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Before you say goodbye to the 2022 financial year, make sure you work through a year-end process to maximise your tax deductions and minimise your tax bill. Here are the must-do items.
With house prices soaring and lending criteria being impacted by the Credit Contracts and Consumer Finance Act 2003, it is increasingly common for parents to find ways to help their adult children.
In this newsletter we look at the reinstatement of depreciation on commercial and industrial buildings, the new purchase price allocation rules, various employment changes and the new trust disclosure rules.
On 23rd of March 2021, the Government introduced two significant changes to the taxation of residential rental properties to ease investor demand and slow runaway house prices.
The opportunity for business owners and landlords to take a full tax deduction for new assets costing $5,000 or less is rapidly disappearing.
From 1 April 2021, individuals earning over $180,000pa will be paying 39% tax on income in excess of $180,000.
In December IRD released the kilometre rates for the 2019/20 income year. If the 2020 tax return has already been filed, a request can be made to amend the tax return for the new rates however the cost benefit of doing so should be considered first.