FAQS
WHAT IS NZCO? WHAT’S THE COMPANIES OFFICE RETURN? IS IT THE SAME AS A TAX RETURN?
WHAT IS THE NZCO? NZCO is short for New Zealand Companies Office.It is part of MBIE (Ministry of Business, Innovation and Employment) and administers a number of registers, including a register of companies, their directors and shareholders, and related documents. WHAT’S A COMPANIES OFFICE RETURN? All companies are required by the Companies Act 1993 to file…
Read MoreHOW TO CHECK ON THE PROGRESS OF YOUR TAX RETURN PROCESSING AT IRD
Make sure the address in the bar at the top is https://myir.ird.govt.nz/tools/_/. This is to make sure you haven’t ended up at a fake website. There should also be a little padlock showing in the title bar at one end.
Read MoreWHEN THE IRD WANTS MORE INFO!
This year (2016) we’ve seen a dramatic increase in requests for information from IRD, generally, letters where they want a more detailed breakdown of expenses. We’ve also seen some more “direct” methods employed. What is this all about? FOCUS ON PROPERTY This year, as in previous years, IRD is continuing to focus on property. Why?…
Read More“IRD RISK REVIEW” VS IRD “REQUEST FOR MORE INFORMATION”
Facing an IRD Risk Review is a scary thing. You might have read about Audits, and Risk Reviews. But what does the process (sometimes) look like?
Read MoreHOW TO SHARE STUFF ONLINE
HOW TO SHARE STUFF ONLINE. How to share stuff e.g. files and documents, online and with Epsomtax.com group staff
Read MoreWHAT IS A “LAWYER’S SETTLEMENT STATEMENT”?
Sometimes we ask you for a Lawyer’s Settlement Statement. What is it? Here is a sample one for your reference: Please note: if viewing this on a mobile platform, the document plug-in may not work. In this case, please click the link below. lawyers_settlement_statement.pdf Download File
Read MoreWHO NEEDS A FINANCIAL ADVISOR?
You need a lawyer, right? And an accountant. But… do you need a financial advisor? Like many people (most, in fact) you probably feel that a financial advisor is a bit of an optional extra. We strongly feel that this is not sound thinking. Why? Well, you surround yourself with experts in their fields, experts in…
Read MoreWHAT IS A LOOK-THROUGH COMPANY? (LTC)
That’s a good question. What is a Look Through Company or LTC? Basically, it’s the replacement for the old LAQC (Loss Attributing Qualifying Company). At tax time, you look through the company to the shareholders, and distribute the income (or losses) to them. How is it different from a normal company then?A “normal” limited liability company can pay dividends…
Read MoreWHAT HAPPENS IF I MAKE A LOSS?
That’s a good question, and it depends a lot on what entity incurs the loss. Let’s break down the various types and what effect they have. LOOK-THROUGH COMPANY (LTC) If you are a shareholder in a Look-Through Company (LTC) and that company makes a loss, then you get to carry that loss through to your…
Read MoreI’M A NZ TAX RESIDENT WITH OVERSEAS INVESTMENT PROPERTY. DO I HAVE TO PAY NRWT? OR AIL?
Good question. The best answer is: look at the flow-chart below (kindly provided by IRD) Basically, if you have overseas investment property and you have a mortgage with an overseas bank, then you might have to pay NRWT. NRWT is Non-Resident Withholding Tax. Essentially, if you’re paying interest, dividends or royalties to people (and banks,…
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