Business is tough right now! The economy has taken a hit, sales are down, and uncertainty looms over many businesses. Some of our clients are even questioning their survival. The common refrain is: “Hopefully, things will improve in the future.”
If you have rental income, regardless of whether you’re renting out land, a house, a caravan, a room, or a building, you can’t escape paying tax on your profits, but how much tax should you be paying?
Setting up a new medical practice involves numerous steps, and our comprehensive checklist will help ensure you don’t miss any critical details.
Maximize your practice’s potential with specialized accounting services tailored for dentists.
Continuity and contingency planning ensures your business is prepared for all types of disruptions, such as natural disasters, equipment failures, or supply chain issues, allowing you to quickly recover and continue operations.
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 Historically, precedent cases have been outdated, often involving railway and gas pipe system remediations.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.
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