A Jurisdictional Guide to Opening a Foreign Bank Account
For companies and individuals looking to move into new jurisdictions for business opportunities, setting up a bank account is a crucial part of the process. But this is never as […]
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A Week in Review
IR releases While most of us have been hunkered down in lockdown for over three weeks now, IR have themselves remained busy, even during their own close down period recently while the latest business transformation updates were effected, releasing the following three documents last week: CS 20/01 “GST liability for insurance and settlement payments to […]
Richard AshbyPartner, Gilligan Sheppard
A Week in Review
Covid-19 Wage Subsidy – a recap With the multitude of questions I have been receiving over the past couple of weeks, mostly in regard to ‘whether I have an entitlement to claim the subsidy’, and the apparent level of confusion that still exists, I thought it would be worthwhile to provide a brief recap. The […]
Richard AshbyPartner, Gilligan Sheppard
A Week in Review
Late filed 2019 Income Tax Returns IR has acknowledged that one potential impact of Covid-19, more-so since the commencement of the nationwide lock-down, is 2019 income tax returns not being filed by 31st March 2020. Usually when this happens, the taxpayer is exposed to a late filing penalty being in the range of $50 – […]
Richard AshbyPartner, Gilligan Sheppard
A Week in Review
Covid-19 wage subsidy changes At the time of writing last week’s AWIR, we were sitting at Level 2, most of us continuing our daily lives as normal, although on notice that things could change in the weeks ahead, if evidence of community spread presented itself. Within hours we had jumped to Level 3, and we […]
Richard AshbyPartner, Gilligan Sheppard
A Week in Review
Help is out there – Covid-19 Package A $12 billion assistance package has been announced by the Government, comprising a mixture of ‘planks’ (as our Finance Minister aptly put it) from weekly wage subsidies to various tax relief measures. Employers package – To assist those employers significantly impacted by the effects of Covid-19, a 12-week […]
Richard AshbyPartner, Gilligan Sheppard
A Week in Review
UOMI Calculation Basis Changed Introduced in 1997, the setting process for calculating the Commissioners paying rate of UOMI, has remained basically unchanged for the past 23 years – the Reserve Bank of NZ 90-day bill rate less 1%. In these current troubled times however, with the official cash rate potentially set to continue its downward […]
Richard AshbyPartner, Gilligan Sheppard
A Week in Review
IR Modernisation sees further changes from 1 April Most of you will be aware of IR’s change of system, from FIRST to START around this time last year. START has brought with it many new bells and whistles, both for the benefit of IR and the taxpayer alike. April 1st this year will see the […]
Richard AshbyPartner, Gilligan Sheppard
A Week in Review
Feedback sought on GST proposals IR’s Policy & Strategy have released an issues paper, seeking public feedback on various GST policy issues, where it has been identified that the present legislation produces an outcome that does not reflect the underlying policy intent. The areas of focus include: Tax invoice requirements – removing some of the […]
Richard AshbyPartner, Gilligan Sheppard
Introduction Of The ‘Amazon Tax’
Introduction Of The ‘Amazon Tax’ 1st December 2019 was the commencement date for our Government’s latest tinkering to the GST legislation – which has commonly been referred to as the ‘Amazon Tax’. Given this nickname due to the New Zealand consumers’ prolific love of internet shopping and the ease at which goods can be acquired […]
Richard AshbyPartner, Gilligan Sheppard
A Week in Review
IR advises relief for affected parties The week past saw the release of a number of communications from IR, offering relief to parties affected by certain current events, both local and international. Firstly IR has recognised the potential effects of the Coronavirus COVID-19 on local businesses and has advised that tax relief and income assistance […]
Richard AshbyPartner, Gilligan Sheppard
A Week in Review
Are you on time? IR has now finalised its draft standard practice statement in relation to when tax payments will be treated as having been received in time. SPS 20/01 is effective from 5th February 2020, and replaces the previous SPS 19/01. A few points to remember: You can pay by credit card, but it […]