Inland Revenue has started publishing Technical Decision Summaries (TDS’) from mid-2021. A TDS is an abridgment of either an adjudication or private ruling decision made by Inland Revenue’s Tax Counsel Office (TCO). TDS’ will be published within three months of a technical decision being finalised. They are not binding and are for information use [...]
Residential property acquired after 27 March 2021 is subject to a 10-year bright-line period, or 5 years if the property qualifies as a ‘new build’. The extension to 10 years has increased the likelihood that a property transfer will be caught. In an attempt to alleviate the risk that related party transfers would be [...]
The introduction of the 39% tax rate for individuals who earn over $180,000 from 1 April 2021 has reignited Inland Revenue’s interest in the income attribution and market salary regimes. These rules currently prevent a person from having income earnt from individual efforts or “personal services” taxed through an associated entity at a lower [...]
An introduction to the metaverse No physical interaction, no leaving your home, talking to people over the internet - a COVID nightmare, or the future of our society? The metaverse is a topic that has gained a lot of traction recently, particularly with Facebook’s rebranding to ‘Meta’ and its announcement that it will now [...]
Advice and Tax Updates A quick reminder to check your entitlements for Covid -19 (Covid) Resurgence Support Payments: The Leave Support Scheme helps businesses to help pay workers (including self-employed) who are instructed to self-isolate because of Covid-19. The Short-Term Absence Payment provides support to pay eligible workers needing to stay at home while awaiting a Covid [...]
New support payments for lockdown-hit businesses. Legislation will be introduced under urgency to develop a new Resurgence Support Payment Scheme for businesses affected by any resurgence of COVID-19. Statement from Finance Minister Grant Robertson - 16-02-21 New ‘Resurgence Support Payments’ for businesses effected by Covid-19 lockdown disruptions are being rolled-out by [...]
