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Tax

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...

Airbnb Tax Crackdown

December 18, 2019

Airbnb Tax Crackdown

The shared use economy has seen a plethora of homes turned into Airbnb’s and of vehicles turned into ‘uber’ taxis. While this has changed the way that many people travel, a number of the owners of the homes and vehicles have forgotten that they are generating an ...

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. ...

Thinking of renting out your property on Airbnb or Book a Bach? - Issues to consider

February 10, 2019

It might seem attractive - the children have moved out - you have some spare rooms in the house, or maybe you have a sleepout on your property or a rental property that you think you can make more income out of. ...

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...