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IRD & TaxWhy sisters are better than parents: How to avoid the dreaded locked-in capital gain
New Zealand has an overwhelming fascination with using Holding Company structures in business. The Holding Company may be entirely passive or may undertake management services for its subsidiaries. Each subsidiary is likely to operate separate businesses or projects, which is particularly prevalent in the building, construction, infrastructure and IP industry segments but extends to almost […]
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Why sisters are better than parents: How to avoid the dreaded locked-in capital gain
New Zealand has an overwhelming fascination with using Holding Company structures in business. The Holding Company may be entirely passive or may undertake management services for its subsidiaries. Each subsidiary is likely to operate separate businesses or projects, which is particularly prevalent in the building, construction, infrastructure and IP industry segments but extends to almost […]
Don’t always believe what you hear
Recently, in Budget 2024, Inland Revenue (IR) was allocated $116m to tackle tax debt and compliance. The latter focus areas, for at least the 2024 – 2025 financial year, will be:
the hidden economy and organised crime;
electronic sales suppression tools;
GST integrity;
student loan overseas-based borrowers; and,
increased audit activity.
Personally, the last of these five focus areas [...]
What tax deductions can you claim as a business owner?
New Zealand has officially entered a recession, and as a business owner, you’re likely feeling the pressure of high inflation and rising borrowing costs. Reducing your tax bill legally and effectively is now more critical than ever. Here’s a guide to help you maximise your tax deductions.
1. File your tax returns on time
[...]
Understanding GST – A guide to the Goods and Services Tax
What is GST?
The Goods and Services Tax (GST) is a consumption tax charged on most goods and services in New Zealand. The current rate is 15%. GST is added to the price of taxable goods and services, and businesses are responsible for collecting this tax from their customers and paying it to the Inland Revenue [...]
First Tax Bill of 2024 passed
On March 28, Royal Assent was given to the passing of the Taxation Bill (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters). The Bill enacted some welcomed changes, balanced with the unfortunate news for some that the trustee tax rate would increase to 39%, effective this April 1. I expect most of you will […]
