FAQS
COVID-19 BUSINESS & TAX SUPPORT
If you are unable to pay this tax on time because of the effect of COVID-19 on your business, IRD expect that you will pay this tax as soon as practicable. In such cases our recommendation is that you contact IRD now to let them know you can’t pay the tax on time and negotiate a payment plan.
Read MoreLOAN/ MORTGAGE OPTIONS COVID-19
It’s not really a “holiday”, but rather a “payment deferral.” How does it work? While you don’t have to make payments during the mortgage holiday, you still get charged interest. What’s that going to cost? Well, it could be significant.
Read MoreOFFSET LTC PROFITS OR LOSSES AGAINST OTHER RENTALS
Note that you can’t offset any losses against income from other sources e.g. wages, like you used to in the good old days. That is what the concept of “ring-fencing of losses” means. The losses are “ring-fenced” so that they only apply to residential rental property.
Read MoreTRUST LAW CHANGES NEW ZEALAND
Trustees will now have some mandatory duties to fulfill
Trustees must disclose certain information to all the beneficiaries – no more opacity!
Read MoreCAPITAL GAINS TAX: RENTAL PROPERTY EFFECTS; STRATEGIES
Capital Gains Tax (if it happens): what will be the effects on rental properties? What strategies could be employed to minimise tax effects? Here is a high-level overview: WHAT WILL BE TAXED? Everything except your grandma. No, not quite. All land except family home, shares, business assets and intangible property. Seems that cars, boats, jewellry,…
Read MoreTAX WORKING GROUP INTERIM REPORT – IMPACT ON PROPERTY INVESTORS
The Tax Working Group (TWG) has published its interim report. What will be the impact on property investors? Please see the PDF below for an executive summary, courtesy of Forsyth Barr. equity_strategy_2018-09-21_twg_looks_to_stretch_taxable_“income”.pdf Download File THE GIST OF IT Basically, the TWG wants to extend taxes on capital gains to things other than property. But, they…
Read MoreWHAT DOES TAX-DEDUCTIBLE MEAN?
We are sometimes asked: what does “tax-deductible” really mean? Does it mean that I get all my money back? Well… No. When an item is tax deductible that means that the cost is able to be deducted from taxable income or the amount of tax to be paid. All purchases are either 100% tax-deductible, partially…
Read MoreCRYPTOCURRENCIES: IRD TAX TREATMENT; FRAUD WARNINGS
We believe that if you hold (or “hodl”) crypto and stake it in order to earn crypto-rewards (usually more crypto), then the crypto itself functions much like a term deposit.
Read MoreWHAT’S THE PROCESS FOR MY TAX RETURNS?
Here are the main steps involved in your tax return preparation
Read MoreWHAT IS A PHISHING EMAIL? WHAT DOES IT LOOK LIKE?
According to Wikipedia*, “phishing is the attempt to obtain sensitive information such as usernames, passwords, and credit card details (and money), often for malicious reasons, by disguising as a trustworthy entity in an electronic communication.[1][2]“ WHAT DO PHISHING EMAILS LOOK LIKE? Quite often they look like a legitimate email from IRD (about a tax refund, or warning of tax owing), or an email from a…
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