http://www.fivepeaks.co.nz/blog/ The latest Blog feeds from www.fivepeaks.co.nz en-us Thu, 21 Jan 2021 00:17:15 +1300 Rocketspark http://www.fivepeaks.co.nz/blog/post/59790/bright-line-ir833-form/ 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 taxed in that year, losses can only be offset against other property gains in that year. The 2 years was later revised to 5 years see the diagram below for the dates. There are a couple of exceptions one is to exclude... Wed, 18 Nov 2020 16:39:48 +1300 http://www.fivepeaks.co.nz/blog/#post59790 http://www.fivepeaks.co.nz/blog/post/59606/small-business-cashflow-loans--changes-announced-nov20/ 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 provisions and what loans can be used for. The first Cabinet decision of the new Labour Government was a three-year extension of the Small Business Cashflow Loan Scheme, and a provision of up to two years interest free, to support sma... Fri, 13 Nov 2020 08:39:30 +1300 http://www.fivepeaks.co.nz/blog/#post59606 http://www.fivepeaks.co.nz/blog/post/55916/support-local-electricity-stations--charities/ 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 support local charities and local power generation change select Pioneer Energy. Here is a link to the central lakes trust website so you can see the charities they support.https://www.clt.net.nz/ Here is a link to Pioneer&nbs... Thu, 06 Aug 2020 12:53:41 +1200 http://www.fivepeaks.co.nz/blog/#post55916 http://www.fivepeaks.co.nz/blog/post/53638/New-rules-for-reporting-residential-property-income-losses/ 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 residential properties are subject to the new residential property deduction rules (also known as the ringfencingrules). The rules do not apply to some residential properties such as your main home and residential prope... Fri, 05 Jun 2020 09:19:57 +1200 http://www.fivepeaks.co.nz/blog/#post53638 http://www.fivepeaks.co.nz/blog/post/53105/COVID-19--Tax-loss-continuity-example/ 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 and webcam software. It has been making large losses in recent years. However, it now wants to scale up significantly, given that more people are working from home and using videoconferencing. Despite its promising early-de... Fri, 22 May 2020 15:37:29 +1200 http://www.fivepeaks.co.nz/blog/#post53105 http://www.fivepeaks.co.nz/blog/post/53104/COVID-19--Loss-carry-back-scheme/ 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 example provided; Wiki Hospitality Limited (Wiki) has had a profitable year for the year ended 31 March 2020. It has not yet finalised its tax return, but it is expected to return $2m net income. Its final provisional tax payment ... Fri, 22 May 2020 15:32:28 +1200 http://www.fivepeaks.co.nz/blog/#post53104 http://www.fivepeaks.co.nz/blog/post/53103/COVID-19-Wage-Subsidy-Extension-from-10-June-2020/ From the 10th of June businesses can apply for the Wage Sudsidy extension.  The Criteria has changed from the initial 12 week one; Your Revenue for the last 30 days must be 40% lower than the same period last year ie 10th of May 2020 to 10th Jun 2020 compared to 10th May 2019 to 10th June 2019.It will cover 8 weeks per employee from the date you submit your application.It will be paid to you as a lump sum at the same weekly rate as the Wage Subsidy.You'll need to agree t... Fri, 22 May 2020 15:20:54 +1200 http://www.fivepeaks.co.nz/blog/#post53103 http://www.fivepeaks.co.nz/blog/post/53063/COVID-19-Small-Business-Cashflow-Loans/ The Small Business Cashflow (Loan) Scheme (SBCS) has been introduced to support businesses and organisations struggling because of loss of actual or predicted revenue as a result of COVID-19. They must have 50 or fewer full-time-equivalent employees. Inland Revenue will administer the payments and repayments of this scheme. Applications will be open until 24th July 2020. Eligible businesses and organisations are entitled to a one-off loan. The maximum amount loaned is $10,000 plus $1,800 per ful... Thu, 21 May 2020 20:03:38 +1200 http://www.fivepeaks.co.nz/blog/#post53063