In addition to the tax loss carryback scheme, the New Zealand Government has introduced a number of other tax changes to assist businesses and individuals to get through COVID-19. Currently, if an asset is purchased for less than $500 it does not need to be depreciated.
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Buying or selling a business is a significant decision, and commonly involves vendor and purchaser negotiations on many aspects of the transaction.
We all know how Covid-19 has impacted our economy and our businesses. Some businesses have experienced a growth, others a downturn and the struggle to keep staff employed and the business open is very real for others.
It is common for disagreements to arise between taxpayers and Inland Revenue on the GST treatment of land transactions, but less common for these disputes to arise between a vendor and purchaser.
Payday Filing is a new method of submitting and processing employment information to the IRD, meaning you will have to file more information and more frequently.
The way employers report payroll information to Inland Revenue (IRD) is changing. From 1 April 2018, IRD introduced a new electronic reporting system, providing employers the option of filing payroll information every payday.
New rules for GST on low-value imported goods will create a level playing field with international and domestic retailers.
The Labour Government established the Tax Working Group (“the Group”) in January 2018 to review the existing New Zealand tax framework and to provide recommendations for improvements to the fairness, balance and structure of the tax system over the next 10 years.