Student Loans – Sharing with Australia Compliance with student loan repayment obligations remains a continued focus for IRD and the Government. IRD currently estimates that $3.2billion is owed by student loan borrowers who are currently living overseas, the majority of whom reside in Australia. In November 2015 a new Bill was introduced to Parliament which, [...]
IRD – Undeclared Cash Jobs in the Construction Industry In December last year IRD advised us that our construction sector clients would be contacted regarding declaring cash jobs. We wanted to let you know that they will be contacting these customers again shortly about their upcoming GST and Income Tax Returns. With Income Tax and GST Returns due soon, there are [...]
Employer Provided Carparks Employers are required to pay FBT on non-cash benefits provided to staff. However, like most taxes, there are exemptions. It is important to be aware of the exemptions to ensure FBT is not overpaid. One such exemption provides that benefits (other than travel, accommodation or clothing) provided and used on the employer’s [...]
New Residential Land Tax Rules – Family Trusts: IRD Numbers On 1 October 2015 new Land Tax and Information rules came into force. Under these new rules every Trust must complete a Tax Statement, which includes an IRD Number, before it can settle the sale or purchase of any real estate. This includes non-income generating [...]
