Property and Tax update

Property and Tax update

On 23 March 2021, changes to tax rules for investment properties took investors by surprise. There has been widespread commentary with more to come as the detail unfolds. In overview: The bright-line test has been extended from 5 to 10 years for properties purchased...
An overview of the new Trusts Act 2019

An overview of the new Trusts Act 2019

The Trusts Act 2019 came into force on 30 January 2021 – your Trust must now be compliant with the new Act. The aim is to make the law more accessible and easier to understand. Most of the changes relate to Trustee obligations and strengthening the ability of...
Small Business Cashflow Loan Scheme expanded

Small Business Cashflow Loan Scheme expanded

The Government launched the Small Business Cashflow Loan Scheme (SBCS) in May 2020 to assist small-to-medium businesses affected by COVID-19. Since then, over 100,000 SME businesses have used the opportunity to access tap into cheap working capital. Around 6,500 SMEs...
Provisional Tax – how does it work?

Provisional Tax – how does it work?

If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like paying progress payments on next year’s income tax. The amount you have to pay relates to your expected profit...
The 39% tax rate – Your questions answered

The 39% tax rate – Your questions answered

New Zealanders earning over $180,000 a year will now pay a 39% tax rate, which came into effect on 1 April 2021. If this includes you, are you aware of how your tax obligations change when it comes to shares, property, FBT, superannuation tax, or trusts? The 39% tax...