News
Company fined $500,000 after elderly man’s death
More than two years after an elderly man died after falling from a mobility scooter on a damaged footpath one of the companies responsible for his health and safety has been fined $500,000. WorkSafe Chief Investigator Hayden Mander said after the sentencing in the Manukau District Court today that the company had obstructed the WorkSafe investigation, and didn’t turn up at ...
Use-of-money interest (UOMI) rate change
From 29 August 2019 the UOMI rates on underpayments and overpayments of tax changed. The new rates are: underpayment rate: 8.35% (previously 8.22%) overpayment rate: 0.81% (previously 1.02%) Source: www.ird.govt.nz ...
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 ...