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29
Jun
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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18
Mar
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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19
Nov
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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04
Nov
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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19
Sep
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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24
Mar
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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20
Mar
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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20
Mar
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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20
Mar
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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