Is a subdivision subject to income tax and GST?
When determining whether a gain on disposal of land is subject to income tax, various land taxing provisions must be considered.
When determining whether a gain on disposal of land is subject to income tax, various land taxing provisions must be considered.
The tax treatment of residential rental investments has become a tangled web of complexity due to changes in legislation over the past few years.
Even though it is called simple and broad based, having your GST returns periodically independently reviewed is a good idea.
We examine a recent review of New Zealand’s current Fringe Benefit Tax (FBT) regime.
In 2017 Inland Revenue released an Interpretation Statement, IS 17/02, which formalised the long-standing practice of allowing a farmer to claim a portion of their farmhouse expenditure on the basis it is the “headquarters” of the farm. But then in 2020 Interpretation Statement IS 20/05 was released by Inland Revenue which overthrew the common practice … Read more
Inland Revenue has started publishing Technical Decision Summaries (TDS’) from mid-2021. A TDS is an abridgment of either an adjudication or private ruling decision made by Inland Revenue’s Tax Counsel Office (TCO). TDS’ will be published within three months of a technical decision being finalised. They are not binding and are for information use only, … Read more
Residential property acquired after 27 March 2021 is subject to a 10-year bright-line period, or 5 years if the property qualifies as a ‘new build’. The extension to 10 years has increased the likelihood that a property transfer will be caught. In an attempt to alleviate the risk that related party transfers would be unfairly … Read more
In March 2022 Inland Revenue released a government discussion document that contains a proposal that represents a further erosion of the principle that New Zealand does not tax capital gains. Currently, if a person sells shares in a company and the shares were not purchased with the intention of resale (such as by a share … Read more
Despite significant technological and operational business changes, the rules regarding GST tax invoices have remained largely unchanged since GST was first introduced in 1986. However, new legislation was passed on 29 March 2022 that is intended to improve and modernise GST invoicing and record-keeping requirements. A long-standing requirement to be able to make a GST … Read more
The summer break is a time for reflection on the year that has been. For business owners, this break is an opportunity to evaluate their future strategy and consider whether it is time to exit, or conversely, grow by purchasing someone else’s business. Whether buying or selling, it is a demanding exercise. A business sale … Read more