By

Sharon Smith
Employers with combined deductions of $50,000 or more per year will be obligated to file details of PAYE online as from 1 April 2019. Smaller businesses will not have to file online but they will have to send in their paper returns containing the employment information schedule within 10 working days of paying staff.  They...
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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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Update – The following are the rates per kilometre that will apply for the 2017/18 income year:-  First 14,000kmsAfter 14,000kmsPetrol or Diesel76 cents26 centsPetrol Hybrid76 cents18 centsElectric 76 cents9 cents Inland Revenue has published ED0203. It sets out the proposed new rules for claiming vehicle expenses calculated on a mileage basis. These rules are to apply to...
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People are your business’s most valuable asset. ACC are proposing some new, enhanced products they believe will help lead to healthier and safer workplaces and they’d like to know what you think. These products may affect your ACC levy, so it’s important you understand what’s being proposed and how it might affect you. Find out...
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You are probably aware that the lower North Island and top of the South was hit by the Kaikoura earthquake on 14 November 2016. It wasn’t the “big one” but it gave a taste of what the people of Christchurch went through.  Both Christchurch and the “Wellington” event highlights that New Zealand is an earthquake...
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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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