Summary:
The financial year 2024 has started. The Official Cash Rate (OCR) now is 5.25% demand still surpass the supply in many sectors thus inflation is still out of control. It seems the tightening of credit would continue, and there would be further increases to OCR.
Summary:
Financial year 2023 is about to end. The world economy and New Zealand economy is in weird situation. All the scholars and academics are pointing towards recessions but the impact/effect of it is yet to be seen.
Summary:
As we approach the beginning of the new financial year, the Inland Revenue Department (IRD) has proposed many changes that will be implemented in April 2023.
While there are no major tax overhauls, these changes still have the potential to affect many taxpayers and businesses alike.
Our team at IBBZ have researched and analysed the amendments to provide you with the key updates you need to know to stay on top of your tax requirements.
Summary:
We are already in March, couple of months in 2023 are gone. Not a great start of the year for all of us. Remote working has again been in full swing last month.
In summary business updates has some tips for newbies in business, Guidance for exporters and climate action toolbox. Tax updates contains cyclone relief, new GST rules for Air BNB, Income reporting among OECD plus some guidance towards buying property in Australia. IBBZ working at 2023 workflow and we upgraded our old website to a new version.
Summary:
The festive season is upon us, Christmas tree decorations are up. Secret Santa is planned, team building activities and Christmas lunches are at full swing. Oh! what’s next.
Summary:
This October month has been colder than usual 2022 is still on track to likely be the fifth warmest year on record in most weather forecast.
In business updates: Phasing out hard-to-recycle and single use plastics from 01 October 2022, The Fair Pay Agreement has become a legislation and RBNZ has lifted the Official Cash Rate to 3.5%.
In tax updates: The bill Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2) has been introduced.
Christmas break is almost upon us, we are working to ensure all tax returns are filed before the end of the year.
Summary:
Day light saving is upon us, so getting an extra hour would be nice. However, the concept of seasonally adjusted the clock has always been controversial. Some people love it, but other companies that it messes with your circadian rhythm and has negative health effects.
In business updates: Tips to improve mental health for small business owner, Things most lenders look for when applying a loan for business, RBNZ update for lifting OCR.
In tax updates: Deductibility of overseas travel expenses, Travel expense- deductibility of a companion travel cost and Income tax and GST - Treatment of meal expenses.
We are working to ensure 2022 tax returns to be filed on time.
Summary:
The weather is getting warmer, and spring is not too far. In business updates: RBNZ lifted the OCR and more hikes are coming along, the use of 2 factor authentication is suggested, and having wellbeing policy at workplace is recommended. In tax updates: supply of portable units for residential use were held as taxable supplies for GST purposes. The IRD has published guidelines for cash basis of financial arrangement rules, Bright line guide, and depreciation on building.
We are working to ensure 2022 tax returns are filed on time.
Summary: If the Residual income tax (RIT) is higher than the provisions, UOMI not charged to taxpayers who had used standard uplift method (105% or 110% uplift rule) and paid their three instalments on time and total tax liability is under $60,000.
Effective date: From 2018 Financial Year onwards
