Generally speaking it makes sense for tax to be paid on profits, but is it fair that tax should be paid on losses… Within New Zealand’s tax legislation there is a set of provisions called the financial arrangement rules. These rules basically identify gains and losses that arise on certain financial instruments (such as interest...
For many businesses, 31 March is an important date because it is the end of their financial year, and it is the last day their accountant has to file their prior year’s tax return. To make the year-end process as smooth as possible (at least from a tax perspective), a few “to-dos”, along with some...
As the amount of income tax you have to pay is determined on an annual basis it is important to ensure items of income are allocated correctly to a particular year. Although common sense will get the right answer in most situations, being aware of some of the concepts around this topic could help you...
The Taxation Review Authority (TRA) has recently heard a case involving a Trust that had been buying bare land, building houses, and then selling them but not treating the proceeds as taxable. The Trust itself comprised three trustees, Mr. and Mrs. B, and their solicitor who acted as an independent trustee. Over 12 years,...
Did your New Year’s resolutions include making significant changes, gaining control over, or simply maintaining your business in its current form? If so, putting a plan in place will help you think through the critical aspects of your business and help you to make good decisions in the year ahead. Like a map, a plan...
Foreign Superannuation (or Pension Fund) New rules relating to the taxability of receipts from overseas pension funds (other than Australian Superannuation) kick in from 1st April 2014. They need to be disclosed and included in NZ tax returns. The tax regime relating to these receipts is complex and taxation can vary from 4.76% to 100%....
Some investors have purchased apartments with a guaranteed rental income by it being leased to a management company. As a result, this makes the leased apartment a going concern i.e. the apartment is considered an active business with an active lease to a management company. And because it is purchased as a going concern, GST...
Many businesses that have multiple, related companies overlook the opportunity to be able to form a group for GST purposes. Whether this is due to a lack of awareness or otherwise, it may be of benefit to take a moment and consider the benefits and implications of forming a GST group. For those unfamiliar with...
© Knobloch & Associates Ltd, 2024.
Designed and Maintained by Nika Consulting Group Ltd.
© Knobloch & Associates Ltd, 2024.
Designed and Maintained by Nika Consulting Group Ltd.
