End of Year Readiness As we approach the end of the 2012 financial year, now is a good time to review or prepare for important end of year processes (always better to manage this before the 31st March, than after!). Here’s brief short list of matters you may want to attend to (call us if … Continue reading
We have received several requests to clarify emails that appear to come from the IRD advising of refunds that are available to taxpayers. These emails do NOT come from IRD – they are a scam and should be trashed. NZ’s IRD has a policy of never sending out tax correspondence by email. Nor does IRD … Continue reading
On 24th August the Supreme Court released its keenly awaited judgement regarding the case of Penny and Hooper vs Commissioner of Inland Revenue. As we anticipated at the start of the year, the Supreme Court ruled against the taxpayers deciding that “setting an artificially low level of salary” represents tax avoidance. The case involved two … Continue reading
Residential Rental Property Chattels – Depreciation Rate Following the issue of Interpretation Statement 10/01 Residential Rental Properties – depreciation of items of depreciable property (IS10/01), the IRD has issued a general depreciation determination to provide a new list of the “Residential Rental Property Chattels” industry category. The new asset classes include; air ventilations systems, awnings, … Continue reading
The Inland Revenue (IRD) has released details of its compliance focus for 2011-12. This document is of interest in that it highlights the areas that will be the subject of closer scrutiny by the IRD in the coming year. While the 2010-11 compliance focus was based on customer groups (individuals, non-profit groups, small to medium … Continue reading
Just a quick reminder that your monthly PAYE is due today. Check out the full list of essential tax dates for May 2011 here
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