Well, it is apparent that the Government has lost its patience with the Organisation for Economic Co-operation and Development (OECD) and has decided to introduce its own digital services tax (DST). The comments from the Ministers of Finance and Revenue were that “It’s clear that the international tax framework hasn’t kept pace with changes in […]
Navigating cross-border related party borrowing rules in New Zealand
I will talk about the complexities of cross-border related party borrowing (specifically, the related-party loans between non-resident lenders and New Zealand resident borrowers) and the associated rules in New Zealand. I will simplify these rules by categorising them based on borrowing amounts…
Inland Revenue (IR) has recently issued two separate draft interpretation statements dedicated to the topic of group GST registration. The first IS is referenced PUB00322, “GST – who can group register?” The IS is a 66-page document, which covers: With respect to the first category, for there to be a group of companies that could […]
Inland Revenue (IR) has issued a drafted interpretation statement titled, “Income tax: Income – when gifts are assessable income”. It is a 59-page document with an accompanying six-page fact sheet. The IS commences with the definition of a gift for the purpose of the statement as being the receipt of an amount in money or […]
Of little surprise, post the recent announcement that the UOMI rate was increasing to 10.91% effective 29th August 2023, the Fringe Benefit Tax (FBT) prescribed rate of interest on low-interest loans is also heading in the same direction, increasing from the present 7.89% to 8.41%, effective from the quarter commencing 1st October 2023. Grants & […]
Understandable, I guess, when you reflect on what is happening with the official cash rate and Inland Revenue’s (IR) determination not to be treated as a bank, use of money interest rates will again increase effective 29th August 2023. The paying rate will increase from 10.39% to 10.91%, while the receiving rate will increase from […]
Business owners often require these for purchases or sales of businesses or shares, mergers, transfer of interest between shareholders, relationship property matters, succession planning, employee share ownership plans, intellectual property, or direct or consequential loss calculations.
If you’ve got corporate clients, perhaps in the early stages of their business life cycle, that are undertaking Research and Development (R&D) and in a tax loss position at year-end, remember that they may be able to take advantage of the R&D loss tax credit. The R&D loss tax credit regime is different to the […]
Inland Revenue (IR) has finalised its interpretation statement on the issue, with the release of IS 23/07 titled, “GST – Court awards and out-of-court settlements”. The basic premise is that payments are subject to GST if they are consideration for a supply made by the person receiving the award/settlement, which could be determined by applying […]
It was another quiet week in the world of tax, with nothing of notable interest to comment on here. So rather than leaving it here until next week and providing nothing to read over your morning caffeine fix, recently, I’ve been writing a series of articles on the specific land tax provisions, so for those […]
We are halfway through the year and about 180 days away from the next one, Christmas trees start going up in three months, and January’s intentions have been brought to my attention again. It sinks in, the thief that time really is. When you know what you want, do you immediately go for it? Do you […]
This second article moves on to what I consider is second in the pecking order of what to think about for those who are dealing with land but are not themselves carrying on a business of land dealing, land development and/or subdivision, or of erecting buildings, and nor are they associated with any person carrying […]
