Tax
TAX 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…
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 MoreCOMMON QUESTIONS ABOUT TAX POOLING
If you have to pay provisional tax, then there is a good chance you’re using tax pooling, courtesy of Tax Management NZ (TMNZ). We’ve collected a few common questions here to help. If your question is not here, please see this page or contact us. WHY IS IRD CONTACTING ME ABOUT OVERDUE TAX IF I’M USING TAX POOLING?…
Read MoreCOMMON QUESTIONS ABOUT YOUR TAX RETURNS
COMMON QUESTIONS ABOUT YOUR TAX RETURNS. Have you got tax return questions? Great! We try to answer them. Top questions first
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 MoreWHAT IS TAX POOLING?
big corporates like the banks overpay their provisional tax. In the past, they would overpay it to IRD, and get a miserable interest rate. Companies like TMNZ came along
Read More“IRD RISK REVIEW” VS IRD “REQUEST FOR MORE INFORMATION”
Facing an IRD Risk Review is a scary thing. You might have read about Audits, and Risk Reviews. But what does the process (sometimes) look like?
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