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Cryptocurrencies: Are you tax compliant?

Kiwi businesses have been through the wringer over the past few years, with so much instability and rapid change. We need a tax strategy to help the country tackle it’s looming problems, says Greg Thompson, Business Advisory and Tax Leader.

The new Trusts Act 2019, which came into force on 30 January 2021, was one of the biggest changes for Trusts for quite some time. Now, Inland Revenue has also introduced further reporting and disclosure requirements. Here's what you need to know.

To further compound the challenges of yet another year marred by disruption, tax authorities have made it loud and clear they still expect to see cross border related party transactions priced according to the arms-length principle - creating a top priority list item for every entity transacting cross-border with related parties.

From 1 April 2021, a new 39% personal tax rate applies on income above $180,000. To ensure a consistent taxation of non-cash benefits, FBT rates have also significantly increased.

A major change has been made to how NFPs can claim GST credits on their assets.

为应对新冠肺炎，新西兰政府于3月底迅速决定封锁国境，除新西兰公民和永久居民外，任何人禁止入境新西兰。新西兰也因此取得了突出的抗疫成绩，并成为许多人心目中的安全港。很多常年旅居海外的新西兰人或持有新西兰永久居民护照的外国人也因此决定返回新西兰，并长期居住。另有一些海外人士因为封锁国境的政策无法离境，只能选择暂居新西兰。

The COVID-19 tax measures should help businesses when they are hurting now. So why not allow businesses to carry their losses back instead of forward?

Inland Revenue has been reviewing tax rules applicable to charitable and donee organisations (charitable entities to which donations are eligible for a 33% tax rebate).

Checklist: Maximise your tax efficiency

While the Tax Working Group’s (TWG) much anticipated final recommendations don’t dramatically deviate from its interim report, a deep dive into the details might reveal measures that, if implemented, will significantly impact New Zealand businesses. Watch this space for more in-depth commentary in the lead up to Government’s recommendations in April; in the meantime, here’s a summary of the Group’s report.

Impact in action is the first of two reports, which features the findings of our research with over 30 leading global charities. We explore what impact means to different charities, the challenges they face in measuring it, and the innovations developed to overcome these challenges.

VAT and GST continue to evolve and grow in complexity as the traditional goods and services model competes with today’s digital economy and the seamless international trade flows it has created. How can you stay ahead?

Expatriates taking up employment in New Zealand will be subject to our comprehensive tax rules and work permit requirements. Liability to tax will be principally determined by the employee’s tax residence status and the source of the relevant income.