Posts Tagged ‘explanations’
FAMILY TRUST ACCOUNTING – WHAT DO I NEED TO DO?
Family trust accounting – what do I need to do? This could quite possibly be a question which you have never thought much about before. But given the trust tax law changes – including tax rate increases – of recent years, it may now be on your radar. In fact, it should be on your…
Read MoreBEST OWNERSHIP STRUCTURES FOR INVESTMENT PROPERTY
9 times out of 10 an LTC is the best structure for owning a rental property: “You have the benefit of limited liability, a legal structure that is clearly a separate entity yet under your control, and yet it is treated at tax time like a partnership: the best of both worlds.”‘
Read MoreTHE 7 JULY TAX DEADLINE NZ: HOW EXTENSION OF TIME ACTUALLY WORKS
The 7 July tax deadline NZ taxpayers face catches more people out than almost any other date on the tax calendar. Not because they miss it outright — because they don’t realise it doesn’t apply to them. If you’re linked to a tax agent, you’re very likely working to a completely different deadline. Mixing the…
Read MoreTAX RETURN FAQ
Q: Why do I need to complete a tax questionnaire every year?
A: This is basically to cover your back. It proves that we and you have all asked/answered the right questions, if anyone ever asks. Could come in handy if you are trying to prove your innocence to IRD.
BRIGHT-LINE TEST NZ: WHAT IS IT AND HOW IT WORKS TODAY
The bright-line test NZ property owners deal with has changed four times since it began in 2015. That history creates real confusion. Plenty of investors still believe they’re locked into a 5-year or 10-year rule that hasn’t applied to their sale for years. This guide sets out how the test works today, the history behind…
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?
Read MoreDO FAMILY TRUSTS NEED FINANCIAL STATEMENTS IN NZ?
CLOSING A COMPANY IN NEW ZEALAND
Closing a company in New Zealand is a process that involves careful planning, legal compliance, and coordination with government authorities. Whether your decision to close stems from completing the company’s purpose, financial difficulties, or a strategic shift, understanding the necessary steps is crucial. This guide provides a detailed roadmap to help you navigate the process,…
Read MoreCOMMON MISCONCEPTIONS ABOUT FAMILY TRUSTS
The beneficiaries have the legal right to be informed and to be considered, and as a trustee you must prove that you have consistently done this. In other words, there is no such thing as a “passive” trustee.
Read MoreWHAT DOES TAX-DEDUCTIBLE MEAN?
What does tax-deductible mean? Why does it matter? Understanding tax deductions is essential for effective financial management, especially for property owners and investors. A tax deduction allows you to subtract certain expenses from your taxable income, thereby reducing the amount of tax you owe. But: It’s important to note that a tax-deductible expense doesn’t equate…
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