Provisional tax improvements New legislation enacted in February substantially simplifies obligations under the provisional tax regime. Most taxpayers pay their provisional tax at three times through the course of their financial year, being the 28th day of the 5th, 9th and 13th months after their balance date. The ‘standard uplift’ method determines a person’s liability based on a prior year’s tax payable (105% for last year, or 110% for previous).… Read more
Risk and Reward Superannuation: decisions, decisions If you have (or had) funds in foreign superannuation schemes, let us know. Recent changes to legislation and further impending changes may affect you. I transferred my Australian super to KiwiSaver. Is it taxed here? Transfers from complying superannuation funds in Australia into KiwiSaver won’t be taxed in New Zealand on transfer. However, future earnings on these transfer funds will be taxed as normal… Read more
Risk and Reward Mixed Use Assets – taking note If you own a holiday home and rent this out commercially, there are new rules around how tax deductions are calculated. In order to accurately work out what these will be, there are some crucial points that we will require from you. You will still need to keep your normal records for income and expenses, but as well as that you… Read more
Scheme swapping across the ditch The Australian government recently announced that they have made changes to legislation that will allow New Zealanders to transfer their retirement savings from KiwiSaver into a compatible Australian scheme and vice versa. This legislation is the result of an arrangement between the New Zealand and Australian governments and removes an obstacle between the two countries, providing the ability for people to take advantage of employment… Read more
‘Mondayisation’ ahead Previously, when New Zealand celebrated Waitangi Day or ANZAC Day, and it fell on a Saturday or Sunday, it wasn’t recognised with a day of paid leave unless the employee normally worked on that day. For some New Zealanders, this projected the idea that these dates, marking significant moments in our history, weren’t important enough. Many also wanted to see employees enjoying their full entitlement of 11 public… Read more