Tax News

Correspondence from IRD

Correspondence from IRD: E-mails, texts, letters. New Zealand taxpayers’ are currently receiving increased amount of correspondence from Inland Revenue Department after the IRD’s recent computer system upgrade. Please do get in touch with our office on 07-575-3790 or info@jblloyd.co.nz, as this correspondence may be out of date or is irrelevant Read full article »


Changes to PAYE reports filing frequency

Payday filing becomes compulsory from 1 April 2019. This means that if you employ people, pay wages, deduct PAYE and filing PAYE returns IR345 and IR348 to the IRD you will be effected by this change. From 01 April 2019 all employers must: File employment information 48 hours after every payday instead Read full article »


Tax Working Group published an interim “Future of Tax” report

Tax Working Group (The Group) publishes interim “Future of Tax” report 20 September 2018 The highlights of the interim report include the following: • The taxation of capital income: The Group’s work on capital income is not yet complete. The Interim Report sets out two potential options for extending capital Read full article »


Are you an Employer? Take a Note

All employers will need to adopt new Payday reporting when it becomes mandatory on 01 April 2019. How payday filing works Payday filing is an online option for submitting your employment information to IRD. You’ll need to submit an electronic Employment information schedule after every payday, this replaces an IR348. The filing Read full article »


Bright-line test for sales of residential property

Legislation which covers acquisition and disposal of residential land within two years is called bright-line test. The test requires income tax to be paid on gains from the disposal of certain residential property acquired and disposed of within two years, with the exception of the main family home. The bright-line Read full article »


Tax Changes that came in to effect on 1 April 2017

Budget 2016 has introduced tax changes for contractors, and payers of contractors that came in to effect on 1 April 2017. You may be affected by the changes if: you pay schedular payments you receive schedular payments you’re a labour hire business and you pay contractors you’re a contractor working for a Read full article »


Newer than New

The IRD is changing their systems to a new platform.  The first change will take affect in February 2017 and will concern GST – Goods and Services Tax. Apart from on-going little tweaks there are no major legislative changes to the GST as a Tax Type. However, the way we report Read full article »


Allowances

Do you pay your employee(s) an allowance? Some allowances are taxable and others are tax free. Accommodation allowances An employer might choose to provide accommodation or pay an accommodation allowance when an employee needs to continuously work at a distant work location that isn’t within reasonable daily travelling distance of Read full article »


Entertainment Expenses

Business-related entertainment expenses Very specific rules apply to different categories of entertainment. Some entertainment expenses can be fully deducted, while others can only be 50% deducted. For example, the use of an “executive dining room” is one of the categories you can claim for, but the cost may or may Read full article »


GST on entertainment expenses

Once a year, you or your accountant will have to make an adjustment in your GST return to pay back the GST on the 50% non-deductible expenses you’ve previously claimed . This adjustment is to be included in the GST return that covers the earlier of the date: your income tax return is Read full article »