Despite these uncertain times, expanding overseas can be a key driver for future growth for an ambitious business. International expansion can breathe new life into a company, drive huge value […]
Read moreExtension to R&D approval date The new R&D tax credit regime now requires taxpayers to obtain approval from IR with respect to the R&D activities they are undertaking. With effect from 1st April 2020, for the 2020/21 and later income years, the due date for filing the approval application, is the 7th day of the […]
‘Safe Harbour’ provisions almost up I’ll sneak it in here, because while not directly tax related, firstly I am short on content this week with the tax front line being rather quiet last week (unless you were excited to hear that Family First had won its charitable status claim in the Court of Appeal), and […]
Time is running out The Resurgence Wage Subsidy (aptly named by some creative person within the Powers that Be) is the recent two week extension to the original wage subsidy, triggered by Auckland’s return to Level 3, and the rest of New Zealand to Level 2. The new subsidy covers a two-week period which commences […]
Here we go again… Early last week I was reflecting on the fourth anniversary of AWIR, how quickly that time seemed to have passed and how different the world is now, particularly in respect of everything that has developed over the past eight months. Then the announcement came regarding the community spread and less than […]
The three partners Yi Ping Ge, Richard Ashby and Bruce Sheppard, and indeed the whole team at Gilligan Sheppard, celebrate and welcome a new partner this week. Joshna Mistry has been offered and has agreed to join the three existing partners as a full equity partner with immediate effect. Joshna joined GS nearly eight years […]
Preserving your fair trial rights Now one would hope, that not too many of us will ever be subject to criminal proceedings by IR, however just in case you are facing this, IR has recently issued Commissioner’s Statement CS 20/04, ‘The disputes resolution process and fair trial rights’. CS 20/04 sets out how IR will […]
All quiet on the taxation front… After a flurry of activity since we went into level four lock-down (what now seems like an eternity ago), last week was eerily quiet in the world of tax. With Covid-19 still very much the topic of conversation (although walking down Queen Street you could be fooled into thinking […]
Non-resident employer’s operational statementNon-resident employer’s operational statement IR has released draft operational statement ED0223 titled – Non-resident employers’ obligations to deduct PAYE, FBT and ESCT in cross-border employment situations. The stated purpose of ED0223 is to clarify the approach to take with regards to a non-resident employers’ obligations to deduct PAYE, FBT and ESCT in […]
Personal tax liability exposure clarified IR has released BR Pub 20/06, ‘Income Tax and Goods and Services Tax – Director’s liability and the COVID-19 ‘safe harbour’ in schedule 12 to the Companies Act 1993’. The binding ruling publicises the Commissioner’s view of whether either section HD 15 of the Income Tax Act 2007 (ITA) or […]
Accounting for your foreign rental income I suspect most of you have had at one time or another, clients with investment rental properties located in overseas jurisdictions, with foreign bank and loan accounts attached to those properties, the annual transactions of which you then have to convert into $NZD, in order to prepare the clients […]
Filing date extension Covid-19 Variation 20/07: ‘Variation in relation to s 70C of the Tax Administration Act 1994 to extend deadline for filing statements in relation to R&D loss tax credits’, has been issued. The notice applies to loss-making companies who have undertaken eligible R&D activities during the income year and wish to cash out […]
