The new Trusts Act 2019, which came into force on 30 January 2021, was one of the biggest changes for Trusts for quite some time. Now, Inland Revenue has also introduced further reporting and disclosure requirements. Here's what you need to know.
To further compound the challenges of yet another year marred by disruption, tax authorities have made it loud and clear they still expect to see cross border related party transactions priced according to the arms-length principle - creating a top priority list item for every entity transacting cross-border with related parties.
Government’s interest deductibility rules the most controversial tax policy to date were changes to the tax system to counter what it saw as favourable treatment for investors in residential housing.
At a time when we need a once in a century Budget to lift us out of our Covid recession, the Government’s response to stimulating growth and investing in critical areas under stress has never been more important.
In a bid to ease New Zealand’s housing crisis, the Government has introduced new legislation that will impact current owners of residential investment property and new purchases made on or after 27 March 2021.
A major change has been made to how NFPs can claim GST credits on their assets.
As the nation forges a brave new world in the midst of a global crisis, this year’s Budget announcement will remain among the most significant ever delivered in New Zealand’s history.
Last year this Government delivered its first fiscal plan – the Wellbeing Budget. Fire up the money cannon, because 2020 is going to be the year of the Recovery Budget.
The COVID-19 tax measures should help businesses when they are hurting now. So why not allow businesses to carry their losses back instead of forward?
Despite dominating the political agenda for much of the year, tax was barely mentioned in the budget. That doesn’t mean the work there is over, writes Greg Thompson of Grant Thornton New Zealand.
Budget 2019: Unless we can find some way of taxing wealth as well as incomes, New Zealand is headed for an intergenerational economic meltdown, writes Grant Thornton tax partner Murray Brewer.
Budget 2019: Should the collection of taxes be the point at which we talk about fairness, or should fairness be part of a completely different conversation, asks Grant Thornton tax partner Oksana Simonoff.
Expatriates taking up employment in New Zealand will be subject to our comprehensive tax rules and work permit requirements. Liability to tax will be principally determined by the employee’s tax residence status and the source of the relevant income.
Although the tax implications of relationship property settlements are rarely front-of-mind, they can have significant consequences. It is important any tax implications are properly considered and reflected in the agreement to achieve a fair settlement. This article discusses the general tax principles relating to the settlement of relationship property, including the potential effect of the new ‘bright line’ test for residential property recently introduced on 1 October 2015.
