InfoBase
Accounting & tax info, news and due dates
Check here regularly for all the latest tax information and news
April 24, 2018
Inland Revenue has recently given an update on its thinking on how Bitcoin and other cryptocurrencies should be dealt with from a tax perspective. Inland Revenue considers cryptocurrencies as property, rather than currency or money. This means that the normal tax rules that apply to personal property also apply to cryptocurrency. A person that deals in cryptocurrency or acquires cryptocurrency with a purpose of …
Read moreApril 23, 2018
From 29 March 2018 the bright-line test for residential property has been extended from 2-years to 5-years. This means any Capital Gains on the sale of your Rental Property (there is a main-home exemption) will be taxed if you buy and sell within a 5 year timeframe. The extended bright-line test only applies to properties for which an agreement to purchase the property was …
Read moreApril 13, 2018
With the governments new legislation hitting in 2019 for landlords to insulate their rentals – questions have been asked whether this will be tax deductible or not. Unfortunately even though the government is forcing this rule – it doesn’t automatically translate into a tax deduction with IRD. The NZ Property Investors Federation approached Inland Revenue about this issue and this was their reply: The …
Read moreFebruary 1, 2018
The tax rules around holiday homes have changed significantly making many formerly available tax deductions unavailable. If considering buying a property to be available for short term hire e.g. a holiday home which is rented out to the public for short periods and you also want to make use of the property – please contact us first for advice! If buying such a property …
Read moreWe’ve just uploaded a new Income Tax calculator. Simply enter your estimated income / sales and expenses / costs per year, month or week and the calculator will give your profit and the tax in each bracket plus the total estimated income tax for the year. Please note it doesn’t include the extra expense claims we make for you, Working For Families and so …
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