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APPLYING (FOR THE 1ST TIME) If you are making a loss on your rental properties or self-employed income, and you are also paid wages or salary, then you might want to think about applying for a special tax code.#  Why?Well, usually you wait until the end of the financial year, then your accountant submits a tax…

Q: What’s the quickest way to get your tax refunds?A: Be a super-duper filer…. but how? DO NOT PROCRASTINATE It is easy to say, “I’ll do it later.” It is better to do things as soon as possible. The moment you get your tax questionnaire, start filling it in and gathering information to send to…

It’s a question we get asked from time to time: “My family trust only owns the house, nothing else. I’ve never had financial statements done for it; is it really necessary?” Well, your lawyer may tell you no, we but our view is “Yes! Absolutely!”  To explain why, please see this excerpt from from Family Trusts…

Let’s make sure we have the scenario and question clear first.  The scenario is that you’ve paid a deposit to a company on some land, and they’ll build you a house as part of that deal.  The company goes bust and you won’t get your deposit back.  (Yes, it happens. All investment has a certain amount…

Hmmm, it’s a worry! Please read this excellent article from Fortune Manning Lawyers:  All directors need to be aware of the statutory duty they owe to the company not to trade recklessly and of their potential personal liability for the debts of the company if they do so. There are now several recent cases where the…

If you’re renting out any accommodation, like a house, or a room, you’ll probably need to pay tax on that income. Find out what you need to do in this helpful wee vid from Inland Revenue

Check out this cutesy video from the Reserve Bank.  It’s not bad.

So, you wanna buy an apartment in Thailand, but you’re not sure how Inland Revenue would view it?   Firstly, if you are a resident of New Zealand for tax purposes, you will be taxed in New Zealand on all of your “worldwide income”. This is income derived from New Zealand as well as income…

The Two Main Types of TrustThere are generally two types of trusts that we do the accounting for:  A trust with no rental income, and which doesn’t need to file tax returns with Inland Revenue (IR), but does need to produce annual financial statements.  The work is generally very low volume in terms of transactions,…