Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has their merits, but it’s important to review which are which in order to meet your tax obligations. [read more...]
If you own a rental property, it is important to understand what expenses are deductible to help lower your tax burden. Deductible expenses Generally, for an expense to be deductible, it needs to be incurred in generating the rental income [read more...]
Northern New Zealand has seen an absolute deluge recently which has caused terrible damage to roads, houses and even caused deaths. While people begin the clean up, those who use their property to earn a rental income might be wondering, [read more...]
There appears to be increased activity by Inland Revenue around Fringe Benefit Tax (FBT) compliance. They have updated the information on their website and recently sent “are you filing your FBT correctly?” emails to entities registered for FBT. This could [read more...]
A change to the rules around how GST applies to services in the platform economy, such as Airbnb and Uber, will likely come into effect on 1 April 2024 as part of the Taxation Annual Rates for 2022-23 Platform Economy [read more...]
The rules covering tax invoices are being updated for the first time since the introduction of GST in 1986 with the aim being to make GST record keeping easier. GST invoice rules are being updated to reflect some of the [read more...]
Update June 2024: Note that the bright line rules changed for properties sold from 1 July 2024 and time under construction is now excluded from the calculation for determining whether a home is eligible for the main home exemption. [read more...]
Sometimes it is hard to answer a seemingly simple question. It is important to know the answer though as most New Zealand tax residents need to pay tax in NZ on income they have from any country in the world [read more...]
It’s understandable that for some people filing their end of financial year tax returns is right down the bottom of the to-do list. It’s one of those jobs that feels hard and often results in tax to pay so people [read more...]
With the increase in 2021 of the personal tax rate to 39% for anything earned over $180,000, and with rampant inflation now pushing more people’s business incomes over that figure, some people may be looking for ways to change their [read more...]
