CLIENT NEWSLETTER – AUTUMN 2021

In each article below we have given a short summary of the topic so if you would like to read more please click on the link to our website for the full article and newsletter.

 

Its hard to believe we are nearly at the end of another financial year. 

We have put together some things you may need to consider before 31 March, on 31 March and after 31 March. Click here to read more

If you have any queries about this, please contact us.

 

2021 Client Annual Checklists

These have now been published and can be found on our website under the tab "Financial Resources" or by following this link .

 

7 April 2021 Terminal Tax is coming up fast!

This is a reminder that you may have a 7 April 2021 Terminal Tax payment due. 

If you have Terminal Tax payable you should have received an email or snail mail IRD reminder letter from us by now.

If you haven't received a reminder it could be because you don't have an amount payable or you may have paid the Terminal Tax early.

Please contact us as soon as possible if you think you may have a payment due or are unsure because missing your Terminal Tax payment will result in penalties and interest from the IRD.

If cashflow is tight, we have an option. Through Tax Traders, our tax pooling partner, we can defer your terminal tax payment until the 19th of June 2021, from rates as low as 4.65%.

 

Government announcement of proposed changes to the bright-line rules and interest deductions

Proposed changes to the Bright-line rules :

  • The government has announced it intends to extend the bright-line period to 10 years for residential property except newly built houses (new builds).
  • Inherited properties and those which have been the owner's main home for the entire time they owned it will continue to be exempt from all bright-line tests. 
  • There will be consultation on what will be considered a new build over the coming months .....Click here to read more


New 39% personal tax rate effective 1 April 2021

The top personal marginal tax rate increases to 39% on income over $180,000, with effect from 1 April 2021. Businesses should consider what the flow-on effects are and forward plan to ensure they are not caught off guard. Two key areas are discussed in this article......Click here to read more

 

New trust annual return requirements

In December 2020 the legislation enacting the new 39% tax rate was passed. Within the same bill, somewhat overshadowed by the rate change, was the introduction of a new "annual return" requirement for trusts.....Click here to read more


Small Business Cashflow Scheme (SBCS) - extended until 31 December 2023

The Small Business Cashflow Scheme has been in place since May 2020 and has now been extended until 31 December 2023.  Small to medium businesses my be eligible for a loan with a term of 5 years (first year interest free then 3%) if they meet the eligibility criteria below:  Your business must have 50 or fewer full time equivalent employees.....Click here to read more


Leave Support Scheme (LSS) and Short Term Absence Payments (STAP)

The LSS is provides financial support for business to pay workers who are required to stay away from work to elf isolate and cannot work from home. 

To qualify, the relevant employee(s) must have tested positive for Covid-19 or is otherwise required to self isolate e.g. because they are a close contact of someone who has tested positive.  ....Click here to read more

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Please note: The above E-newsletter notes and the related articles on our website are of a general nature and therefore we urge clients who may be affected by these changes to contact us to discuss your specific circumstances before making any changes or drawing any conclusions.

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  • Takapuna Office

    Ground Floor, Takapuna Finance Centre
    159 Hurstmere Road
    P O Box 331 626
    Takapuna, Auckland

    Phone +64 9 414 4050
    Fax +64 9 447 1645
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