Tuesday, December 5, 2017
There has been a significant change with regard to Inland Revenue policy on overdue taxes owed by New Zealand and overseas owned companies. Previously this was considered a confidential matter between Inland Revenue and the taxpayer.
In order to protect creditors, New Zealand legislation has been altered to allow Inland Revenue to provide information to credit reporting agencies on companies who have outstanding taxes that exceed a “tax threshold”.
Monday, December 4, 2017
Inland Revenue has issued a GST policy directive which may impact on Australian companies who are involved in building activity within New Zealand.
There have been cases when New Zealand entities have been completing building and construction projects in New Zealand on behalf of an overseas customer.
Sunday, November 12, 2017
We have written a number of posts with regard to the dangers of simply shifting profits from New Zealand businesses to Australia in order to reduce the incidence of double taxation or to achieve particular taxation gains.
There are legitimate ways of protecting Australian businesses from a significant amount, if not all, double taxation providing it is done correctly.
Thursday, November 9, 2017
New Zealand provisional taxpayers can hardly wait to shelve their crystal balls and balancing acts from the new tax year starting 1 April 2018.
That being said, Inland Revenue are introducing a new method of meeting your provisional tax obligations. The idea behind it is to calculate and match a New Zealand taxpayers income tax payments with their profitability.
Wednesday, July 19, 2017
In order to attract highly skilled people to New Zealand, an automatic temporary tax exemption was granted from 1 April 2006 to individuals who qualified as transitional residents to reduce tax barriers.
Who qualifies as transitional resident?
Monday, June 19, 2017
If you run your New Zealand business from Australia, you might prefer to store your records here in Australia. But NZ tax law requires all taxpayers to keep their business records in New Zealand.
The good news is there are some situations where Inland Revenue may authorise you to keep your New Zealand tax records in Australia.
Friday, May 19, 2017
If you’re running a small business in New Zealand you need to account for income tax on an accrual/invoice basis – but there are some exceptions.
Although Australia has a useful option for small businesses allowing them to account for income tax on a cash basis, this option is rarely open to Australian businesses to do the same in New Zealand.
Thursday, May 11, 2017
Inland Revenue has announced some quite significant changes that may have an impact on Australians doing business in New Zealand from the start of the 2018 tax year.
Thursday, May 4, 2017
We are sometimes contacted by clients who advise that in finalising their Australian financial statements and income tax returns they have come across a transaction that should have been included in the financial statements and income tax return of the New Zealand entity.
The question often arises, “do we need to file an amended income tax return”?
Monday, April 24, 2017
Shareholder employees can now be on a PAYE salary and then top up at the end of the year with a lump sum on which they can pay provisional tax.
Previously, in New Zealand shareholder employees were only allowed to be either a PAYE salary earner or a shareholder’s salary earner. They couldn’t be both.
Wednesday, March 29, 2017
There is a mandatory “shortfall” penalties regime in place in New Zealand which Inland Revenue apply automatically and for a large number of cases.
Inland Revenue can charge penalties in the range from 20% up to a whopping 150%. These penalties cannot be remitted and are good reason in themselves to encourage you to engage a knowledgeable tax advisor.
Friday, March 24, 2017
Most New Zealand businesses will have a year-end of 31st March. It is possible in some situations to have that balance date changed to 30th June and that may suit some Australian businesses who have New Zealand interests. If you believe that a 30th June balance date would suit your needs better, simply contact us and we can prepare an application on your behalf.
Wednesday, March 15, 2017
The Accident Compensation Corporation (ACC), is the organisation responsible for both overseeing New Zealand workplace safety and compensating anyone injured in the workplace.
It is funded by levies paid by New Zealand and Australian businesses who are registered as NZ employers. And from 1 April 2017 the good news for business is that these levies will fall.
Tuesday, March 7, 2017
Unlike the Australian system where you can report on, and pay for, several taxes on one tax return, New Zealand treats every tax as it’s own little beast with little interaction between them. A different tax return due at a different time with a different payment date for each type of tax. And that causes a lot of confusion for Australians doing business over there.
Tuesday, February 28, 2017
It is a legal requirement that you enter into an employment agreement with your staff. And now there is a free online tool designed to help you comply with the law.
New Zealand hasn’t had a unionised workforce for a number of decades so it has been difficult to produce agreements by sneakily using union agreements as a template.
Monday, February 20, 2017
Until recently it was illegal for all but a few businesses to be open on Good Friday and Easter Sunday.
The rules have changed with regard to Easter Sunday.
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