Tax Archives - The Accounting Hub

Category: Tax

Contracting vs. company structure for IT professionals

Posted by Andrew Millington
on March 23, 2025

If you’re operating as a sole trader in the IT industry, one of the key decisions you’ll face is whether to set yourself up as a contractor or through a company structure. Both options offer distinct benefits, depending on your [read more...]

IRD’s enhanced data matching: what property investors need to know

Posted by Andrew Millington
on March 21, 2025

The Inland Revenue Department (IRD) has significantly improved its data-matching capabilities following the completion of its START (Simplified Tax and Revenue Technology) program. This multi-year business transformation initiative, which cost approximately $1.5 billion and was completed in 2022, was designed [read more...]

Upcoming changes to tax rules for not-for-profits – have your say

Posted by Helen Willis
on March 19, 2025

The IRD has released a consultation document examining the tax treatment of the not-for-profit sector in New Zealand. This review could lead to significant changes in how not-for-profits are taxed, particularly those operating businesses. If you’re involved in a charity, [read more...]

Incorporated Societies Act 2022: new requirements & re-registration by April 2026

Posted by Andrew Millington
on March 1, 2025

The Incorporated Societies Act 2022, which came into force on 5 October 2023, modernised the legal framework for incorporated societies in New Zealand, replacing the outdated Incorporated Societies Act 1908. This new legislation introduced several key changes aimed at improving [read more...]

IRD compliance checks: what to do if you receive a letter

Posted by Andrew Millington
on February 18, 2025

Recently, we’ve seen clients receiving letters from Inland Revenue notifying them that their business has been selected for industry monitoring. If you receive one of these letters, there’s no need for immediate concern—this doesn’t automatically mean an audit is coming [read more...]

Determining a trust’s tax residence: a guide for settlors moving from New Zealand to Australia

Posted by Helen Willis
on January 16, 2025

When a settlor of a trust relocates from New Zealand to Australia, determining the trust’s tax residence becomes crucial. This process involves first reviewing the trust’s status under New Zealand and Australian domestic tax laws, followed by applying the Double [read more...]

What trusts are exempt from full IRD compliance?

Posted by Helen Willis
on January 8, 2025

Trusts play a significant role in managing wealth, protecting assets, and ensuring succession planning in New Zealand. However, with increased scrutiny from Inland Revenue (IRD) under evolving tax regulations, not all trusts are subject to the same compliance obligations. Understanding [read more...]

Understanding tax for incorporated societies

Posted by Helen Willis
on November 1, 2024

At 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?” [read more...]

Key insights into the 2024-25 tax bill

Posted by Andrew Millington
on September 24, 2024

Each 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 [read more...]

Not-for-profits: understanding income tax and GST on grants and subsidies

Posted by Helen Willis
on September 24, 2024

Grants 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 [read more...]