Quarterly Newsletter
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Ensure you have all your ducks in a row before 31 March balance date.
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Inland Revenue's Business Transformation
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Inland Revenue has been working hard at being easier to do business with. Its new tax system is kicking in, giving you new and simpler ways to manage your GST obligations through myIR.
Enhancements include the traceability of GST transfers, and notifications and alerts sent when there is something for you to do in your myIR account.
Read more ...
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Residential property sales tax period extended
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Revenue Minister Stuart Nash has confirmed the bright-line test on residential property sales will be extended from two years to five years. At present, income tax must be paid on any gains from residential property sold within two years of acquisition, with some exceptions (such as the family home). The extension means that profits from residential investment properties bought and sold within five years will generally be taxable.
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Money laundering is big business in New Zealand. Every year $1.35 billion of fraud and drug-related money is laundered through seemingly legitimate businesses. In response, the Government introduced specific Anti-Money Laundering and Countering Financing of Terrorism legislation to address this risk.
Previously, only a few types of organisation had to comply with the legislation. Following amendments to this legislation passed last year, it is now confirmed that this legislation extends to these groups taking effect from these dates (or earlier if the Government legislates by an Order in Council):
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WHAT ARE THE NEW GOVERNMENT'S TAX PRIORITIES
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One of the first questions business owners ask when a new government enters power
is what changes, if any, are coming in the area of tax.
Revenue Minister Stuart Nash provided a good steer on that when he addressed Chartered Accountants Australia and New Zealand last November.
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Contact Us
If you wish to discuss any of the matters raised in this issue of Dollars and Sense, please contact our office - a member of our friendly team will be happy to assist.
Kind Regards
The team
Ean Brown Partners Limited
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