Employer issued Crypto-Assets Ruling finalised IR has now finalised its public binding ruling BR 19/03: Income tax – Employer issued crypto-assets provided to an employee, which provides the Commissioners’ view as to the income tax consequences of the transaction. BR 19/03 only has application where the employer is issuing crypto-assets (e.g. an ICO), the employee […]
Travel to a distant workplace OS IR has released draft operational statement ED0217, which considers the taxation issues associated with employer-provided travel from an employee’s home to a distant workplace. A distant workplace is defined as one which is a workplace that is not within reasonable daily travelling distance of the employee’s home. Consequently if […]
We have the power! The recent passing of the Taxation (Annual Rates for 2019-20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019, has extended the Commissioners care and management role, by giving her the power to either modify how tax laws are to apply (by way of an Order in Council recommended by the […]
Time for a Promo… It has been a surprisingly quiet time in the tax updates arena over the past seven days, in an otherwise frantically busy time of the year, as the in-flow of 2019 year-end related tasks (tax returns, financial statements) engulfs us all. I thought there would be no better time therefore, to […]
In a previous edition of AWIR, I provided an update with respect to two draft Public Rulings that had been released for consultation, which covered the issue of the income tax treatment of crypto-assets received by employees as part of their regular remuneration and bonuses. To mitigate any potential confusion, the income tax issues surrounding […]
Employer-Issued Crypto-Assets A new draft public ruling (PUB00344), examines the application of the employee share scheme rules and the associated income tax treatment, where an employer has issued to an employee, in connection with that persons employment, a crypto-asset which satisfies the s.YA 1 definition of a “share”. The ruling only applies to employees and […]
Non-Resident Entertainers & Sportspersons IS Further to the original consultation document PUB00317, IR has now released the finalised version of its statement clarifying the circumstances in which an exemption from schedular payment withholding tax may apply to payments being made to non-resident entertainers and sportspersons. The exemption can apply to activities or performances which: occur […]
QUESTION ONE – What are the most common structures used when international clients want to form a company in your jurisdiction? Any examples? Offshore clients looking to establish a New Zealand (NZ) presence, most often arrive on our doorstep with the pre-conceived notion that a standard NZ company is the best trading structure for them […]
Administrative approach agreed with our Cousin’s For those of you who know the script of the Australia/NZ double tax treaty agreement (“DTA”) inside out, or at least its residency Article (Art.4), you will appreciate that a company which is considered tax resident of both jurisdictions under their respective domestic corporate tax residency rules, is then […]
Taxation of digital services Close on the heels of Budget 2019, in which the Government signalled its intention to progress public consultation on a digital services tax (“DST”), the Ministers of Revenue and Finance have released a discussion document titled “Options for taxing the digital economy”. The topic itself is presently on the OECD/G20 agenda, […]
Consultation Proceeds on Use of Kilometre Rates for Vehicles IR has released two draft operational statements on the use of the Commissioner’s kilometre rates (IRD mileage rates for those of you that have the same grey matter as I do!) for calculating business deductions and employee reimbursements with respect to the business use of a […]
Are you paying your employees in cryptocurrency? Well while you may not be doing so, the apparent increasingly common occurrence into today’s cryptocurrency world has resulted in IR issuing an exposure draft (is it wrong to suggest there are perhaps more pressing issues they could be issuing interpretation statements on??) on how remuneration paid in […]