Archive for the ‘tax’ Category

Tax implications of selling your home

POSTED BY admin ON THE February 6th, 2020

When selling your home, there are many initial questions that will often come to mind – how much will you earn from it? Where are you going to move to? Is it ready to be put for sale? This makes it easy to forget about the tax implications that will affect you when selling your […]

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Deducting holding costs for privately used land

POSTED BY admin ON THE January 9th, 2020

Inland Revenue released a consultation document in October 2019 regarding the deductibility of holding costs for private uses. Holding costs are expenses including interest, insurance, repairs and maintenance. The document proposes three options for the treatment of holding costs for periods when land is used privately: Apportion the holding costs between private use and the […]

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Paying resident withholding tax 

POSTED BY admin ON THE November 27th, 2019

Resident withholding tax (RWT) is the tax deducted on interest paid to New Zealand tax residents on their deposit accounts. Your bank, fund manager, or a custodian deducts RWT from your interest or dividend amount before they pay you. The amount of RWT you have to pay varies for each person depending on your tax […]

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Are you eligible for the R&D Tax Incentive?

POSTED BY admin ON THE October 30th, 2019

This 2019-20 income year, the government introduced a new research and development (R&D) Tax Incentive that businesses can apply for. The government aims to encourage innovative businesses and a more productive economy by raising R&D expenditure to 2% of New Zealand’s Gross Domestic Product (GDP) by 2027. The scheme offers a credit rate of 15% […]

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Updated government tax policy work programme 2019-20

POSTED BY admin ON THE September 30th, 2019

In August this year, the government released an updated tax policy work programme for 2019-2020. The updated version is aimed to encourage productive investment and maintain the quality and efficiency of the tax system. Some of the key workstreams covered in the programme include: Land:The current land protocols will be reviewed in an aim to […]

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Changes to IRD interest rates

POSTED BY admin ON THE September 3rd, 2019

From 29 August 2019, the interest IRD charges when tax is unpaid or underpaid is increasing from 8.22% to 8.35%. This is often referred to as use of money interest (UOMI) AND applies to most tax obligations such as income tax, PAYE, FBT, withholding taxes and GST. The new rate comes as part of the […]

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Simplifying provisional tax for small businesses

POSTED BY admin ON THE August 6th, 2019

Inland Revenue is making provisional tax simpler for New Zealand small businesses through the Accounting Income Method (AIM). Now in its second year, AIM allows business owners to pay a tax bill only when they’re making a profit. Under the previous rules of provisional tax, payments must be made three times a year and in […]

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What to know about the IRD’s new automatic tax assessments

POSTED BY admin ON THE July 8th, 2019

From 20 May 2019, Inland Revenue has begun to automatically assess the 2019 tax position for over 380,000 tax-paying individuals. These assessments are a part of the IRD’s business transformation program, which aims to modernise and streamline the process of New Zealand’s tax system. These new assessments will finalise the end-of-year information for the annual […]

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What businesses need to know about the new R&D Tax Incentive

POSTED BY admin ON THE June 11th, 2019

The Taxation (Research and Development Tax Credits) Act 2019 has received the Royal Assent, and was passed into law on 7 May 2019. The R&D Tax Incentive will apply to eligible R&D activities conducted by businesses from the 2019/20 income year. Here is what eligible businesses need to know about the recent legislation. The aim […]

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Calculating your provisional tax

POSTED BY admin ON THE May 10th, 2019

For business owners or those who are self-employed, your income tax is paid in several instalments instead of a lump sum at the end of the year. This is referred to as provisional tax. Provisional tax must be paid for individuals who owed more than $2,500 of tax at the end of the year for […]

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