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CLIENT NEWSLETTER – SUMMER 2020/2021

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


Summer close down period

We are closing for the Summer break on Wednesday the 23rd of December 2020 at midday and 

re opening on Monday the 11th of January 2021

We wish you a safe and happy holiday season and a Happy New Year.


Team Update

 

Sam Lindsay joined McIsaacs in September. Sam studied Accounting Tax and Commercial law at Victoria University of Wellington and has completed the EY Post graduate Diploma in tax to further her tax knowledge. Sam comes from a mid tier Chartered Accounting firm in Auckland city with three years experience and has a keen interest in New Zealand tax legislation.

Is your Christmas Spirit Tax Deductible? 

A reminder of the entertainment and FBT rules

Christmas is fast approaching and so is the time that businesses may reward customers and staff with Xmas functions and Xmas gifts. This article considers the deductibility of these expenses....Click here to read more 


Election outcome and tax policies

After Labour's victory in the 2020 General Election, their proposed tax policy changes are now likely to be implemented. Labour has ruled out a capital gains tax and an increase in fuel taxes but is prepared to introduce a Digital Services Tax to target multinational digital businesses who have taken advantage of tax structuring options. Labour's historical coalition partner, the Green Party, have notably been campaigning for a wealth tax, which Labour has ........Click here to read more 


New Trustee disclosure obligations

In 2013 the law commission was asked to review the Trustees Act 1956 and NZ Trust law generally. Following this initial review, nearly eight years later, the long-awaited "Trusts Act 2019" will finally come into effect on 31 January 2021, replacing the entire 1956 Act. One of the most significant changes in the new Act that is generating interest from ......... Click here to read more 

 

Employee Accommodation

The treatment of employee accommodation (and taxable allowances) can be confusing. In 2015 the rules around employer-provided accommodation were subject to a reform, with the changes intended to provide greater clarity and cohesion for employers to understand their tax obligations. Previously, a net benefit approach was acceptable, where accommodation provided to an employee was not taxable if the employee maintained a home in another location. Following the reform, the starting point ........Click here to read more 


Residential Rental Properties and Healthy Homes Standards

Owners of existing residential rental properties may incur expenditure to meet the Healthy Homes standards.  Can owners of existing residential rental properties claim income tax deductions for costs incurred to meet Healthy Homes standards?  Costs of a revenue nature are generally deductible in the income year they are incurred and these may include the costs of: ........Click here to read more 


15 January 2021 Provisional Tax....

We will be advising clients what provisional tax they have payable for 15 January 2021 before we close for the summer holidays.  The standard safe harbour option (2019 Residual tax +10% or 2020 Residual tax plus 5%) may not be appropriate for this provisional tax payment if your profitability has changed significantly. This could be due to impacts of Covid 19.  Please contact us if you would like us to review your tax position to date and provide advice on what amount should be paid and what options are available for paying provisional tax because cashflow is already difficult during summer holidays with close downs, paying staff holiday pay, GST and Provisional tax.


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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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