Tax
CRYPTOCURRENCIES: 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 MoreRING-FENCING RENTAL PROPERTY LOSSES: PART 1
RING-FENCING RENTAL PROPERTY LOSSES: PART 1. IRD released a proposal to ring-fence rental property losses. What does that mean for you?
Read MoreWHAT’S THE PROCESS FOR MY TAX RETURNS?
Here are the main steps involved in your tax return preparation
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…
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 MoreIRD REQUEST FOR MORE INFORMATION
IRD request for more information: no one wants to receive one of those letters. But what do they look like and what do they mean? Here are two useful 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…
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!
When the IRD wants more info… what do you do? 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…
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