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
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
Firstly our hearts go out to those in Christchurch who have had to endure the earthquakes and aftershocks of recent time. Many of our staff have family in Christchurch and we have been hearing first hand the events of 22nd February and the flow on effects from this major earthquake. ... Read Article
In recent times most have been consumed with the LAQC / LTC changes which are now fast approaching enactment on 1 April 2011. As a result of this focus it is easy to miss some other significant law changes that have either been enacted or are currently before Parliament. Changes are on their way for gift duty, GST and eligibility for family assistance. By way of a broad overview the following is a summation of some of the key changes:... Read Article
Since announcing in May that the LAQC regime was going to be the subject of an overhaul the property investment community has been anxiously awaiting the Government’s follow-up to the Issues Paper released at the time. On Friday 15 October 2010 draft legislation was released. As at the time of writing all practitioners, including myself, were poring over the draft to get to grips with the new regime. The objective of this article is to provide an overview of the proposed rules. Contact Us At GRA ... Read Article
Now that the dust has settled on what was one of the most anticipated budget announcements in recent memory, now is time to reflect on the impact of the announced and proposed changes on property investors. In doing so I am going to focus on the specific impact of the tax changes and leave aside for the moment the wider macro effects of the impact of this budget on the economy. Broadly speaking there are five areas where the tax changes will impact on property investors. They are as follows: ... Read Article
In recent times the Tax Working Group reviewing New Zealand’s tax system has received increased attention.
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In June 2008 the Government released a tax policy issues paper for public consultation that looked at options for reducing risks that GST can present to both businesses and the Government. Following submissions in relation to this, the Government has now released a follow up discussion document that reinforces many of the proposals initially made but with one notable omission. ... Read Article
The much talked about new Association Rules are back before Parliament and unfortunately for those in the business of dealing in or developing property or erecting buildings, the Bill has not been substantially changed.
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