FIF/FDR Tax Regime on Overseas Investments
April 23, 2020
FIF/FDR Tax Regime on Overseas Investments.
If you are liable to this tax regime (Your adviser will have told you, and your tax report will have a section with calculations on it as shown below), it is IMPORTANT that you read this guidance.
How does FIF/FDR and the exemption work?
If you have less than $50,000 per per...
PIE Tax
April 23, 2020
PIE Tax
Your KiwiSaver and some other investments may be liable to PIE Tax. A PIE is a Portfolio Investment Entity. PIE Tax calculations are quite complicated – the important thing that you need to know is that PIE tax is FULL AND FINAL.
Your PIE tax rate is your PIR (Prescribed I...
Warning to DIY investors investing in foreign investments
February 13, 2020
Warning to DIY investors investing in foreign investments
New Zealand is a nation of Do It Yourselfers. From the queues at Mitre 10 and Bunnings, to people managing their own investments because they can do it better than a professional.
Although we DIY our gardening and some minor garden building projects, we do tend to disa...
Rental income - new ring-fencing rules
December 18, 2019
Rental income – new ring-fencing rules
The rules for reporting rental income have changed from the 2019-2020 income year. This means that you can’t offset losses on your rental properties against other income and new rules apply to deductions claimed for residential properties.
Residential property deduct...
Sole Trader vs Company? What should I do? (with thanks to Beany)
November 20, 2019
Our support team at Beany are asked this question frequently so if you've ever wondered.......The short summary is that if you are a Beany client there is very little additional cost and 3 key advantages - read the blog (I'm a Sole Trader, Should I restructur...
IRD have more measures to check on home sellers, to make sure that they aren't avoiding the brightline tax test
July 11, 2019
Although New Zealand doesn't have a capital gains tax, there are a number of measures available for the IRD to tax people who are speculating on property investment.
For a number of years, IRD has actively chased property investors who they can identify are investing for ...
Its risky if your tax rates aren't correct
April 4, 2019
As part of our annual review process with our Membership Fee clients we check the current level of income (and where it comes from) and check that their PIR, Marginal Tax Rate and FDR/FIF settings are correct. We then work with them to make any required changes.
...
Changes to Tax Returns - Automatic Assessments from 01/04/2019
February 10, 2019
Since 2014 at Moneyworks we have had the privilege of working with our technologically advanced accountancy firm Beany.
Beany have used technology to make the preparation of annual accounts and tax returns so much quicker, easier and cost effective. Part of this work is t...
We have all heard stories about people getting into trouble with the IRD, and owing tax and penalty interest. Some of the situations where this may happen include:
1. Setting up in business and not setting aside enough of your income to pay GST and tax.
2. Getting Working...
Are you liable for USA tax? Do you have a USA Tax number?
August 20, 2014
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