New Trust Rules
New trust rules mean beneficiaries can automatically become settlors if there’s more than $25,000 in their beneficiary account. This has the potential to put your assets at risk, so consider making changes now.
IRD
Tax Pooling Deadline Extended
Tax pooling can provide your business with greater flexibility on your payment of tax and more favourable interest rates if you under or overpay. Due to the impact of Covid-19, Inland Revenue has recently announced it has extended the tax pooling deadline, after recognising the cashflow difficulties some taxpayers face in the wake of the
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6 Things You Should Know Before Filing Your EOY Tax – Post COVID-19
Ticking items off your end-of-year tax checklist this month? Make sure you don’t forget income received from COVID-19 business support. Also consider whether further tax relief measures could be appropriate. Rules to Keep Cash Flowing If money is a bit tight as the financial year draws to a close, here are three tax measures focused
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IRD Update – RWT
New RWT Rate Available From 1 April 2021 a new top tax rate of 39% was introduced for individuals who earn over $180,000 in a year. Now that the 1 October implementation date has passed, if you earn over $180,000 you need to update your RWT deduction rate with your bank or other interest income
The 39 Percent Tax Rate
Individuals earning over $180,000 a year will now pay a 39% tax rate, which came into effect on 1 April 2021. If this includes you, are you aware of how your tax obligations change when it comes to shares, property, FBT, superannuation tax, or trusts? The 39% Tax Rate and Trusts From now on, you’ll
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IRD Tax Updates 2021 – The latest changes
IRD has recently implemented new rules for sale/purchase of a business or property, and changes to the loss carried forward rules.
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3 Things You Should Know Before Filing Your EOY Tax – Post Covid-19
Ticking items off your end-of-year tax checklist? Here are 3 things you should consider, including the new 39% tax rate.
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IRD and Cheque Payments
A reminder that IRD no longer accept cheques. Here’s a summary of other payment options: myIR: Direct debit and card payments can be made from myIR. Online banking: One-off or scheduled recurring payments can be made using online banking. Money transfer: Clients based overseas can pay IRD using a money transfer service. Search for “Make a payment” on
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Late Paid Provisional Tax? Talk to Us First!
IRD have recently changed their policy in relation to late paid provisional tax, and the result is potentially expensive for taxpayers. If you late pay a standard provisional tax payment under the safe harbour method or standard option (even by $5 or one day!), the result is you fall outside the safe harbour method, and
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Xero Adds New Features to Help Track Work-Related Expenses
When your staff are working from home, how do you track their work-related expenses and get a clear real-time picture of your finanicals? Contractors are in the habit of recording business expenses related to the home office for tax reasons. Employees, however, do not claim deductions because the employer pays for these expenses. Xero have
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