QWBA – Beneficiary renting out Trust property IR’s latest draft Questions We’ve Been Asked (PUB00346(a)) considers the taxation implications arising from a scenario where a beneficiary of a trust, rents out property owned by the trust, for use by others as short-stay accommodation. The question IR attempts to answer, is under these types of scenarios, […]
Adjusting the consideration on a supply IR has issued draft QWBA PUB00352 for feedback, providing the Commissioner’s view on the correct application of section 25 of the GST Act. For those of you familiar with the more frequently used sections of the GST Act, you will appreciate that section 25 is the provision which deals […]
Land Holding Costs – second consultation document issued Following closely on the heels of the recent consultation document issued to consider tinkering with the wording of the legislation contained in the ‘pattern of habitual buying & selling of land’ proviso, IR have issued another land-related consultative document, this time seeking public feedback on its proposal […]
Updated China DTA In April this year, The Double tax Agreements (China) Order 2019 (LI 2019/241) was signed between the New Zealand Government and its counterpart, the Government of the People’s Republic of China. The agreement and protocol between the two countries will come into force on 31st October 2019 and will revoke the present […]
Removal of Two Expansion Barriers The Government has just released its Economic Plan, supposedly a one-stop-shop for business and government agencies to view the Government’s long-term plan and see how different policies contribute to it. In the latest version, identified as economic shifts required for a more productive, sustainable and inclusive economy, including a need […]
Potential Changes to Land Taxing Rules Did your heart skip a beat when you read the title? Mine did when I was checking my emails for the nth time on the weekend (as most of us do in this modern tech era I suspect, rather than completely switching off from work as we did back […]
Cheques a thing of the past I’m certain that I do have a cheque book somewhere in my drawer if I ever happened to need to use one, however do not ask me to tell you the last time that I actually did fill one out. Perhaps not the case though, for those taxpayers who […]
Overseas Hunters – GST Implications IR has released a draft interpretation statement PUB00307 for comment. The IS espouses the Revenue’s view of the GST treatment that should be applied by NZ hunting outfitters (NZ hunting outfitters and guides who provide hunting experiences for overseas hunters visiting NZ are referred to collectively as “outfitters”) and taxidermists, […]
Optimising the value and revenue-generating capability of intellectual property (IP) is critical to almost all businesses. IP lawyers will focus on managing the validity and enforceability of IP in order […]
Read moreKilometre Rate OS Issued IR has released Operational Statements 19/04a and 19/04b, which confirm the 2018/19 kilometre rates which taxpayers can use to either calculate their own motor vehicle expense deduction claims when they do not wish to prepare calculations based on actual expenditure incurred, or for those who are employers, can be used to […]
“Amazon Tax” Special Report Commonly referred to as the Amazon Tax, the new GST rules coming into effect from 1st December 2019, will see non-resident suppliers of “distantly taxable goods” whose total supplies to NZ consumers will exceed $60,000 per annum (or are expected to exceed this threshold), required to register for NZ GST. The […]
A number of you will no doubt remember, the release of the Panama papers in early 2016, which suggested that NZ might be considered a tax haven, due to its taxation rules with respect to foreign trusts. Naturally the resulting public outcry saw the appointment of an independent reviewer by the Government, whose task it […]
