Inland Revenue is warning its customers to beware of aggressive telephone scammers who are targeting people for money and threatening actions such as deportation and prison if not paid. “We have received numerous reports of scammers telephoning our customers claiming they owe money. The caller is threatened that if they don’t go to NZ Post […]
Warning – New Phone Scam Read More »
All businesses need some degree of funding in order to achieve long term operating objectives. One of the biggest decisions for a small business owner is whether to fund these long-term financial requirements through debt, equity, or a combination of both. There are advantages and disadvantages to both forms of funding that should be considered
As you may be aware, the IRD have changed the way they accept payments from you. From 1 October 2014, your payment needs to be with the IRD on or before the due date. This means that the common practice of sending cheques on the due date won’t be allowed. For client’s who we send
IRD – Important Changes to Payment Services Read More »
Currently, most information provided to the IRD is confidential and is not able to be shared with third parties, including other Government departments. This means that in the event the IRD investigates a taxpayer and uncovers evidence of illegal activities, under current law this information cannot be shared with the police. Under recently enacted legislation,
IRD to share information with police Read More »
If you receive any insurance payments, they may affect the amount of tax you pay. If you’re a business or rental property owner, you may need to declare some insurance payments in your income tax and GST returns. These could affect the amount of tax you pay. For example, the following insurance payments are taxable:
Declaring insurance payments Read More »
The motor vehicle mileage rate is reviewed every year and the rate for 2014 will remain at 77 cents a kilometre for both petrol and diesel fuel vehicles. You can choose to use the actual costs rather than the mileage rate. If you do this, you must keep records to support any expenditure you claim.
2014 Mileage Rates Read More »
Hi all, Spring is almost here and most of our farming client’s are flat out with calving. The winter hasn’t been too harsh to us this year but I don’t want to jinx that for the upcoming months. Fonterra have done what many expected and reduced the pay-out with many expecting a further decrease. As
Depending on the election outcome, after 20 September 2014 New Zealand may join other developed countries and introduce a ‘capital gains tax’ (CGT). CGT is on the agenda of several political parties. Where the general left/right divide sees National, ACT, the Conservatives and United Future against introducing a CGT, the other side sees Labour, the
Capital gains tax – ready or not here I come…maybe Read More »
Although the tax rules around the private use of motor vehicles have been stable for some years now, other variables can change, such as a person’s circumstances. This makes it worthwhile to regularly revisit how vehicles are accounted for to make sure the most efficient outcome is being achieved. Most small businesses operate through companies
Motor vehicle options Read More »
The paid parental leave (PPL) weekly maximum entitlement rate increased from $488.17 to $504.10 (before tax) from 1 July 2014. This rate applies to employees and self-employed workers who are entitled to receive the maximum PPL rate. IRD have updated the following publications with the new rates: PPL application for an employee (IR880) PPL transfer
Paid parental leave maximum entitlement rate increases Read More »
