Low Value Asset Threshold
March 4, 2021
Prior to 17 March 2020, if an asset was purchased that cost more than $500, the asset was capitalized, and no immediate tax deduction was available. Depreciation (the write down of the asset over the assets life, calculated at a specific rate set by the IRD) was allowed as a...
Common Expenses for Contractors
March 4, 2021
We are often asked “what expenses can be claimed as a deduction against contracting income?”
To claim a deduction, there must be a nexus between the expense incurred and the income being earned. If there is no nexus, the expense is unlikely to be deductible (and wo...
Depreciation on Commercial Buildings
March 3, 2021
In 2011, the government changed legislation to remove depreciation being claimed on all buildings.
Due to Covid-19, the government have done a U-turn on this decision and from 1 April 2020, have reintroduced depreciation on commercial and industrial buildings. The appl...
New Trust Act 2019 - Part 2 - Prepare Now
November 17, 2020
Welcome to part 2 of our Trust Act updates – what you need to do now to prepare for the new Act. Part 1 of our series of articles, covered an overview of the new Act and can be read here.
The new Act commences from 31 January 2021 and its application will be different for ...
New Trust Acts 2019 - Part 1 - An Overview
October 16, 2020
Accountants have received guidance about the new Trust Act 2019. This new law (the first in more than 60 years) will affect everyone who is involved with a Trust. The new trust law will be effective from 31 January 2021 and includes clarification of the existing trust laws a...
Companies 28% Tax Rates
October 16, 2020
A company has a tax rate of 28%. This is a flat tax rate and applies to all company profits.
So, why not structure your business, investments, or contracting in a company and only pay tax at 28%? Individuals marginal tax rate is 33%, so would you not be 5% better off and pay...
39% Top Marginal Tax Rate
October 9, 2020
The Labour Party has announced that if re-elected, they would introduce a new marginal tax rate of 39% for an individual’s income over $180,000. The 39% tax rate would only apply to income over $180,000 and the remainder of an individual’s income will be taxed at current...
Business Continuity Planning
September 7, 2020
This service may be fully funded by the regional business partners network. If your business qualifies, you can get our COVID-19 specific business support services (up to $2500 per service).
The funding will not last forever, so let us know that you are interested...
Cashflow Forecasting
September 7, 2020
This service may be fully funded by the regional business partners network. If your business qualifies, you can get our COVID-19 specific business support services (up to $2500 per service).
The funding will not last forever, so let us know that you are interested...
Update on Finance Applications
September 1, 2020
We are experiencing a record low interest rate environment, currently below 2.55% pa. This makes borrowing money cheap and attractive for capital expansion such as a new rental property, capital equipment, buying a new business, funding growth, or consolidating debt.
However...
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