1. Bad Debts Ensure that any debts deemed unrecoverable are fully written off in your accounts before the year-end to qualify as deductible bad debts. 2. Asset Invoices Retain invoices for any new vehicles or equipment purchased during the year. These are necessary for updating your asset register and calculating depreciation claims accurately. 3. Entertainment […]
Author: chasgunaratne
Relationship Property
Anecdotally, during the Christmas and summer holiday time of year there seems to be an increase in relationships ending. Whether it’s the stress of Christmas and the financial pressure that goes with that, or the fact people are on holiday and spending a lot of time in close quarters, it’s a time where some couples […]
Why you should split banks to take advantage of the loan-to-value (LVR) rules
While most of the attention recently around mortgage rule changes has concentrated on the implementation of the debt-to-income (DTI) rules, it is worth noting that on the same day this change came in (1 July 2024), the Reserve Bank also slightly relaxed the loan-to-value restrictions on secondhand investment properties. What are the loan-to-value (LVR) […]
National’s Tax Plan Highlights
On 30th August 2023 National announced its tax plan ahead of the upcoming election labelled “Back Pocket Boost – Tax Relief for the Squeezed Middle”. As in the name, the focus is on middle New Zealanders, aiming at putting cash back in their pockets. The plan is to provide $14.6b income tax relief over the […]
Navigating path to success
In the complex and ever-changing landscape and nature of business, strategic planning stands as a beacon of direction and purpose for enterprises. Strategy is the art and science of envisioning a desired future and charting a course to reach it, guiding organisations toward sustainable viability and success. But what makes strategic planning truly valuable fascinating […]
Methods for Calculating Provisional Tax
Standard Method Instalments are calculated at 105% uplift of previous year’s residual income tax; or 110% of the year before residual income tax (if previous year income tax return is not filed). Pros Use of money interest is calculated on lowest cost option based on the tax instalment paid per standard uplift or in equal […]
Venturing into the metaverse with strategic M&A (Deloitte)
Tax and Trusts
Whether you are a businessperson signing contracts and leases in the ordinary course of business, a property investor signing finance agreements with banks, a property trader, or a developer, you will no doubt want to pay as little tax as legally required and protect the assets you’ve worked so hard to attain. So how do […]
Legislation Changes
The government have made changes to two areas of legislation that affect property investors: tax (interest deduction and bright-line), and the Resource Management Act. Tax Changes In October the government finally introduced legislation into parliament setting out the proposed interest deduction rules. Here is a summary of the highlights. a) We still do not have […]
Tax Changes Update
The Government’s release of draft legislation this week was disappointing on a number of fronts. First, what was expected to be complex legislation has been successfully made nearly indecipherable. Second, it is of course disappointing that they are pressing ahead with the rules being effective from 1 October despite only this draft version being available […]