Key News and Insights
Updates on accounting, tax and business development.
TMNZ Webinar
We would like to invite you to the NZ Budget 2024 Review with Tony Alexander hosted by our strategic partner Tax Management New Zealand.
Our exclusive webinar is being held the morning following the Government’s big announcement. Tony Alexander, one of New Zealand’s leading
economists, will be sharing key takeaways from Budget 2024 and his expert view on New Zealand’s economic outlook. Our annual webinar is
always popular – we’d love you to join us Friday 31 May from 10-11am.
Leaky home repairs concluded as not deductible
The leaky homes crisis represents one of the most severe problems faced by New Zealand’s property sector and continues to cause stress and anxiety for those affected. Adding to the uncertainty for rental property owners has been the question of whether repair costs are immediately deductible as ’repairs and maintenance’ (R&M).
Tax policy from two sides of the political aisle
Given that either Labour or National are likely to enter into coalition agreements of some form with the Green Party and Act, respectively, and the tax policies of the two main parties are more ‘vanilla’, it is worth reviewing the tax policies of the two minor parties as this is where unexpected change may come from.
Workride Scheme
WorkRide is New Zealand’s ride-to-work benefit scheme designed to get more people riding and living healthier lives.
Employees can benefit from a 32-63% cost offset on the cost of a new bike, e-bike or scooter by utilising salary sacrifice and tax
exemptions. Staff get to choose any bike, e-bike or scooter for their commute from over 160 approved stores across New Zealand.
Trust Disclosure Regime
After the introduction of the Trust Disclosure rules in March 2022, in November 2023 Inland Revenue released a high-level summary (in the form of a 40-page report) of insights from the first year of reporting. While tax advisors and clients alike may have begrudgingly completed the disclosures initially, the statistics may prove to be interesting.
De facto relationship
The Working for Families Tax Credit (WFFTC) is a notoriously complex scheme when it comes to determining eligibility and quantifying entitlement. This leads you to wonder how well the scheme is policed by Inland Revenue, and whether fraud can ‘fly under the radar’.
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