NEWSLETTER

Grouping of Losses

Client Newsletter [February / March 2017] Where there is a common shareholding of 66% or more between two companies, the tax loss of one company can be offset against the profits of the other company for tax purposes. More commonly, however, the preferred option for offsetting the loss is for the profit company to make…

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GST Online

Client Newsletter [December 2016 & January 2017] The first of many changes that the IRD is making over the next few years to make tax simpler starts in early 2017. To make it easier and quicker for taxpayers to file and amend GST, the IRD is improving the GST service through myIR online. The new…

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GST registered businesses receiving remote services

Client Newsletter [October & November 2016] From 1 October 2016, non-resident businesses that supply remote services (including online services) to customers resident in New Zealand will be required to register for New Zealand GST and charge GST on those services. Remote services can include: digital content such as e-books, movies, TV shows, music and online…

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Resident Land Withholding Tax

Client Newsletter [August & September 2016] When the Government introduced the “bright line” test for the sale of residential property from 1 October 2015, it required income tax be paid on any gains made from the sale if the property was bought and sold within two years. Inland Revenue has published some policy information on…

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Automatic Exchange of Information with other Countries

Client Newsletter [June & July 2016] The Government has announced that New Zealand will sign up to the global automatic exchange of information (AEOI) with effect from the 2018 year. The AEOI is modelled on the US Foreign Account Tax Compliance Act (FATCA). To date, 97 countries have signed up to the AEOI. New Zealand…

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Bright-line test for gains on property

Bright-line test for gains on property The bright-line test introduced last year requires income tax to be paid on any gains from property purchased and sold within a two year period, though there are some exceptions. The objective is to improve compliance with the current residential land sale rules and ensure that property owners pay…

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