As an employer, if you provide fringe benefits to employees or others associated with your business, you must generally pay fringe benefit tax (FBT) on the value of these benefits. So, when are you liable for FBT? Any time you provide non-cash benefits to your staff. The list is potentially endless but in practice, most …
Inland Revenue was taking a much more relaxed approach to outstanding tax debt during 2020 and 2021 – but now it’s ready to crack down. Since the start of July, it has stepped up its efforts to pursue outstanding amounts from local businesses. PAYE and KiwiSaver payments will be the first priority The amount of …
There have been a lot of rule changes for trusts over the past few years – and now Inland Revenue has introduced another tweak, one you need to know about if you use trusts to protect your assets. Who’s who when it comes to trusts To understand the new rule, you need to know the …
Watch out for new trust rules that have the potential to put your assets at risk Read More »
From 15 September 2022, the monthly retail price of Xero Starter, Standard and Premium plans is increasing in New Zealand. Click the button below which will take you to the page that tells you more. If you have any questions, please let get in touch. All pricing is in NZD and excludes GST Pricing Changes
Are you renting accommodation from your home, through Airbnb or some other way? For tax purposes, short-stay or holiday accommodation is different from accommodation provided to tenants, boarders or care home residents, or student or emergency accommodation. We’ve seen a huge uptick in short-stay accommodation provided by householders, typically through Airbnb. A short stay is …
Certain types of payments received by contractors are known as ‘schedular payments’. The schedular payments regime determines the rate of tax taken out of contractors’ pay. The tax on schedular payments is known as withholding tax. If you’re a contractor, you may be able to choose your own tax rate. Contractors in some industries can …
Cryptocurrency? Bitcoin? The blockchain? Did you dive in as an early uptaker or are you still getting used to the terminology? From the start, the cryptoasset sector has attracted people fascinated with emerging technology and keen to explore its potential for wealth creation. Inland Revenue has released guidance on various aspects concerning cryptoassets and taxation …
Would your business still thrive, or would it suffer a catastrophic failure if you suddenly stepped away? It’s tough to remove yourself from the day-to-day operations when you’re passionate and busy. However sudden accidents, illnesses, or family emergencies can – and will – happen and you need to be able to step back knowing your …
It’s time for us to start working on your annual accounts, so we’ll need some information from you to help us complete your accounts. What do we need from you? For each of your businesses, we’ll need your comprehensive financial information. If your business is already linked to us through Xero or MYOB, the good …
In 2021, Inland Revenue increased the top tax rate to 39%. That rate is higher than both the 28% tax rate for companies and the 33% tax rate for trusts. The new tax rate concerns Inland Revenue, because it doesn’t want people to use companies and trusts to avoid paying tax at the highest rate. …
Inland Revenue to clamp down on top tax rate avoidance Read More »