‘Tis the season for saying thanks to customers and staff, typically with gifts, wining, and dining. Refresh yourself on what the tax rules are if you plan on claiming the expenses. Examples of where entertainment expenses are 50% deductible include: • Taking customers, suppliers, and associates out for dinner or putting on a function for …
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As your accountant, we want to work with you on an ongoing basis as your trusted adviser, rather than just focusing on last year’s numbers. So that you’re comfortable contacting us, we don’t charge for quick queries. Our Quick Queries service helps unlock opportunities for tax savings and prevents you making mistakes that may …
The season of giving is on us. While the fun part is thinking about parties and presents, take a moment to remind yourself about the tax rules. If your Christmas giving includes gifts to clients, remember that some gifts will be fully deductible while others will be only 50% deductible. The rule of thumb with …
With a new top tax rate of 39% now in place, other tax rules have also been tweaked to make sure they all align. Trusts now have new rules on disclosures, in an effort to prevent people from using trusts to avoid paying additional tax. Previously, trusts have not needed to file financial statements or …
Each year we offer our clients the opportunity to take up tax audit insurance with Audit Shield. We often end up answering the following questions: – What is audit insurance? The policy we offer to our clients covers the professional costs incurred when the Inland Revenue select them for a tax audit, …
Around one in five Kiwis is either invested in cryptocurrency or plans to invest, according to a survey by the Financial Services Council. With so many of us jumping into cryptoassets, it’s helpful to understand what our tax obligations are. Last year Inland Revenue updated its guidance on how these assets are taxed; the IR treats …
Buying a home, rental or holiday house? It might be time to think about a new build. The Government recently announced that any new build which received its code compliance certificate after March 27 2020 will be exempt from its new tax rules which limit deductibility on interest payments against rental income. That …
Working for Families tax credits are available to families with dependent children aged 18 years or younger. These are refundable, meaning that if the credits exceed the person’s income tax liability they are able to be refunded to the taxpayer. The Working for Families tax credits are made up of the following: family tax credit …
Taxpayers who do not meet their tax obligations may face penalty or interest charges. To avoid such charges, you should pay the full amount of tax you owe by the due date. The main kinds of charges for failing to meet tax obligations are: Interest on the amount of tax you owe if you have underpaid …
Tax credits can be claimed by individuals (not companies, trusts or partnerships) who: Earned taxable income during the period being claimed for; and Were in New Zealand at any time during the tax year (including non-residents) You may qualify for a tax credit for: Donations made of $5 or more to an approved charity Donations …