P: (03) 428 2760

Background

Currently when owners of residential investment property calculate their taxable income they can deduct the interest on loans that relate to the income from those properties (claimed as an expense). This reduces the tax they need to pay....
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Who can apply

New Zealand businesses who have had or expect to have a 40% decline in revenue over a consecutive 14-day period between 28 February and 21 March, compared to a typical 14-day period between 4 January and 14 February 2021 (6 weeks before the change in alert levels), may be ab...
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COVID-19 Wage Subsidy

March 11, 2021

Who can apply

New Zealand businesses who have had or expect to have a 40% decline in revenue over a consecutive 14-day period between 28 February and 21 March, compared to a typical 14-day period between 4 January and 14 February 2021 (6 weeks before the change in alert levels), may be ab...
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Calculate if you are eligible.

The COVID-19 Resurgence Support Payment (RSP) is now available for business that experienced a 30% reduction in income from the 28th February 2021 to the 6th March 2021. A business or organisation must have experienced at least a 30% drop in revenue or a 30% decline in ...
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Bright-Line IR833 Form

November 18, 2020

Overview

The Bright-Line test applies if you brought and sold a property within 2 years. Any gain less any expenses is taxable and adds to your taxable income in that year.When your annual tax return is completed, you are required to file a IR833 form, gains will be ta...
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IN BRIEF The Government announces a three-year extension of the application time for the Small Business Cashflow Loan Scheme, and a doubling of the interest free period.Applications for the scheme were due to close at the end of 2020.Other changes include repayment provision...
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The Central Lakes Trust (CLT) supports charities in Central Otago, the main source of income is from Pioneer Energy which is 100% owned by CLT. The power company owns the Teviot Hydro Scheme and Roaring Meg and other power stations. If you would like to suppor...
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From the 2019-20 income year onwards, you can now only claim deductions up to the total amount of income you earn from your residential rental property. You can no longer use excess deductions from your property to offset other income such as salary and wages. Most...
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Currently, if more than 33% of the shareholding changes the losses of a company are forfeited, what is being proposed is that this is reduced or removed for equity changes. Here is an example provided; A start-up firm, Conference in the Clouds Limited (CIC) offers microphone...
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If your business was making a profit the in 2019/20 (2018/19) and now you are forecasting a loss in the 2020/21 (2019/20) year you can “move” some/all of that loss into the previous year and reduce the tax that you paid for this year and get it refunded. Here is an examp...
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