News
Rental properties: New laws now in effect
New healthy homes standards became law on 1 July. Check what’s required and what you need to do next. What you need to know What: New minimum standards for rental properties to improve heating, insulation, ventilation and drainage, reduce moisture and stop draughts. Check out our recent newsletter article for an overview of the specific requirements. New healthy homes standards for rental properties When: ...
Claiming vehicle expenses
If you have a vehicle that is only used for business, you can claim the full running costs as a business expense. If you use your vehicle for both business and personal trips you will need to work out how to allocate costs correctly. There are two ways to do this – keeping a logbook or adding up the actual costs. If ...
Using your home for your business
If you’re a business owner and use part of your family home for work, you can make a claim for this as a business expense. You can claim a portion of your household expenses, such as rates, insurance, power and mortgage interest. The portion you can claim relates to the area of your home that you use for business. Apportioning your household ...
New GST rules for low-value imported goods
From 1 December 2019 overseas businesses selling low-value goods to consumers in New Zealand must charge GST at the point of sale if they meet the GST registration requirements, including a NZ$60,000 turnover threshold. Low-value goods are physical goods valued at NZ$1,000 or less (excluding GST), such as books, clothing, cosmetics, shoes, sporting equipment and electronic items. Goods sold for more ...
Safer banks and strengthened bank accountability
News release issued by the Minister of Finance The Coalition Government today announced moves to make New Zealand’s banking system safer for customers through a new deposit protection regime, and work to strengthen accountability for banks’ actions.The in-principle decisions are part of Phase 2 of the Review of the Reserve Bank Act, which is making sure the 30-year old laws regulating ...
Prison for evading to pay Taxes
A former security guard and company director has been sentenced to 13 months in prison for evading or attempting to evade personal income tax and GST. The taxpayer was sentenced in the Manukau District court on April 11. He was earning income and GST; knew he had to file income tax and GST returns but chose not to do so. The total ...
If you can’t back it up, don’t say it
Watch this video from the Commerce Commission regarding False, Misleading and Unsubstaniated representations. Be careful with what you are claiming. You must be able to back up your claims of the products you are selling. Watch here. https://www.youtube.com/watch?v=a9a2HtaeNFE#action=share Source: www.comcom.govt.nz ...
Compliance strengthened for property speculation
Inland Revenue is to gain greater oversight of land transfer information to ensure those buying and selling properties are complying with tax rules on property speculation. Cabinet has agreed to implement recommendation 99 of the Tax Working Group’s (TWG) final report. It will require most people who buy and sell properties to supply their IRD number on land transfer documentation. Revenue Minister ...
Tax Talk Newsletter Winter 2019
Help Your Accountant, and Yourself - Here are some of the problems we strike when preparing your annual accounts and what you can do to help us: Avoid supplying too much information – our questionnaire will list what we need. Too much information means we have to wade through it, in case there is something you intend us to see. Respond to our ...
What's the future for cash in New Zealand?
If cash becomes less accepted and available as a means of payment, then the Reserve Bank says that New Zealanders who are already left out of the banking or digital worlds may be severely disadvantaged. That prospect is one of five key issues in a paper on the Future of Cash Use published by the Bank on its website today. “We see ...