UPDATE June 2023: See below for interest limitation rules Are you one of the many thousands of New Zealanders who are generating income through short term rental accommodation platforms like Airbnb, bookabach and holidayhouses.co.nz? Whether you are renting a guest [read more...]
Repairs and maintenance can be a major cash outlay for an owner of a business or a rental property and hence the ability to claim an instant tax deduction can have a significant impact on the year end tax bill. [read more...]
Update 1 April 2024: the legislation below has been superseded and from 1 April 2024, investors will be allowed to claim 80% of their mortgage interest expenses, with a full reinstatement to 100% scheduled from 1 April 2025. More information [read more...]
Fringe benefit tax (FBT) is tax payable on non-cash benefits provided to employees including shareholder employees. It is separate to income tax and charged according to the taxable value of the fringe benefits provided. Employers can make a deduction on [read more...]
In 2021, the Taxation (Income Tax Rate and Other Amendments) Act was passed by parliament. One of the changes made in the Act was a new top tax rate for individuals of 39%. Because the trust tax rate is [read more...]
Knowing what and how much to claim in expenses on your Income Tax Return or financial records is probably more important than you imagine. Read on to find out more. Legitimate expenses lower your taxable income If you own a [read more...]
There’s no two ways about it; if you run a business, then you might as well embrace your relationship with Inland Revenue as it’s not going anywhere! Whether you’re in the retail sector, or professional services, what will help this [read more...]
Finding your feet in the first year of business can seem like an ever-evolving task list, but tax is one thing to get ticked off quickly. Instead of waiting for your tax situation to snowball with a surprising result come [read more...]
It’s now been almost ten years since the maximum limit on tax credit for donations was removed, and in this time donor concessions in New Zealand have increased from 100 million per year to over 280 million per year! Inland [read more...]
Flexibility and self-management…the appeal is real. In fact, approximately 70% of enterprises within New Zealand are sole traders. It’s easy to understand why – no more worrying about applying for holiday leave, pushing for a much deserved pay rise, or [read more...]
