Winter 2022 Newsletter McIsaacs Ltd

NEWSLETTERS

    CLIENT NEWSLETTER – WINTER 2022

    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.

    Farewell to "tax invoices"

    Despite significant technological and operational business changes, the rules regarding GST tax invoices have remained largely unchanged since GST was first introduced in 1986. However, new legislation was passed on 29 March 2022 that is intended to improve and modernise GST invoicing and record-keeping requirements.... Click here to read more.....

    Xero Pricing Update

    From 15 September 2022, the monthly retail price of Xero Business Edition plans in NZ are changing:  ... Click here to read more......

    Taxation of Capital

    In March 2022 Inland Revenue released a government discussion document that contains a proposal that represents a further erosion of the principle that New Zealand does not tax capital gains  ... Click here to read more...... .

    Is it a "New Build"?

    On 30 March 2022, the Taxation (Annual Rates for 2021-22, GST and Remedial Matters) Act 2022 received Royal assent. Its passing into law brings with it the extension of the residential bright line period from 5 to 10 years and denial of interest deductibility for residential investment properties. The legislation itself is complex and difficult to interpret because it has been written with numerous potential fact scenarios in mind. ....Click here to read more

    Changes to Trust Disclosures

    Two changes have recently surfaced in relation to trusts and the disclosure of trust information.Firstly, the Tax Administration (Financial Statements-Domestic Trusts) Order 2022 was made on 7 March 2022. This Order sets minimum standards for financial statements prepared by trusts.The Order applies to income years ending on or after 31 March 2022 and to trusts that derive assessable income in a tax year.. .....Click here to read more

    Covid Related Costs

    On 30 March 2022 the IRD released an interpretation statement (IS 22/01) regarding the deductibility of costs incurred due to Covid-19. It addresses the uncertainty around the deductibility of costs incurred as a result of the pandemic. Employee-related costs incurred due to Covid-19 include:  ....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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