Articles by Matthew Gilligan
Tuesday, February 19, 2013

The IRD has recently released a draft interpretation statement on tax residency. Although only draft at this stage, it signals a significant change in the way the IRD applies tax residency rules and if finalised without alteration may impact upon clients whom are outside of New Zealand and currently regard themselves as non-tax resident.   ... Read Article

Tuesday, September 04, 2012

If you have a company that used to be an LAQC before the rule change on 1 April 2011 and you have not previously taken any action in terms of transitioning the company into the new Look Through Company (LTC) regime, you still have one last chance to do so – but time is running out.   ... Read Article

Friday, May 11, 2012

The recent Australian Budget announcements include a significant rule change which will affect any New Zealanders whom hold property investments in Australia. Specifically, the 50% discount which was available when calculating capital gains tax on property that has been held for more than 12 months is removed. By way of background, most readers will be aware of the fact that   ... Read Article

Friday, September 30, 2011

Many of you will be aware that the Government have changed the rules on gift duty, repealing gift duty legislation from 1 October 2011.  The effect of this is that IRD will no longer have an interest in gifts made after this date, as the transference of wealth will no longer be subject to gift duty from this point.  ... Read Article

Tuesday, September 20, 2011

The IRD has recently released an issues paper in relation to the tax treatment of mixed-use assets.  Whilst the issues paper will apply to a range of assets including yachts, launches, aircraft for example, its application to holiday homes is likely most relevant to readers and clearly the main intended target of these proposed changes ... Read Article

Tuesday, July 19, 2011

Labour intend to ring fence property losses to future property income. This will send thousands of investors broke fast. Take investors tax refunds away, property values crash. This is well documented overseas. Sweden property values dropped 35% when they ring fenced losses and the following govt reversed the policy, with values immediately there after recovering.  ... Read Article

Tuesday, July 19, 2011

Many of our clients come to us because they are not getting advice or they are not satisfied with advice they are receiving from other accountants.  In recent times the tax changes introduced by the National Government regarding property investors have created quite a stir and presented some challenges to investors in regard to making a decision as to whether to (a) convert their LAQC (Loss Attributing Qualifying Company) to a Look Through Company (LTC); (b) remain a QC (ie LAQC without ability to attribute losses); (c) revert to "ordinary" company status; or (d) migrate out of the company into individual ownership of the assets.  ... Read Article

Tuesday, July 19, 2011

In our last newsletter I talked about the new zero rating rules that apply to land transactions between two GST registered parties.  In this edition I’m going to look at the new apportionment rules that were brought in at the same time and apply from 1 April 2011 with certain exceptions.  First a bit of background.  ... Read Article

Wednesday, May 11, 2011

On 1 April 2011 new GST rules came into force.  Perhaps the change of most significance to many of our clients are the new rules around zero rating of land transactions.  These rules were brought in to address concerns the Government had about GST leakage where land was being sold from one GST registered party to another, with the GST registered purchaser making a GST claim that was funded by the IRD, only for the GST registered vendor to turn out to be insolvent meaning the IRD were not able to collect the GST from them.
  ... Read Article

Tuesday, May 10, 2011

The 2012 tax year began on 1 April 2011 for most taxpayers and with it new tax rules in relation depreciation on buildings and LAQCs finally came into force.  We have written a number of times on the potential impact these rules may have on you if you have an existing LAQC and have long been encouraging our clients to make contact with us in order to have their circumstances reviewed so that appropriate action can be taken.  ... Read Article

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