The tax-risk environment has changed, and technology is increasing the chance of Inland Revenue (IRD) looking into your affairs.
Real-time big data and specialist software are routinely used to monitor records and transactions. Baker Tilly Staples Rodway’s tax advisors are reliable and experienced at dealing with Inland Revenue, whether you're responding to questions, need help during an audit, have commenced the disputes process or require a binding ruling to resolve a tax uncertainty.
Who can benefit from a binding ruling:
Binding rulings mean your suppliers, contractors, employees and customers are tax assured when dealing with your business, for example:
Binding rulings lock down the tax effect of key transactions.
Tax controversy is a no-go for boards of public companies and larger family companies.
Boards use binding rulings to eliminate tax risk in large or complex transactions. This “set and forget” approach enables the board to keep a keen focus on the business itself.
Tax is in the media. Now more than ever, multinationals operating in New Zealand use binding rulings and Advance pricing agreements (APAs) to guarantee tax efficiencies and avoid possible tax controversy in the media, protecting your brand.
Protecting family wealth for future generations can involve the transfer of substantial income-producing assets under family structures. Key tax questions arise for Inland Revenue: Dividend stripping, deemed dividends, depreciation recovery, deemed-market-value transfers, GST. A binding ruling assures the whole family and provides intergenerational tax certainty – leaving your legacy secure.
Choose your location for better results
New Zealand’s foreign investment fund (FIF) rules have created much angst for Kiwis over the decades of their existence. These rules apply primarily to tax New Zealand tax residents who directly own shares, costing more than $50,000, in foreign companies (excluding Australian listed shares).
Inland Revenue has released draft guidance on share investments and it’s a helpful reminder that capital gains are sometimes taxed in New Zealand.
Are you GST registered for an activity that directly or indirectly involves your bach, lifestyle block, home or other appreciating asset?
With the government’s tax cuts less than a month away from coming into force, we briefly outline what you can expect and any actions that might be necessary.
The sixth National government’s first budget was released earlier today, and while the faces might be new, there was little in the way of bold new initiatives.
Do you own commercial or industrial buildings and report under IFRS or PBE standards? Have you considered how the recent removal of tax depreciation deductions on these buildings will affect you?
A lower corporate tax take, wage inflation and plummeting spending indicate a difficult 2024.
It all sounds too good to be true but following changes to fringe benefit tax (FBT) rules last year our Auckland Tax and Human Resources teams have combined their expertise to establish a leading-edge Sustainable Commuter Scheme that benefits employers and their employees.
The word “tax” typically isn’t music to anyone’s ears, but there is a tax that makes our lives easier. We’re talking about provisional tax, which lets us spread our income tax payments across the financial year, rather than make one crippling payment at the end.
Late last week, the government announced changes to the tax Bill now working its way through Parliament. This bill is bringing in the new trust tax rate of 39% with effect from 1 April 2024.
With National having promised to repeal the platform economy GST rules (the so-called “app tax”), it came as a surprise to many when late last year, the incoming coalition government indicated they would not repeal the “app tax”.
Ask an expert: I have recently taken on an independent director who is not also an employee. What do I need to be aware of?
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