Business and Tax New Year Updates: IBBZ Accounting

Summary:

We are already in March, couple of months in 2023 are gone. Not a great start of the year for all of us. Remote working has again been in full swing last month.

In summary business updates has some tips for newbies in business, Guidance for exporters and climate action toolbox. Tax updates contains cyclone relief, new GST rules for Air BNB, Income reporting among OECD plus some guidance towards buying property in Australia. IBBZ working at 2023 workflow and we upgraded our old website to a new version.

Updates November-December 2022: IBBZ Accounting

Summary:

The festive season is upon us, Christmas tree decorations are up. Secret Santa is planned, team building activities and Christmas lunches are at full swing. Oh! what’s next.

Business and Tax Updates October 2022: IBBZ Accounting

Summary:

This October month has been colder than usual 2022 is still on track to likely be the fifth warmest year on record in most weather forecast.

In business updates: Phasing out hard-to-recycle and single use plastics from 01 October 2022, The Fair Pay Agreement has become a legislation and RBNZ has lifted the Official Cash Rate to 3.5%.
In tax updates: The bill Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2) has been introduced.

Christmas break is almost upon us, we are working to ensure all tax returns are filed before the end of the year.

Business and Tax Updates September 2022: IBBZ Accounting

Summary:

Day light saving is upon us, so getting an extra hour would be nice. However, the concept of seasonally adjusted the clock has always been controversial. Some people love it, but other companies that it messes with your circadian rhythm and has negative health effects.

In business updates: Tips to improve mental health for small business owner, Things most lenders look for when applying a loan for business, RBNZ update for lifting OCR.

In tax updates: Deductibility of overseas travel expenses, Travel expense- deductibility of a companion travel cost and Income tax and GST - Treatment of meal expenses.

We are working to ensure 2022 tax returns to be filed on time.  

Business and Tax Updates August 2022: IBBZ Accounting

The weather is getting warmer, and spring is not too far. In business updates: RBNZ lifted the OCR and more hikes are coming along, the use of 2 factor authentication is suggested, and having wellbeing policy at workplace is recommended. In tax updates: supply of portable units for residential use were held as taxable supplies for GST purposes. The IRD has published guidelines for cash basis of financial arrangement rules, Bright line guide, and depreciation on building.

We are working to ensure 2022 tax returns are filed on time.

Business and Tax Updates July 2022: IBBZ Accounting

Use-of-money Interest (UOMI) Rules for Provisional Tax Payments

Loss Carry Back Scheme.

From 15-04-2020 almost all entities trust, companies, sole trader, partnership can carry back the anticipated losses to avail tax refund. The scheme is another measure taken by the Government to assist struggling New Zealand business to deal with economic impact of Covid-19. The bill Covid-19 Response (Taxation and Other Regulatory Urgent Measures) is enacted now.

The Government of New Zealand passed urgent bill (COVID-19 Response: Taxation and Social Assistance Urgent Measures) to deal with the economic turmoil created by COVID-19. This bill provides immediate response and relief to struggling businesses and individuals. The targeted measures aimed at providing relief to those that have been economically affected by the COVID-19 outbreak.

In a tax case Van Uden v Commissioner of Inland Revenue [2018] NZCA 487 the decision was delivered on 08th November 2018. High court decision was upheld in the favor of IRD explaining New Zealand Tax Residency and Permanent Place of Abode Test.

The decision confirms the interpretation of permanent place of abode as set out in Commissioner of Inland Revenue v Diamond [2015] NZCA 613. Permanent place of abode in New Zealand can be seen as “a home in New Zealand”

This case provides very good explanation on New Zealand Tax Residency and Permanent Place of Abode Test.

The permanent Place of Abode test overrides 183 days test for New Zealand Tax Residency.