Tax Updates

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 »

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 »

Family tax credit

Minimum family tax credit increase for the 2016-17 tax year Low-income working families eligible for the minimum family tax credit (MFTC) will receive an increase for the 2016-17 tax year. The MFTC currently guarantees recipients an after-tax income of $23,036 a year ($443 a week). This will increase to $23,764 Read full article »

Bright line Test for Residential Land from 1 October 2015

“Bright line” test for anyone (non-resident and New Zealander) buying residential property. Under this new test, gains from residential property sold within two years of purchase will be taxed unless it is the seller’s main home, inherited from a deceased estate or sold as part of a relationship property settlement. Read full article »

Important Tax Due dates

• 7 April 2014 is the due date for 2013 Income tax for clients with a March balance date • 7 February 2014 was the due date for 2013 Income tax for clients with a March balance date, who don’t have an agent   • 28 February 2014 is the due date for the GST Read full article »

Tax Update January 2014

The New 2014 End of Year Questionnaire will be available after 01 April 2014.