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.

Our tax experts summarise and give their opinion on the main points of the Labour Government’s 2022 Budget.