Thinking about Airbnb this summer?

If you’ve got spare space, putting your home on Airbnb is becoming a popular avenue to earn some extra income. With Central Otago hitting the peak summer season, there will be an influx of visitors looking for accommodation and with most hotels and motels in the area already booked out, travellers are turning to the … Continue reading “Thinking about Airbnb this summer?”

Tax realities could stem the flood of American immigrants

In the wake of Donald Trump emerging as the president-elect of the United States, New Zealand has experienced a massive upswell in interest from Americans considering emigration to this country. However, emigration is not a trivial matter made on the spur of the moment; in addition to the upheaval of family, friends and professional networks, … Continue reading “Tax realities could stem the flood of American immigrants”

Changes to the provisional tax rules a step closer

The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill has passed through Parliament and now awaits Royal assent. This Bill introduces new rules to tighten foreign trust disclosures, changes to the provisional tax rules and a number of tax simplifications for businesses. A key compliance issue for many taxpayers is calculating and paying … Continue reading “Changes to the provisional tax rules a step closer”

Planning a staff function for Halloween, Guy Fawkes or Christmas?

 If you are intending to have a staff party or function for Halloween, Guy Fawkes, Melbourne Cup race day or Christmas, there are tax rules that dictate what your business can claim as a deduction. Although businesses are able to claim a deduction for expenditure on costs associated with staff functions, certain expenditure is classified … Continue reading “Planning a staff function for Halloween, Guy Fawkes or Christmas?”

Placing a bet on the Melbourne Cup?

In recent times, betting on the Melbourne Cup, whether in an office sweepstake, at a racetrack, or through the TAB, has become a popular pastime.  This year, Melbourne Cup race day is on 1 November and the prize money totals $6,200,000. If you were intending to place a bet, would your winnings be income that … Continue reading “Placing a bet on the Melbourne Cup?”

GST – a personal liability for directors

A recent court case serves as a reminder to all company directors that they can be held personally liable to the IRD for GST owing by a company in which they are a director. Although the facts of the case involved a number of companies and inter-group loans being paid, the case serves as a … Continue reading “GST – a personal liability for directors”

Save GST processing time and eliminate errors

MYOB and Xero have added the functionality of e-filing GST returns directly from within their software application. One of the many benefits of using cloud accounting software is the efficiency to be gained by automatic transfer of data. This is commonly in the form of bank data automatically feeding into your software and being available … Continue reading “Save GST processing time and eliminate errors”