Starting out as a professional services contractor is an exciting time. Whether you are in IT, medicine, engineering, law or something more creative, contracting provides a unique set of opportunities and challenges. And whether your goal is to just have [read more...]
Over the last few years there have been several changes that alter the landscape for family trusts. These changes include a new Trusts Act 2019, new and comprehensive disclosure requirements that began for the year ended 31 March 2021 and [read more...]
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...]
