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.
Chronic bad payers of tax – take heed.
NZ Inland Revenue is going to have the power to disclose tax debts to debt collectors.
NZ Inland Revenue is improving services in myIR for managing your GST, with new services available in early 2017.
In 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.)
Trustees 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.
With 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.
Companies having 66% or more common shareholding can be grouped for tax purposes.
We briefly outline how it works.
In 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.
In 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.
The 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.