FAQS
WHAT BUSINESS EXPENSES ARE TAX-DEDUCTIBLE?
What business expenses can you deduct in your income tax return? It depends on your business structure, but includes things such as:ACC leviesaccounting feesbank chargescontractor costsdepreciation (wear and tear)entertainment (be careful!)home office expenseslease or rental costslegal feesmotor vehicle expenses e.g. WOF, registration, repairs, insurance, FBTpurchases (for business purposes e.g. stock, materials)travel e.g. fuel, parking, business travelstationery, printing and office costs […]
Read MoreCOVID-19 BUSINESS & TAX SUPPORT
If you are unable to pay this tax on time because of the effect of COVID-19 on your business, IRD expect that you will pay this tax as soon as practicable. In such cases our recommendation is that you contact IRD now to let them know you can’t pay the tax on time and negotiate a payment plan.
Read MoreLOAN/ MORTGAGE OPTIONS COVID-19
It’s not really a “holiday”, but rather a “payment deferral.” How does it work? While you don’t have to make payments during the mortgage holiday, you still get charged interest. What’s that going to cost? Well, it could be significant.
Read MoreTRUST LAW CHANGES NEW ZEALAND
Trustees will now have some mandatory duties to fulfill
Trustees must disclose certain information to all the beneficiaries – no more opacity!
Read MoreCAPITAL GAINS TAX: RENTAL PROPERTY EFFECTS & STRATEGIES
Capital Gains Tax rental property effects & strategies: What should or could you do? Here is a high-level overview: WHAT WILL BE TAXED? Everything except your grandma. No, not quite. All land except family home, shares, business assets and intangible property. Seems that cars, boats, jewellry, fine art, collectibles and other household durable items would…
Read MoreTAX WORKING GROUP INTERIM REPORT – IMPACT ON PROPERTY INVESTORS
The Tax Working Group (TWG) has published its interim report. What will be the impact on property investors? Please see the PDF below for an executive summary, courtesy of Forsyth Barr. equity_strategy_2018-09-21_twg_looks_to_stretch_taxable_“income”.pdf Download File THE GIST OF IT Basically, the TWG wants to extend taxes on capital gains to things other than property. But, they…
Read MoreCRYPTOCURRENCIES: IRD TAX TREATMENT; FRAUD WARNINGS
We believe that if you hold (or “hodl”) crypto and stake it in order to earn crypto-rewards (usually more crypto), then the crypto itself functions much like a term deposit.
Read MoreWHAT’S THE PROCESS FOR MY TAX RETURNS?
Here are the main steps involved in your tax return preparation
Read MoreWHAT IS A PHISHING EMAIL? WHAT DOES IT LOOK LIKE?
According to Wikipedia*, “phishing is the attempt to obtain sensitive information such as usernames, passwords, and credit card details (and money), often for malicious reasons, by disguising as a trustworthy entity in an electronic communication.[1][2]“ WHAT DO PHISHING EMAILS LOOK LIKE? Quite often they look like a legitimate email from IRD (about a tax refund, or warning of tax owing), or an email from a…
Read MoreTAX CHANGES AFOOT
TAX CUTS Tax changes afoot! But what? Currently (in mid-2017), the tax thresholds are as follows (before the 39% rate of 2021 was introduced): As you may recall, these were to be changed. However, due to a change of government, there will be no change to these tax rates. There will no doubt be…
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