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Cash basis persons rules – Are you aware of these changes?

The Taxation (Business Tax Measures) Act 2009 (enacted on 30 March) introduced a couple of fairly major changes to the cash basis person rules, which have gone relatively unnoticed by practitioners.  The Act was enacted ostensibly to provide a suite of tax relief measures for small to medium enterprises but carries both good and bad news in the cash basis persons sphere.

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Penalty interest on breaking a fixed interest mortgage

Mortgage “break fees” or “penalty interest” is a cost that has become more common place in the current economic times. With the recession starting to bite and with some taxpayers owing large sums to the banks on fixed loans with comparatively high interest rates, decisions about breaking the fixed-rate term to get lower rates have to be made. Invariably decisions like this come with a cost as banks want to be compensated for the loss of revenue that they would have received relative to the higher interest rate.

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Is CGT a four letter word?

Even the government is not immune from the effects of the global economic recession, as evidenced by the Budget 2009. We have always been told that it would be political suicide for a party to introduce capital gains tax, but one has to wonder if there was ever a more convenient time for it to be introduced by the ruling party.

The tax base is pretty comprehensive in New Zealand but there is a glaring omission when you compare it with other OECD countries and particularly Australia – the lack of a capital gains tax on real property.

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Income Streaming through Partnerships – Why won’t the IRD listen?

Tax advisors finally have some decent weekend reading now that the Income Tax Bill has been reported back to Parliament.

lf you feel like sharing a few moments of exasperation with us, take a look at the Officials’ cursory dismissal of our submission that the anti-streaming rule for partnerships in section HG 2(2) be abolished.

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Recent comments

  • Joanne Martin: Hi Would you be able to email me to discuss a small company that is an LTC which I need some advice on...
  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
  • bryan: as a group of employees we get paid meal money if we exceed 11hrs on any day. Employer says he wants to tax...
  • linda: My mother is 94 and has dementia. With govt assisted carers she is still living in a home gifted within the...
  • Sharon: Hi Daniel, Can you please advise how owners of a profit-making LTC pay themselves? The owners used to pay...
  • Another Anne: My Dad is in care on full subsidy. I am EPOA. Are we able to gift some money to my brother in UK so...
  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
  • Quinn: Hi. I would like some clarification regarding the valuation of the investments component of the owners basis...
  • QROPS Pensions: Interesting piece of writing, you always write the most useful content & TalkTax is no exception...
  • Davo: Jo, quite likely is that the transition to an LTC was not done in time and the company became a normal company...

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