The schedular tax regime falls under the PAYE rules and typically applies to require tax to be withheld from self-employed individuals if they perform certain types of work, such as modelling or shearing. On its website Inland Revenue have noted non-compliance has been identified within the horticulture industry in relation to contractors not meeting their […]
Snippets: Schedular tax activity by Inland Revenue Read More »
A common complaint about Fringe Benefit Tax (FBT) is that it is too complex, particularly when it comes to motor vehicles, which becomes a point of frustration given it is one of the most commonly provided benefits. This is borne out by how common it is for mistakes to be identified during an Inland Revenue
When is a motor vehicle subject to Fringe Benefit Tax? Read More »
Although not desirable, it is not unusual for an employee to raise a personal grievance with their employer. Section 123 of the Employment Relations Act 2000 (ERA) provides for a number of remedies where an employee has a personal grievance. If an employee suffers humiliation, loss of dignity, or injury to feelings one remedy is
PAYE and personal grievances Read More »
Tax compliance can be complex, between income tax, GST, PAYE there is often a lot to manage and get right. It is therefore inevitable that from time-to-time mistakes will happen. When these moments occur the question then becomes “what do we do?”. The Inland Revenue requires taxpayers to make a correct assessment of their tax
When errors are made Read More »
A common complaint made by employers is that the amount of time it takes to meet their FBT obligations is disproportionate to the amount of tax it actually generates. This frustration is arguably borne out in the number of mistakes that are often made when calculating the amount of FBT payable. A good example is
Snippets; FBT and home to work travel Read More »
For some, the increase in the trust tax rate from 33% to 39% has prompted them to ask the question – should we wind up our trust? Rather than looking at the purpose of having a trust with a narrow tax lens, it may be of benefit to consider your circumstances more broadly and ask
Snippets: Trusts – The big picture Read More »
Over the last 18 months there have been a number of businesses fall over – which in and of itself has not been surprising given the recent economic climate. However, one element that serves as a warning for us all is the flow on effect of those failures. Not just in a tangible sense, where
Protect your reputation Read More »
As businesses expand, a common decision is whether to create new companies to accommodate new ventures, risks, products and/or acquisitions. A well-designed group structure enables a ‘parent’ company to create distinct entities that operate independently. This approach has several benefits – it provides flexibility as it allows control and visibility over each entity’s direction, policies,
Amalgamation could be the solution Read More »
Season’s Greetings, Please call in if you are passing and try this year’s Christmas cake. Fonterra has produced a record result for our Dairy clients with an expected $10 plus daily payout for the 2024/2025 season. This along with the falling interest rates will provide challenges when it comes to income tax planning. Please book
For the first time since 2010, personal tax rate thresholds will change from 31 July 2024. The change was announced as part of the 2024 budget. When personal tax thresholds are not regularly adjusted to take into account inflation or wage growth, individuals end up paying a higher percentage of their income in taxes over
Changes in marginal tax thresholds Read More »
