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Read MorePROVISIONAL TAX CHANGES
PROVISIONAL TAX CHANGES From the 2018 income year (that is, 1 April 2017 onwards), the safe harbour threshold has been increased! Hooray, I hear you say. It’s gone from $50,000 to $60,000. It has also been extended to non-individual taxpayers e.g. companies. What does this mean? Use of Money Interest (UOMI) will only be payable…
Read MoreWHY YOU SHOULD (ALMOST) ALWAYS GET CHATTELS VALUED
Why is a chattels valuation necessary? Why you should always get chattels valued: In exploring the necessity of a chattels valuation, it’s crucial to delve into the intricacies of property assessment and taxation. While standard valuations typically assign a modest value to chattels, often ranging from $10,000 to $15,000, they frequently overlook numerous depreciable items…
Read MorePRICE INCREASE
PRICE INCREASE You might have noticed that your invoice is a little bit more this year. Why? REASON 1 Did you buy another investment property during the year? If so, that requires a bit more work to account for that, usually a couple of hours. REASON 2 It might be a price increase. We generally…
Read MoreWHAT DOES AN IRD REQUEST FOR MORE INFORMATION LETTER LOOK LIKE
Here are two usful pages to get a clear picture on IRD Requests for More Information. WHEN THE IRD WANTS MORE INFO! This article explains that the Inland Revenue Department (IRD) has increased direct requests for detailed expense breakdowns due to a heightened compliance focus on the property sector, and suggests AuditShield insurance as a…
Read MoreCHANGING SHARES IN LTCS: CONSIDERATIONS
Let’s say that the company owes the shareholders $150,000. This is tracked in the Shareholders Current Account, and is a liability (debt) of the LTC…
Read MoreARE TAX BENEFITS A GOOD REASON TO CHANGE COMPANY SHAREHOLDINGS?
Previously you both earned about the same, but now there is a child in the mix, and one of you is working less as a result, and earning less as a result.
Read MoreWHAT IS NZCO? WHAT’S THE COMPANIES OFFICE RETURN? IS IT THE SAME AS A TAX RETURN?
WHAT IS THE NZCO? NZCO is short for New Zealand Companies Office.It is part of MBIE (Ministry of Business, Innovation and Employment) and administers a number of registers, including a register of companies, their directors and shareholders, and related documents. WHAT’S A COMPANIES OFFICE RETURN? All companies are required by the Companies Act 1993 to file…
Read MoreHOW TO CHECK ON THE PROGRESS OF YOUR TAX RETURN PROCESSING AT IRD
Make sure the address in the bar at the top is https://myir.ird.govt.nz/tools/_/. This is to make sure you haven’t ended up at a fake website. There should also be a little padlock showing in the title bar at one end.
Read MoreWHEN THE IRD WANTS MORE INFO!
This year (2016) we’ve seen a dramatic increase in requests for information from IRD, generally, letters where they want a more detailed breakdown of expenses. We’ve also seen some more “direct” methods employed. What is this all about? FOCUS ON PROPERTY This year, as in previous years, IRD is continuing to focus on property. Why?…
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