No-one enjoys having to go back to research and correct mistakes (although they are a fact of life). It is easy to make errors when reporting GST even with the best intentions of getting it right. Our aim is to minimise the incidence of these situations by helping you get it right the first time (and give you more time for more enjoyable activities).
How many of you have paid your PAYE or GST by sending the cheque on the day? Post marked payments on the day were deemed to be paid on time. This practice has been used by many when managing cash flow demands around the 20th or 28th of the month. However, the opportunity for a bit of breathing space has now been removed.
An update on payment options to IRD... IRD are now accepting credit or debit card payments, so if for any reason you are unable to access your internet banking or pay by cash or eftpos at Westpac you can now use the Credit/Debit card option on the IRD website.
From 1 October 2014 taxpayers will no longer be able to make IRD cheque payments or drop off IRD returns or forms at a Westpac branch - these now will need to be sent directly to Inland Revenue.
The IRD are lurking ……….. In recent years there have been changes around the tax treatment of Foreign Investment Funds (FIF’s). This is particularly relevant for many migrants and kiwis returning home from overseas. A lot of discussion has been on investments in foreign companies and/or unit trusts, but many taxpayers have been unaware of or overlooked the fact that the rules also apply to foreign superannuation schemes.
New rules on claiming expenses for mixed-used assets such as holiday homes (assets being used both privately and for earning income) have been passed in to law, and apply from 1 April 2013.
At this time of year, many of our clients have children going back to university and those children are applying for student allowances.
In December 2012 the IRD issued a statement about the tax treatment of accommodation being provided for employees.
If you are new to or are returning to New Zealand, make one of the first things that you should do is make contact with a reputable tax advisor.
We recently completed a tax return for an individual who is self employed, has a rental property and also a student loan.