By

Sharon Smith
From the 2019-20 income year, you can only claim deductions on the amount of income you earn from the property.  You can no longer use excess deductions from your property to offset other income such as salary and wages. All deductions must be ring-fenced, meaning any excess deductions (or losses) will be carried forward and...
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From 1 March 2020, the IRD will no longer accept payment by cheque or cheques dated after 1 March 2020 from customers who are able to pay another way.  Fewer and fewer customers pay by cheque every year. You will now use the alternative payment methods:- myIR: Direct debit and card payments can be made from...
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Inland Revenue distinguishes between situations where the profit on the sale of the property is going to be taxed and where it is not going to be taxed. If a property is being sold and the Bright Line Test applies to make the gain taxable or the sale is taxable within the terms of part...
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The report is wide-ranging and it would be impractical to comment on it all in this publication. You will receive a fair amount of material from elsewhere, so there is little point in repeating this. However, we are particularly interested in one clause, number 37: we reproduce it below: 37. examine the following options to...
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Inland Revenue has produced operating statement 19/01. It sets out the criteria for a person to be granted an exemption from the requirement to file various returns or information, electronically. The gist of 19/01 is that if it is unreasonable to expect a taxpayer to file electronically, an exemption will be available. The paper lists reasons...
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The Finance and Expenditure Committee is recommending the current tax Bill before parliament be amended so tax owing of $50 or less can be written off when a person has only earned reportable income (salary, interest etc). It is also proposed to retain the existing rules to write off tax where the taxpayer’s only income...
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This is to let you know that we’ll be sending emails and letters to all employers on the 15th of October. We’ll be reminding them they must shift to payday filing by 1 April 2019.  Employers will be directed to our website – ird.govt.nz/payday for more information, including ’how to’ videos on shifting to payday...
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Taken from Wakefield Lawyers – wakefieldslaw.com Purchasing an investment property is an exciting time regardless of if it’s your first or fifth investment. Each purchase is different, and each purchaser has different objectives, but it is imperative that the right decision is made before the purchase is completed to avoid costly restructuring costs and potential tax...
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On 1 April 2018, the minimum wage rate rose 75c to $16.50 an hour before tax.  If you pay your workers minimum wage, you should have already updated your payroll and employment agreements.  If you haven’t been paying these new rates since 1 April, you will need to back-pay your wage rates and your holiday...
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From 1 July 2018, the number of weeks a parent can get government-funded parental leave payments increases from 18 weeks to 22 weeks.
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