As we enter the 2025 tax season, New Zealand businesses face a continuing challenge: the need to remain compliant while also identifying opportunities for growth. Whether you’re a startup founder, an owner of a small to medium-sized enterprise (SME), or a director overseeing complex financial matters, simply submitting your tax return on time is no […]
Upcoming Changes to New Zealand’s 2024 Tax Laws With the Budget almost upon us, following are some of the more important tax changes we are expecting to be confirmed with Budget related legislation. Income Tax Threshold Changes The new government intends to change the tax rate thresholds from 1 July 2024. The proposed threshold adjustments are […]
What is the ‘Netflix Tax’ The landscape of taxation is ever-evolving, and New Zealand is no exception. With the rise of digital services and the global marketplace, the New Zealand government has implemented GST on remote services supplied to its residents by overseas businesses. It’s commonly known as the ‘Netflix Tax’. Remote services are a […]
From the 1st April 2024, the trust tax rate has increased from a flat rate of 33%, to a flat rate of 39%.This is on any income retained in the trust and not distributed to beneficiaries. However, there are a few exemptions: Exemption 1: if your trust income is less than $10,000 If your trust […]
Year End Tax Tips By Sheral Reddy, Associate Director at GECA Chartered Accountants. If you need help with Tax advice including end of financial year preparation, then Sheral and the GECA team can help. The end of financial year deadline: As the end of the financial year approaches, it always pays to spend a little […]
Introduction: The recent Budget 2023 announcement of an increase in the trustee tax rate from 33% to 39% starting from 1st April 2024 has raised concerns among the many New Zealanders who have a family trust. There are approximately 400,000 family trusts registered in the country and although Budget Press Release attempts to downplay the […]
Introduction: As a residential landlord, it’s essential to stay informed about the tax rules and regulations that apply to your property investments. One important aspect to understand is the treatment of denied interest deductions when you sell disallowed residential property (DRP) in New Zealand. In this blog post, we’ll break down the key points of […]
Introduction: Investing in rental properties can be a lucrative venture, providing a stable source of income and potential long-term wealth accumulation. When considering the purchase of a rental property, it’s important to carefully evaluate the most suitable ownership structure to optimize tax efficiency. This blog aims to provide guidance for individuals with incomes exceeding $70,000 […]
GST (Goods and Service Tax) is a tax charged on most goods and services in New Zealand and is collected by businesses on behalf of the IRD from its consumers. Businesses that are registered for GST are required to issue tax invoices and keep records of their sales and purchases. However, issuing invoices and recordkeeping […]
Year End Tax Tips By Sheral Reddy, Associate Director at GECA Chartered Accountants. If you need help with Tax advice including end of financial year preparation, then Sheral and the GECA team can help. The end of financial year deadline: As the end of the financial year approaches, it always pays to spend a little […]
