Taxing Matters

Taxing Matters: April/May 2017

A summary of the latest tax changes relating to individuals and businesses. On 1st April 2017, the IRD introduced the ability for New Zealand contractors to choose the rate at which tax is deducted from their pay, from 10% - 100%. This may be particularly useful for contractors who want to even out their cash

2017-05-19T09:39:53+00:00 May 10th, 2017|Taxing Matters|

Taxing Matters: December 2016

Previously, we advised that business gifts to customers comprising of food and drink were 100% tax deductible for income tax purposes. However, Inland Revenue have now changed their position on the classification of these items. As of 1st September 2016, gifts of food and drink are now classed as ‘entertainment expenses’ and are therefore only

2016-12-09T12:10:18+00:00 December 9th, 2016|Taxing Matters|

Taxing Matters August/September 2016: Summary of the Latest Tax Changes

A summary of the latest tax changes relating to individuals and businesses. Legislation The Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016, enacted on 13 May 2016 makes changes to the previous Acts: Introducing a new withholding tax on sales of residential property by offshore persons who sell the

2016-08-30T13:41:55+00:00 August 30th, 2016|Taxing Matters|

Taxing Matters: Summary of the Latest Tax Changes

Eligible New Zealand entities are now allowed to have a New Zealand Business Number (NZBN). This is aimed at reducing the time and money businesses spend on interacting with the government, this unique identifier will be used for all government interactions. The Use of Money Interest Rates have been amended to: Decrease from 9.21% to

2016-07-06T10:22:07+00:00 July 6th, 2016|Taxing Matters|

Check Your PIR Every Year

The Prescribed Investor Rate (PIR) is the tax rate that is applied to the taxable investment income earned on your savings under Portfolio Investment Entities (PIEs). Typically your KiwiSaver investments will be PIEs. Favourable tax rates were applied to PIEs when they were created several years ago in order to encourage New Zealanders to invest

2016-04-28T09:30:59+00:00 April 28th, 2016|Taxing Matters|

Christmas Tax Tips For You And Santa

A fake Christmas tree used to decorate the office can be fully written off if it costs less than $500, or can be depreciated over 3 years if it costs more than $500 Your staff Christmas party is 50% deductible, however any law infringement notices incurred by employees as a result of said party and

2015-12-11T12:00:44+00:00 December 11th, 2015|Taxing Matters|

The Beginner’s Guide To The Property Bright-line Test

Parliament has recently passed legislation requiring greater disclosure for New Zealand property transactions. Refer to our article “‘New Property Rules Took Effect on 1 October 2015: What Should Buyers and Sellers Be Aware of Now?” for more information about the new disclosure regime. As well as requiring further disclosure for property transactions, Parliament is proposing

2017-10-24T11:38:31+00:00 November 4th, 2015|Taxing Matters|