News
Online trading: A hobby or your business?
If you regularly sell goods online, including on auction sites like Trade Me, you are “in trade”.This means you have the same tax obligations as any other business — income tax and possibly GST. And you must also follow consumer laws, eg the Consumer Guarantees Act and product safety rules. Frequency is key If you're occasionally selling your stuff on sites like ...
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 ...
Small Business continue to drive economy
Small Business Minister Dean has today welcomed the release of the Ministry of Business Innovation and Employment’s 2017 Small Business factsheet. “The factsheet brings together statistics that relate to small businesses, and provides us with an overview of how valuable they are to the New Zealand economy,” Ms Dean says. “Businesses with fewer than 20 employees make up 97 per cent of ...
Exporters: Get a big tick for your products
Products grown, made or designed in New Zealand are in demand worldwide. A FernMark Licence is the government-registered trade mark that shows customers around the world that yours is a Kiwi product and they can buy it with confidence. Customers around the globe want to know that premium products are safe and authentic. Research has shown that overseas consumers are drawn ...
ACC motor vehicle levies fall
Driving is about to get cheaper. From July the average Motor Vehicle levy will fall by 12.5%. This means petrol will get a little cheaper too. From July 1 2017, the average Motor Vehicle levy, which includes the ACC levy portion of the rego and the petrol levy, will fall by 12.5% — from $130.26 to $113.94 a vehicle. The petrol levy ...