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.
