The Week In Tax

The Government extends the Small Business Cashflow Loan Scheme; ACC levies are frozen until 2022; and Inland Revenue explains the taxation of overseas investment properties.

This week I spoke with Josh Taylor, director and co-founder of tax pooling company Tax Traders. We discussed how they reacted to the Covid-19 pandemic, how clients used tax pooling and how it was working with Inland Revenue

A tax law change could be of major benefit to Kiwis with Australian superannuation funds Rethinking the taxation of redundancy Google’s 2019 results highlight the difficulties of taxing the digital giants

Inland Revenue has released five COVID-19 related variation determinations including ones covering look-through companies, bad debt write-offs and tax pooling The tax problem of appointing an Australian resident executor A temporary increase to the write-off threshold for tax to pay

This week a look at the new Wage Subsidy Extension scheme Capital gains tax is back on the agenda Time to top up your KiwiSaver contributions

The Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill introduced covering purchase price allocation, taxation of land, feasibility expenditure & trusts Inland Revenue phone issues Last week for applications for the small business cashflow scheme

A controversial extra relief for the newly unemployed Are redundancy payments overtaxed; and Record numbers apply for instalment arrangements with Inland Revenue.

The Small Business Cashflow Scheme Inland Revenue’s guidance on the sharing economy Employees claiming home office expenditure

A look at Budget 2020 and the surprising lack of additional funding for Inland Revenue and Ministry of Social Development. How bad will the loss of tax revenue be?

Inland Revenue guidance on how FBT applies during the Lockdown. Is the wage subsidy scheme available for landlords? A look ahead to next week’s Budget.

Inland Revenue releases a determination on payments to employees for working from home, COVID-19 tax measures legislation is introduced Provisional tax is due 7th May

Latest guidance from Inland Revenue on Covid-19 tax measures Draft guidance from Inland Revenue on tax implications of owning overseas rental property and application of financial arrangements rules DIA ruling on AML-CFT

New temporary loss carry back regime will it help small businesses; The inherent flaw in the foreign investment fund regime; and The rules around claiming deductions for working at home

More on Inland Revenue’s criteria for relief as a result of the COVID-19 Pandemic The fringe benefit tax lesson from David Clark’s misadventures The pros and cons of a Financial Transactions Tax

More on Inland Revenue's response to COVID-19 Inland Revenue is closing down next week How might COVID-19 affect tax in the future?

Explaining some of the detail about the Government's COVID-19 package Inland Revenue discretion about waiving use of money interest Tax residency and unintended consequences of COVID-19 Time to defer 7th May provisional tax and GST payments

This week more on the Governments COVID-19 package The risks of underpaying yourself A cash flow trap for those transferring their pension and superannuation schemes to New Zealand More year-end tax planning

Special edition looks at the tax measures in today's $12.1 billion stimulus package Depreciation on buildings restored Low value asset write-off limit increased to $5,000 Residual income tax threshold raised to $5,000 Inland Revenue to have discretion to write off use of money interest

What is Inland Revenue's response so far to the COVID-19 pandemic compared with Italy, the UK and Australia? New Zealand trustees should be aware of potential Australian tax implications Year end tax planning tips

GST issues paper proposes change in GST treatment of crypto-assets Retrospective change to treatment of donation tax credits More on Inland Revenue’s decision to stop accepting cheques

This week Nigel Jemson the winner of the 2019 Tax Policy Charitable Trust talks about his proposed Trusted Taxpayer Regime - in many ways a new and improved accounting income method It offers a 10% tax credit for small businesses (turnover below $5million) and no annual filing obligation in return for quarterly filing and Inland Revenue access to data

Changing tax thresholds and capital gains tax are back on the agenda, Inland Revenue warns the hospitality industry OECD estimates international tax reform could be worth USD100 billion annually

Shareholder advances under Inland Revenue scrutiny - are you paying FBT on these advances? More about using cheques to pay tax Australian tax complications when purchasing property

Inland Revenue's extensive powers of collection and its use of deduction notices Triggering a dividend through misunderstanding tax implications of transaction Terminal Tax payment options

Progressive taxation on biological methane is John Lohrentz' proposal to the New Zealand government as a tool to transition to a low carbon economy.