Accounting Team Update

May 29, 2018

Feedback on ring-fencing rental losses

Revenue Minister Stuart Nash is encouraging feedback on a proposal to change the rules around ring-fencing losses on residential properties. An Issues Paper has been released by the Inland Revenue Department that proposes ring-fencing losses in an effort to level the playing...
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Please note that some of Inland Revenue's services will be unavailable over the next few days while they transfer a range of business tax types into their new systemYou can read more about it here...
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Gifts and Deductions

December 11, 2017
The rule of thumb with gifts is that if they consist of food or drink, you can only claim 50% of the expense as a tax deduction. If you are giving out gift baskets or hampers and some of the contents are food or drink, but not all, the food or drink items are 50% deductible ...
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IRD AIMs to please - Next Year

December 11, 2017
A key principle of the tax system is taxpayers should pay tax as income is earned. That doesn’t work well for businesses with seasonal or volatile incomes, and this is why the Government announced, early this year, a new method for paying provisional tax. The Accounting In...
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If you rent out your holiday home sometimes, you may have to pay tax on that income. The IRD says you have a "mixed-use" holiday home, if during the tax year, you use it for: Private use, andIncome earning use, andIt's unoccupied for 62 days or more, It is still private use ...
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FBT - good news and bad news

October 26, 2017
You may provide company vehicles to some employees. In some cases, the vehicle is a work tool – for example, a ute for a project manager. In other cases, it is part of a salary package. Whatever the reason, Inland Revenue has good news and bad news. The good news is that I...
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The Accounting Income Method (AIM) is a new provisional tax option available from April 2018. The details on how AIM will work are now complete. Here is a quick summary of the key points of AIM. How AIM will work: You may be able to use AIM if your turnover is under $5 ...
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Tax Pooling & Depositing by Rob Borland

Estimating provisional tax perfectly can be hard. What’s more, over or underpaying costs you money. But it doesn’t have to be this way. IRD allows the use of tax pooling to reduce the burden of the provisional tax regime for taxpayers. Essentially taxpayers trade their p...
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