InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Updates to GST on Low Value Imported Goods

August 8, 2019

Inland Revenue have announced some changes to GST on low value imported goods. From 1 December 2019 GST will be charged to consumers on their online shopping from overseas suppliers, levelling the bar for NZ businesses who are required to be GST registered if they have turnover of $60,000 per year or more. These changes mean overseas businesses supplying low-value goods to consumers in …

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Extension To The Bright-Line Test

April 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 …

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New Tax Codes for Contractors

February 1, 2018

From 1 April 2017, if you are hiring any contractors that are required to have withholding tax deducted, or are a contractor yourself the IRD have issued a new form to be filled in from April 2017 onwards.

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Increased IRD Mileage Rate

May 19, 2017

The IRD’s mileage rate has been increased to 73 cents per km (up from 72 cents) effective for the 2017 financial year. This applies to both petrol & diesel fuel vehicles.

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Beware: IRD’s Plans to Access your Bank Accounts

May 10, 2017

With the new platform IRD have recently rolled out for GST returns and the myIR Logon – there’s a section called ‘manage payment bank accounts’. If you fill this in you’re giving IRD access and authority to take money out of your bank account on their terms, rather than when you want to pay them, on or before the due date.

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