Tag Archives: restaurant accountants

The leaky building crisis has long posed a question of whether the remediation of such buildings qualifies as deductible repairs or non-deductible capital works. Historically, precedent cases have been outdated, often involving railway and gas pipe system remediations.

Property investors are poised for a resurgence with the release of a new bill promising substantial changes to property tax laws. This long-awaited legislation aims to fulfill pre-election promises to restore interest deductibility for residential lending, offering much-needed clarity and relief to property investors.

As we enter a new calendar year, it’s the perfect time to review the past year, reflect on successes and challenges, and set goals for the future. By planning ahead, you can stay on track to achieve your financial objectives and be prepared for any hurdles that come your way.

The Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting season is here again, with New Zealand Financial Institutions (NZFIs) required to submit their annual FATCA and CRS reporting information for the year ended 31 March 2024 to Inland Revenue by 30 June 2024.

Recent years have seen significant adjustments to the tax landscape, particularly concerning residential property. The government has responded to calls from various quarters to address investor demand in this sector. Notably, recent changes have been initiated to reverse tax policies affecting residential property, aligning with promises made by both National and ACT during their election campaigns.

Here’s a quick overview of the latest updates in tax legislation and policy.

As we approach May 2024, it’s crucial to address potential GST pitfalls when selling property. Over the past decade, there have been instances where property sellers, unaware of GST implications, faced unexpected tax bills, especially those converting residential properties into holiday rentals or using them for business.

As May rolls around, it’s time to tackle fringe benefit tax (FBT). With final FBT returns due soon, it’s crucial to understand your options for calculating FBT and choose the best one for your needs. Let’s break it down.

The 2023 election campaign put tax at the forefront, and now all eyes are on Budget 2024 for potential changes to personal taxes. With hints from the National-Act and National-New Zealand First Coalition Agreements, here’s what we might see.

Are you a tradesperson managing your own business or assisting others in bookkeeping for their trade-related work? While you excel in your craft, it’s equally essential to manage your tax responsibilities effectively. That’s where our Tax Toolbox comes in handy.