Tax Talk | 31 March 2023 Tax Planning Checklist
With 31 March approaching, it is the ideal time to consider tax issues and, where available, planning opportunities. Key matters are outlined below.
Undertaking research and development in New Zealand means your business may be eligible for a 15% tax credit on relevant expenditure. Our specialists can advise if you qualify.
Our advisors are experienced at knowing whether your business is eligible for the research and development tax credit. You may qualify if you conducted an activity for the material purpose of creating new knowledge, improving processes, goods or services. The design of a new product, or improving an existing product, is an example of this. Critical to a successful claim, is the ability to illustrate a specific approach to resolve scientific or technological uncertainty.
We ensure that internal processes capture the necessary information required to make a claim, completing or reviewing documentation prior to submission to Inland Revenue, and educating staff in respect of the regime.
Payroll compliance, share schemes, motor vehicle tax, global secondment, employee benefits
With 31 March approaching, it is the ideal time to consider tax issues and, where available, planning opportunities. Key matters are outlined below.
The changing interest rate environment has seen Inland Revenue needing to act, with both the FBT interest and Use Of Money Interest rates increasing. In addition, IR has updated commentary on payments to private schools, charities and buildings, all of which have broad interest.
Tax evasion is a criminal offence in New Zealand, and the charges carry a maximum sentence of five years’ imprisonment and a fine of up to $50,000.
The Minister of Revenue recently introduced the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2) into Parliament.
Taranaki Business Advisory Associate Kylie Cronin is a huge fan of tax pooling. Here, she explains the benefits.
From the internet to repairing your motor vehicles, claiming deductible business expenses can add up at the end of the financial year. Are you up to date with what you’re entitled to? Baker Tilly Staples Rodway director Kylie Hollard talks about what’s covered.
Market conditions can change quickly in the world of crypto. Indeed, it doesn’t seem long ago that people were asking “how high can Bitcoin go?” and considering the extent that altcoins would “go along for the ride”.
Inland Revenue has recently published various updated standard rates, and we outline these below:
Are you considered well-off or a high earner by average standards? Then you’ve probably felt the effects of government initiatives focused on ensuring the wealthy pay their “fair share”. Now it’s turned its gaze to trusts, with the implementation of new reporting requirements.
If you’re one of the many people who set up a family trust to protect your assets, by now you’ll likely be aware that the government has put a spotlight on trusts.
Last month the Government brought in new annual reporting requirements for domestic trusts. It wants a better understanding of how trusts are used and what wealth they hold, so Inland Revenue has introduced two sets of reporting requirements.
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