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Cornish Accounting
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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ACC helping ease the burden on business Businesses are facing unprecedented financial pressures as a result of COVID-19. Where possible ACC is taking practical steps to provide what respite and support they can during these times, while also safeguarding New Zealand’s no-fault accident insurance scheme. As part of ACC’s plan for helping reduce the immediate...
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The New Zealand Government announced a Business Continuity Package to assist businesses struggling due to the impact of the COVID-19 outbreak. There are five proposals related to tax:- Giving Inland Revenue the discretion to remit use-of-money interest (UOMI) for customers significantly adversely affected by COVID-19.Increasing the provisional tax threshold from $2,500 to $5,000 from 2020/2021.Increasing...
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From 1 December 2019, overseas businesses selling low value goods to consumers in New Zealand may need to register for, collect and return Goods and Services Tax (GST) of 15%. Low value goods are those valued at NZ$1,000 or less (excluding GST). Examples include books, clothing, cosmetics, shoes, sporting equipment and electronic items. New Zealand...
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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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