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The Business Advisory Blog

Welcome to our blog

Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents.  Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.

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Inland Revenue Scam Alert 🚫

Written by Vanessa Williams on July 12th, 2017.      0 comments

scam-701-357How to prevent and what to do if you have been a victim of identity fraud.
 

Chronic bad payers of NZ tax – beware

Written by Greg Millar on January 23rd, 2017.      0 comments

stress2-706Chronic bad payers of tax – take heed.

NZ Inland Revenue is going to have the power to disclose tax debts to debt collectors.   

Topics: IRD , late payers, tax
 

Calculating NZ FBT days for private use of motor vehicle

Written by Vanessa Williams on November 3rd, 2016.      0 comments

calculator ledger-516An update to help employers with the latest NZ fringe benefit tax (FBT) requirements.
 

Get ready for changes to how you file GST online

Written by Greg Millar on November 3rd, 2016.      0 comments

folders filing-655NZ Inland Revenue is improving services in myIR for managing your GST, with new services available in early 2017.

 

Deducting expenditure on gifts of food and drink

Written by Anthony McIlroy on October 6th, 2016.      0 comments

after party-644-414In essence, providing food and wine gifts are only 50% deductible. Historically there has been ambiguity around this but as of 1 September 2016 it is definitely only 50%. (This is of particular relevance to real estate agents.)

 

Resigning as a trustee of a NZ trust

Written by Anthony McIlroy on September 13th, 2016.      0 comments

trust-599Trustees are personally liable for the tax obligations of the trust.

If a trustee resigns as trustee of a trust they must let IRD know in writing, as soon as possible following the resignation, so IRD can update all records.

Topics: IRD , trust
 

NZ Budget 2016: PM announces proposals to simplify business tax

Written by Anthony McIlroy on April 14th, 2016.      0 comments

budget-789Alliott NZ welcomes the simplification of business tax changes announced by the government this week, it will be a boon for small businesses to be able to manage taxes on a pay as you go manner or, where they choose not to, use that particular method and not be exposed to the use of money interest charges that applied on miscalculating your payments.
 

NZ paid parental leave increases to 18 weeks

Written by Greg Millar on March 7th, 2016.      0 comments

dad and bub-468Paid parental leave in New Zealand will increase from 16 to 18 weeks in April 2016.

To be eligible for the increase, the baby must be due or born on or after 1 April 2016.
 

IRD continues focus on construction industry compliance

Written by Greg Millar on December 4th, 2015.      0 comments

NZD calculator-857With IRD's continued focus on compliance in the New Zealand construction industry, some operators may receive correspondence from IRD regarding their obligations to declare all cash jobs in their GST and income tax returns.

#helpingyoutradebetter

 

Loss grouping for companies with 66% or more common shareholding

Written by Greg Millar on November 6th, 2015.      0 comments

pie-chart-153903 1280-162-755Companies having 66% or more common shareholding can be grouped for tax purposes.

We briefly outline how it works.

 

Purchased secondhand goods for your business?

Written by Vanessa Williams on September 11th, 2015.      0 comments

second hand-322In some situations you may have purchased secondhand goods to use in your business but didn't pay GST on the purchase because the seller wasn't GST registered.

The good news is you can still claim a GST credit as long as the goods were located in New Zealand at the time of purchase and the details of your purchase have been recorded. 

 

FBT and car parking - new rules for employers

Written by Greg Millar on August 18th, 2015.      0 comments

parking sign-606IRD proposes updating how employee car parking spaces are treated for fringe benefits tax.

Whilst the new ruling is yet to be adopted, it's worth getting your head around it now.
 

Property tax hits speculators

Written by Greg Millar on May 18th, 2015.      0 comments

loan-730In case you haven’t heard this is a summary of the government’s announcement on the crackdown of property speculators. We look at some frequently asked questions and the rules for residents vs non-residents.

 

Warning: IRD targets the trades

Written by Anthony McIlroy on May 11th, 2015.      0 comments

we understand tradies-895-816The Inland Revenue have announced a focus on the cash economy particularly in the trade’s sector with, as part of a wider campaign, a particular focus on sub-contractors in Flatbush, Takanini, Silverdale and Albany. If you think you're fine because you haven’t been operating in those areas, be aware that it mightn't take much to be pulled into an IRD investigation as part of another's investigation.

 

Changes to Inland Revenue payment services

Written by Alliott NZ on July 17th, 2014.      0 comments

From 1 October 2014 the Inland Revenue is changing its current payment services through Westpac and how it views payments as having been 'received on time'.
 

Your guide to calculating holiday pay

Written by Alliott NZ on December 5th, 2013.      0 comments

Kiwi business, especially those involved in contracting and service industries often close for annual holidays just prior to Christmas and re-open in the New Year. Many businesses encourage their Staff to take leave over the festive season 'when things are quiet'. Staff employment agreements will include provision for staff to take at least part of their annual leave during this close down period. The calculation of holiday pay is an integral part of employees' final pay for the calendar year.
 

The tax treatment of entertaining & gift giving

Written by Alliott NZ on December 4th, 2013.      0 comments

Let's look at the tax treatment of saying thanks to customers and staff typically with gifts, wining and dining.

Our quick reference guide gives the following examples of where entertainment expenses are 50% deductible and a list of 100% deductible items:
  • Taking customers, suppliers and business associates out for dinner or putting on a function for them
  • The traditional Christmas party for staff
 

We'd prefer to be your fence, rather than your ambulance

Written by Greg Millar on October 8th, 2013.      0 comments

Since the Penny & Hooper decision by the Supreme Court, have you checked your tax status?

We've prepared a report that covers a synopsis of the Penny and Hooper Decision and the IRD's current position in more detail.