As you may be aware – The government said that the budget for 2023 included no major tax changes. However, New Zealand residents who possess a family trust will now be staring down the barrel of a flat tax rate of 39% for income received. This is a 6% hike from the existing rates [...]
A standard data policing check completed by Inland Revenue is to review taxpayer GST filing patterns to identify taxpayers that are GST registered, but perhaps shouldn’t be. In order to qualify for GST registration, a taxpayer needs to be conducting a “taxable activity”. This comprises a continuous or regular activity that involves making a [...]
Legislation has recently been passed that will strengthen the protection subcontractors have that they will receive retention money owed to them should the head contractor become insolvent. Retention money relates to money owed to a subcontractor that is retained by a head contractor, usually a percentage of the contract value, to ensure work is [...]
The leaky homes crisis represents one of the most severe problems faced by New Zealand’s property sector and continues to cause stress and anxiety for those affected. Adding to the uncertainty for rental property owners has been the question of whether repair costs are immediately deductible as ’repairs and maintenance’ (R&M). Inland Revenue has [...]
The Taxation Principles Reporting Bill was introduced to parliament on 18 May 2023, and has since been reviewed by the Finance and Expenditure committee. If passed, it will require the Commissioner of Inland Revenue to report on New Zealand’s current tax settings based on specific principles. A hybrid reporting model will be used where [...]
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 [...]
2020 - A year punctuated by New Norms. In a year highlighted by forced-changes, lock-downs, economic uncertainty and a global health crisis – it’s pleasing to see many Cleaver Partners clients successfully adapting and navigating their way through the challenges thrown at us through the covid-19 influenced economic landscape. The new normal has brought us [...]
Update on second lockdown at level 3 Kia Ora, Tena Katoa, Hello to All. In the ongoing level three COVID-19 lockdowns, Cleaver Partners are pleased to advise we are fully operational and will provide continued access to our financial management and accounting services for all clients and associates at this time. We are committed to [...]
Bulletin #3 Financial relief available to business. Kia ora Koutou, Hello to all. Well done all for getting through the first week of lockdown - a new experience for us all! Cleaver Partners have researched and compiled the following financial relief initiatives available for business owners to help navigate, plan and survive these unpredictable and unprecedented times. [...]
