Tax Update Category

Remembering the filing and payment deadlines for your business can be challenging. And forgetting about tax payments coming up can seriously disrupt your cash flow planning. We have summarised tax deadlines coming up in August for you to prevent you from missing any deadlines and facing a penalty. Tax Dates for August 2022 5 August […]

Certain types of payments received by contractors are known as ‘schedular payments’. The schedular payments regime determines the rate of tax taken out of contractors’ pay. The tax on schedular payments is known as withholding tax. If you’re a contractor, you may be able to choose your own tax rate. Contractors in some industries can […]

Should New Zealand have a capital gains tax – or does it effectively have one already? Walker Wayland can look at what gains you’ll pay tax on, and what gains are tax-free. New Zealand doesn’t have a single, comprehensive capital gains tax, and although the Tax Working Group recommended one, the Prime Minister ruled it […]

If you have income from overseas sources, it can be hard to work out your tax position. Here are five points to consider #1 Declare rental income from overseas properties. You can claim deductions for rental-related expenses, and you may also be able to claim a credit for tax paid in the other country on […]

There are more than 100 tax changes that took effect this financial year, and some of them may be relevant to you. Here’s a brief summary of what’s happening: Matariki is now a public holiday for tax purposes. GST is being tweaked for: groups; importers and exporters; cryptoassets; and record keeping. Late tax penalties are […]

From 1 October this year the Government has limited the ability to deduct interest on residential rental properties to make them a less attractive investment option and thus level the playing field for first home buyers. As of 1 October 2021, residential rental property tax deductibility was reduced to 75%, meaning you are only eligible […]

Travel Allowances A tax-free travel allowance must be for travel costs on top of the usual cost of travel between home and work and it must be work-related.For instance, the employee may incur travel costs on top of their normal travel between home and work, if the employee: is working outside the normal hours of […]

Tax Changes Without any real warning the Government has targeted residential property investors with significant tax changes in an attempt to cool the housing market growth. In bullet point we set out the changes to the bright-line test and interest deductions on residential rental property. We will follow up when more detail is available. Brightline […]

On 10 June, the Government released a 143-page discussion document providing further insight on how it will be limiting the deductibility of interest on residential investment property. The Government confirmed that interest deductions will generally no longer be available on residential investment properties, with properties purchased before 27 March 2021 being subject to a four-year phasing out […]