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Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Closing Your Business and GST Claimed on Assets Kept

January 31, 2018

A reminder that if you decide to end your business (or sell it) but want to keep some of its assets (and you have claimed GST on these assets) you will have to pay some GST back to IRD based on the current market value of the assets kept. Also IRD have a helpful video about closing down a business… http://www.ird.govt.nz/help/demo/closing-bus-vid/

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Current Income Tax Rates

We often get asked what the actual tax rates are for individuals and business. These rates apply: Company Tax Rate 28% Trust Tax Rate 33% Individual Tax Rates $0-$14,000 10.5% $14,001-$48,000 17.5% $48,001-$70,000 30% $70,001 + 33% For basic income tax estimations try the Income Tax Calculator or contact us if you have any questions.

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Do I Have To Return My Overseas Rental In My NZ Tax Return?

When you are a NZ tax resident you are required to declare your worldwide income in your NZ tax return which includes your overseas investment property. The way it works is that the costs are deducted off the rental income – if the costs are higher than the income a loss occurs – this loss can be offset against your NZ earnings which can …

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Living Outside of NZ But Have a Rental Property Here?

IRD are paying close attention to the residency status of individuals who have left New Zealand but still have a dwelling here which they could live in. A recent court case saw IRD win and were able to determine a client was a tax resident of NZ even though the taxpayer had been out of NZ for several years! This means that the taxpayer …

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Have a Family Member Living in Your Rental Property?

If you have a family member or associated party living in your rental property, there are different tax rules that apply to this situation. Based on the arrangement you have with them, the following rules apply. If you’re not charging them any rent – you don’t need to declare this rental property in your income tax return and you can’t claim any costs. If …

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