Taxing Times!

April 14, 2021

April and May are taxing times for businesses.  For tax payers with a 31 March balance date terminal tax for 31 March 2020 was payable 7th  April 2021,  and the final instalment of  provisional tax for 31 March 2021 is payable 7th  May 2021. There is also monthly PAYE payable… Read More

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Bright Line Rules & Record Keeping

March 31, 2021

The bright line rules have been called a capital gains tax by stealth, designed to tax realised gains on residential property sold within a few years of purchase. The new bright line rules announced on 23 March 2021 apply from 27 March 2021 and are likely to trip many people… Read More

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Tax changes for property investors

March 24, 2021

Taxes have always been used by governments as a way of encouraging or discouraging behaviour.  That is why a packet of cigarettes currently costs around $38 in NZ. Recent governments have used the tax rules to try unsuccessfully to curb house prices and the popularity of property investment in NZ. … Read More

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Prepaying Expenses to Reduce Tax

March 10, 2021

With 31 March only several weeks away some business owners will be thinking about prepaying expenses to reduce taxable profit.  But care is needed to ensure that a payment can be deducted for tax purposes. Purchase of Assets As mentioned last week, assets with a useful life of more than… Read More

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2021 Financial Year End Checklist for Business Owners

March 9, 2021

With 31 March fast approaching its timely to check you’re ready for the 2022 financial year. Q2’s Checklist to ensure the next financial year’s financial and business goals are achieved: Strategic business plan in writing for next 12 months? Do you have a business continuance plan (Coronavirus specific), and is… Read More

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