The Government introduced the Loss Carry-back Scheme as part of the recent Covid-19 tax relief package.
Sharp as tax
Business owners New Zealand-wide will be feeling the immense financial strain of the Level 4 lockdown response to the Covid-19 pandemic, particularly if they have large upcoming provisional tax...
Feeling generous and thinking of making a donation to a good cause in the knowledge that the Government will effectively fund 33% of it by way of that nice tax credit?
As forest fires, and climate change debate, rage across the Tasman (and our thoughts and best wishes go out to our Australian cousins), the topic of forestry in NZ has arisen over the Christmas break.
If you are selling or have sold property recently, you should be aware of the IRD's recent focus on, and review of, provisions dealing with the taxation of land.
Following the recent disclosure requirements in terms of Automatic Exchange of Information Agreement, we are now seeing the next wave of enforcement from Inland Revenue.
Even if you have a tax agent, you may have recently received a notice from the IRD regarding tax that you have already paid or containing an assessment of tax that doesn't seem quite right.
A recent Taxation Review Authority decision has highlighted the importance of clearly recording the nature of transactions between companies and their shareholders, and vice versa namely through...
Tax is complex and, at times, not totally logical or fair. Sometimes the combination of legislative changes and technological advancements can create a disconnect between "common knowledge" shared...
The Financial Intelligence Unit has estimated that more than $1billion dollars a year is generated through drug dealing and fraud in New Zealand.
It is almost sad that following the 2014 David Cunliffe capital gains tax (CGT) PR debacle, Labour has taken CGT off the table as a policy platform.
Investing in shares is a little like being at the races.
In October 2011, gift duty was abolished which meant that any amount of money could be given (or forgiven) to people/trusts for whom one has ''natural love and affection'' without paying gift duty.
As record property prices are recorded in some places (e.g. state houses selling for $2 million in Auckland), it is perhaps timely to remember that while NZ does not have a formal capital gains tax, profits on land can easily fall into the taxing net.
Let us reconsider the key principles underpinning when allowances paid to employees are either taxable (as remuneration) or tax free. This will become particularly relevant as the IRD's new view on accommodation allowances is applied.
This year has been interesting in many ways, more punctuated by case law and hardening of IRD positions than significant legislative change to the tax framework, although the significant delay of long-ago announced legislation will mean there are some law changes for us to manage.
New Zealanders have always had a passion for investing in land.