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Tax Talk Newsletter Aug / Sep 2017

  Residential care: income derived from gifted assets not to be taken into consideration for income assessment purposes   - In Broadbent v The Chief Executive of the Ministry of Social Development [2017] NZHC 1499 (essentially a test case), the key issue was how any gifting that falls within the gifting threshold of $27,000 pa permitted under the relevant social security legislation is ...

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Tax Talk Newsletter Jun / Jul 17

  Sharing information to combat global tax evasion   - The Government has signed up to the global automatic exchange of information (AEOI) initiative led by the OECD. We're one of 100 countries that will automatically share some financial account information about foreign tax residents. All countries will use the Common Reporting Standard (CRS) to identify and report on financial accounts held or ...

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TaxTalk Newsletter Apr / May 17

  7 April: Tax payment reminder   -This is a further reminder that payments for end-of-year income tax, student loans and overpaid Working for Families Tax Credits for the 2015-16 tax year are due April 7 for all customers with an extension of time. IRD will be sending reminders such as: letters to some customers from 16 March onwards that will direct them to the ...

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Tax Talk Newsletter Feb / Mar 2017

  Making the most of Free Trade Agreements   - As a small and distant country with a population of just 4.7 million, we will not become more prosperous by merely selling to ourselves. We have to earn it. That is why trade, exporting and international connections are so important to us. The Government is currently working on an update to its 20-year-old Trade ...

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Tax Talk Newsletter Dec 16 / Jan 17

  Audits:  What to do when IRD calls   - What’s an audit? An Inland Revenue audit looks at your financial affairs to make sure you’ve paid the right amount of tax and complied with tax laws. It could be a simple check of your GST registration or a full examination of all your business and personal records. Who gets audited? Inland Revenue can audit any ...

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Tax Talk Newsletter Oct / Nov 16

  More tax changes afoot   - The Inland Revenue Department and the Government have recently introduced a multitude of tax changes. We outline some of the important ones below. More on company cars and FBT From 1 April 2018, the Government is proposing to let close companies (most small companies) calculate the private use of a company car in the same way as a ...

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TaxTalk Newsletter Aug / Sep 16

  Phone Phishing Scam   - Over the past two weeks Inland Revenue has received reports of a telephone phishing scam from several hundred customers around New Zealand.  The scam calls have been made to landlines and mobile phones, with messages being left on voicemail if the calls haven’t been answered. The callers state that they are from the Inland Revenue Department and the following ...

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Tax Talk Newsletter June / July 16

  New tax rules coming   - From 1 April 2017 there are going to be a number of significant tax changes. Proposals include the following: Use of Money Interest (UOMI) UOMI is a charge on higher incomes for short paid tax. Currently, if the tax on your personal income for the year is less than $50,000, after deducting all other taxes paid as you go, ...

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Tax Talk Newsletter Apr / May 16

  Meeting tax payments on 7 April   -Payments for end-of-year income tax, student loans and overpaid Working for Families Tax Credits for the 2015 tax year are due for all customers who have an extension of time because they are on a Tax Agents list. If you are worried about meeting this deadline, check out IRD’s payment options. This March, IRD will be ...

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Tax Talk Newsletter Feb / Mar 16

  TPP:  What it means for small businesses   - Negotiations for the Trans-Pacific Partnership free trade agreement have concluded. The 12 Asia-Pacific countries involved account for 36% of the global economy – but what does it mean for your business? If you export goods/services to Asia-Pacific countries, then you’re not alone. In 2014, TPP countries were the destination for 40% of NZ’s ...

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