A trust structure can provide flexibility to distribute income to beneficiaries, resulting in tax savings. Instead of the trust retaining the income and paying the highest tax rate, 33%, the income can be distributed to a beneficiary and be taxed at their lower marginal tax ...
Combined Business & Personal Travel
March 18, 2019
Business travel often provides a great opportunity to add a few extra days to explore a new location or rest and relax and enjoy some time away from home. This article outlines the tax-deductibility for business travel that includes a personal element. ...
Comprehensive Guide to PayDay Filing
February 15, 2019
Payday Filing
From 1 April 2019 payday filing is mandatory. This means that each payday employers will be required to file employees earning details to IRD.
Summary of PayDay filing
Employers must file employment information every payday instead of monthly PAYE r...
Cryptocurrency Tax Payments - FAQ
February 15, 2019
Some taxpayers have 2018 terminal tax payments due on 7 April 2019. This is the final tax payment due for the year ending 31 March 2018. We have also previously signaled 2019 provisional tax payments (due 7 May 2019) which are dependent on 2019 profits.
The article belo...
Ring Fencing of Rental Losses
February 12, 2019
IRD recently released draft legislation for ring-fencing of rental property losses.
Currently, if a rental property makes a loss, that loss is offset against other employment income and normally results in a tax refund. From 1 April 2019, IRD have drafted legislation that th...
Holiday Pay Guide
December 21, 2018
If you’re unsure what days and amounts (i.e., time and half and a day in lieu etc) you need to pay your employees over the holiday period, our holiday pay guide may help
This year Christmas day and New Year’s Day fall on a Tuesday, and Boxing Day and the 2nd of January f...
Non-Taxable Cryptocurrency Gains
November 21, 2018
Inland Revenue’s position is that gains on cryptocurrency are taxable if they were acquired for the purpose of disposal (selling or exchanging). Furthermore, their default position is that cryptocurrency is acquired for the purpose of disposal.
“Bitcoin and similar crypt...
Using a company for cryptocurrency trading?
September 10, 2018
We’ve been asked “is there any benefit to using a company for cryptocurrency trading?” We’ve explored this option further and provided the advantages and risks to be aware of.
The decision to trade using a company structure should be based upon your own persona...
AirBnb & GST
September 3, 2018
A short-term holiday rental, Airbnb, Book-a-Bach (etc) activity, is considered a taxable activity for GST purposes. Therefore, the ordinary GST rules apply. GST registration is compulsory if your annual turnover (total rental income) exceeds $60,000. You can also voluntarily...
It is common for a rental tenancy agreement to end, and then the owner may decide to sell the property or move into the property themselves. If the property has been rented for some duration, some repairs and maintenance may be required.
There is normally no doubt that the s...
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