Using your home for the business
If there isn't a separate area for the business the apportionment will need to take into account criteria such as the amount of time spent on income-earning activities and the area used at home.
IRD numbers for property sales
Offshore buyers must provide a New Zealand bank account number before they can obtain a New Zealand IRD number. All non-resident buyers and sellers must provide their tax identification number from their home country, along with current identification requirements such as a passport.
Where a family's main home is owned by the family trust, the trust is not exempt from providing an IRD number. It's quite common for a trust to own the family home, protecting the family from business or other relationship property risks. Up till now family trusts haven't needed IRD numbers unless they operated a business or owned rental properties. Now, when the family home is transferred into the trust or when the trust buys or sells property, the trust needs an IRD number. Trustees' own personal IRD numbers aren't acceptable.
The new requirements also affect changes of title. So, if a trustee dies or retires and the new trustee's name needs to be registered on the property title, the trust needs an IRD number to register the change.
XERO Price Changes
To reflect the scale of its evolution and the advancements made, Xero has announced it is increasing its prices from 1 December 2015 and these will be reflected in all XERO fee plans from that date. Please contact your Accounting Manager if you have any questions on this.