Archive for the ‘tax’ Category

Health and safety FBT exemption

POSTED BY admin ON THE October 15th, 2020

Non-cash fringe benefits provided by employers are subject to FBT, however, if the benefit contributes to the health and safety of the employee, this may exempt it from FBT. The benefit needs to qualify the following requirements: Must be related to the employees health or safety Must be aimed at managing risks to health and […]

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Understanding the bright-line property rule

POSTED BY admin ON THE August 27th, 2020

New Zealand tax residents selling residential property (including overseas property) that they have owned for less than 5 years may be subject to income tax. To determine whether you will have to pay income tax, you will need to use the bright-line rule. The bright-line rule only applies to property bought on or after 1 […]

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Deductions on home businesses

POSTED BY admin ON THE July 30th, 2020

Self-employed individuals (contractors, sole traders, partnerships, or company owners) running a business from their home can claim the parts of their home used for business as an expense. Any space in your home that is primarily used for the purpose of running your business can be claimed. This may include certain rooms such as a […]

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Broader refundability of R&D tax credits

POSTED BY admin ON THE July 2nd, 2020

Businesses that have been impacted by COVID-19 may be finding it difficult to continue their research and development (R&D) plans on track. As part of the Government’s COVID-19 economic response, more businesses carrying out eligible R&D activities may be able to access a refund of their R&D tax credit with increased leniency. The R&D tax […]

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COVID-19 and tax for the self-employed

POSTED BY admin ON THE June 2nd, 2020

As part of their COVID-19 response, the IRD has introduced a number of measures aimed at alleviating the financial pressure on those who are self-employed. Tailored tax rates and exemptionsSelf-employed workers who have had their income significantly affected by COVID-19 and no longer fit in their current withholding rate can apply for a tailored tax […]

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COVID-19 tax relief for businesses

POSTED BY admin ON THE May 4th, 2020

The Inland Revenue will provide all New Zealand-based businesses struggling to pay their taxes due to COVID-19 with various forms of tax relief. Here’s a breakdown of the key relief strategies applicable to your business during these tough times. Penalties and interest write-off:Businesses unable to pay their taxes on time due to financial strain caused […]

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Taking advantage of the new building depreciation deduction claims

POSTED BY admin ON THE April 2nd, 2020

As part of the New Zealand Government’s $12.1 billion emergency COVID-19 stimulus package, the Government has reintroduced building depreciation deduction claims for property owners with commercial and industrial properties. The deduction claims will be at a level of 2% a year starting in April 2020. This business relief measure will provide property owners with a […]

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IRD offers tax relief for those affected by COVID-19

POSTED BY admin ON THE March 19th, 2020

With the outbreak of the coronavirus disease (COVID-19) being declared a Public Health Emergency of International Concern, IRD has provided a tax relief guideline for paying taxes during this time. If you have been unable to pay outstanding tax due to hardship, then you may be able to set up an instalment arrangement in myIR […]

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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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