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Understanding tax for incorporated societies
Posted onAt The Accounting Hub, we often act for incorporated societies set up for a range of purposes including industry associations and community organisations. Sometimes we get asked questions along the lines of “if we’re an incorporated society, aren’t we tax-exempt?” […]
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Changes to the Unit Titles Act 2010: overview for property investors
Posted onAt times we encounter information outside of tax and accounting that could benefit property investors. A recent example is an update to the Unit Titles Act 2010, now in effect. The changes to the Act may impact owners or anyone […]
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Key insights into the 2024-25 tax bill
Posted onEach year, the government introduces legislation to set the tax rates for the upcoming year, and this time they’ve included several changes with a stated aim of simplifying the system and enhancing its role in driving productivity. The Taxation (Annual […]
Not-for-profits: understanding income tax and GST on grants and subsidies
Posted onGrants and subsidies are essential for not-for-profits to fund their initiatives, but the associated tax implications can be complex. While not-for-profits that are registered charities are exempt from paying income tax on most types of income, this does not automatically […]
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Overview of new Tier 3 Not-For-Profit Standard
Posted onOur regulatory environment is constantly changing, the not-for-profit (NFP) sector is not immune. The recent revisions to the Tier 3 (NFP) Standard, effective from April 1, 2024, will impact many small to medium NFPs and charities in New Zealand and […]
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Understanding when income from professional services is derived: a guide for professionals
Posted onIn the world of professional services, understanding when income is recognised, or “derived,” for tax purposes is important. We are occasionally asked by professionals if it is possible to account for their income on a “cash basis”, as this generally […]
Writing off bad debts for income tax and GST
Posted onIf you’re owed money and it seems unlikely you’ll ever get paid, you might be able to write off the debt to reduce your taxable income or claim back GST you’ve paid if you are on the invoice basis for […]
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Flying solo: starting out as a legal professional
Posted onStarting your own business as a lawyer or legal professional can feel like a leap into the unknown, especially during times of low business confidence and challenging economic conditions. However, these times can also be a catalyst for pursuing new […]
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Airbnb & GST: detailed questions answered
Posted onDealing with GST compliance can be tricky for short-term accommodation providers, especially with recent legislative changes. As of 1 April 2024, the “app tax” mandates that GST be collected on all services offered through electronic marketplaces, such as Airbnb, regardless […]