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CLIENT NEWSLETTER – AUTUMN 2018

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.

 

 

WOW, We are nearly at the end of another financial year. 

We have put together some things that you may need to consider before 31 March, on 31 March and after 31 March.

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

Click here to read more

 

7 April 2018 Terminal Tax is coming up fast!

This is a reminder that you may have a 7 April 2018 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 2018, from rates as low as 4.65%. 

Click here to read more 

 

Bright - Line  period to be extended to 5 years

The bright-line test applies to residential properties bought and sold on or after 1 October 2015 . 

The government recently announced a supplementary Order Paper to the Taxation Bill has been introduced to extend the bright-line period from 2 to 5 years.

The 5 year period will only apply to residential land where the date that the person acquires an estate or interest in the residential land is on or after the date on which the Taxation Act receives Royal assent.

The 2 year period will continue to apply to land where the first interest was acquired before the date of Royal assent. In most cases, the date that a person acquires the first interest in land is the date of the sale and purchase agreement.

Click here to read more


Loss offset and Subvention

The loss offset (and subvention payment) mechanism allows a 'profit' company to reduce its taxable income by utilising the tax losses of a 'loss company'. The mechanism is a great tool that is commonly used.

Before a loss offset can be made, there are some key requirements that must be satisfied...

Click here to read more....


Mixed Use Assets

When an asset, such as a bach or a boat, is used both privately and to generate income, prescriptive rules exist within the Income Tax Act that determine the extent to which a tax deduction is available.

Expenses broadly fall into three categories: fully deductible, non-deductible and apportioned.

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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