Farming law reforms
Duty-free dairy exportsThe turn of the year brought a welcome change for New Zealand dairy farmers: all New Zealand dairy products can now enter China duty-free. Duties on milk powder no longer apply following China’s decision to remove dairy tariffs due to the New Zealand-China Free Trade Agreement. The new arrangement, effective from 1 January […]
Farming of the future
Digitisation is transforming how farms and orchards operate, leading to more innovation, efficiency, and productivity across New Zealand. In this edition’s Digital Snapshot, we’ll look at the Internet of Things (IoT), what it means, and how it can help farmers and growers. What is IoT?IoT refers to local networks of internet-connected devices and appliances that […]
Minimum wage set to change: what you need to know
The government has announced an increase to the minimum wage that will kick in from April 1. The adult minimum wage will rise by $0.45 an hour, taking it up to $23.15 an hour. This will mean additional costs for many businesses. Workplace Relations and Safety Minister Brooke van Velden said that “a cautious approach […]
How 2024 Easter timing affects your tax return
Easter weekend fell at the end of March this year, on the final days of the tax year. The timing has some important implications for some of you: Extended 2023 returnsTaxpayers working with a tax agent who have an extension of time arrangement for 2023 tax returns should be aware that returns filed from March […]
Mixed-use asset rule change explained
April 1 marks a significant change in the GST tax treatment of mixed-use assets. Taxpayers can claim 100% of GST for expenses relating to the income-earning use of a mixed-use asset, for example, the cost of advertising a holiday home online. However, working out GST claims for expenses relating to both the income-earning and private […]
What to know if you rent out your holiday home or provide services online
Do you rent out a bach on Airbnb or do some driving on Uber for extra income? If so, there are more tax changes you need to know about. From 1 January this year, platforms such as Uber and Airbnb will collect information from their users including sales income and IRD numbers, and will be […]
Digital snapshot: The do’s and don’ts of ChatGPT
Everyone’s talking about the artificial intelligence chatbot ChatGPT, the new tool that can do just about anything, from generating letter templates to answering questions. ChatGPT is a fantastic free tool for any business. Here are some ways it can help you — and what you shouldn’t do with it. DO Use it to check your […]
Some common things businesses forget at tax time
1 minute to readRunning a business is a demanding job, so it’s no wonder owners lose track of crucial things at tax time, such as: Deducting entertainment expensesDinner and lunch meetings with clients and customers are partially tax deductible. Keep your receipts and check in with us to see which meetings can be deducted. Bear […]
DON’T FORGET: Documents for your accountant
1 minute to readRemember to provide all the relevant documents we will need to put together your financial statements for the year. Have you got these ready? Disclaimer: This blog has been carefully prepared, but it has been written in general terms only. The blog should not be relied upon to provide specific information without […]
Interest deductibility on property investments is now being phased in with 80% allowable from 1 April 2024
As of 10 March, the coalition government has confirmed the return of interest deductibility for property investors, with the phased-in changes taking effect from the next financial year. As a result, legislation is expected to be passed allowing you to deduct 80% of your interest expenses on property investments in the year to 31 March […]
