement to write “copy only” on a...
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The scheme allowing a mortgage holiday for six monthswas set to end on 27 September 2020. This has now beenextended to 31 March 2021
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The Commissioner of Inland Revenue has realisedworking from home is likely to be permanent for someemployees. Therefore, limiting its application only to thoseaffected by Covid 19 needs correcting. The Commissioneralso requires longer to think about all the matters relatingto tax consequences of the Determination. Two changeshave been made by Determination EE002A as follows: Determination EE002...
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