Tag: policy
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10 Common GST Claim Mistakes Businesses Make in New Zealand
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Claiming GST on business expenses can help reduce costs, but it’s important to know what you can and can’t claim. Many businesses unknowingly claim GST on ineligible expenses, which can lead to costly mistakes. Here are some common errors to avoid when filing your GST returns. 1. Purchases from Non-GST-Registered Suppliers If you buy goods…
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GST Mistakes That Could Cost Your Business
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Goods and Services Tax (GST) compliance is a crucial aspect of running a business in New Zealand. While it may seem straightforward, mistakes in GST registration, record-keeping, tax filing, and calculations can lead to serious financial consequences, including penalties, interest charges, and even audits by Inland Revenue (IRD). Understanding and avoiding common GST mistakes can…
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Transfer Pricing: Key Considerations for Businesses Ahead of Year-End
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As the March and June financial year-end approaches, businesses engaged in cross-border transactions with associated parties must review their transfer pricing positions. Ensuring transactions are conducted at arm’s length—meaning they reflect the pricing that would occur between independent third parties—is critical for compliance with Inland Revenue (IR) and OECD guidelines. Proper transfer pricing planning helps…
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Time-Sensitive GST Transitional Rule: How to Avoid Unexpected Tax Obligations
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If you have claimed GST on an asset with mixed business and personal use, you could face an unexpected GST liability when selling it. However, a one-time transitional rule under section 91 of the GST Act provides a unique opportunity to opt the asset out of the GST system. This rule is only available until…
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Big Tax Changes Coming for Charities: What You Need to Know
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Hold onto your hats – tax changes for charities are on the horizon. Finance Minister Nicola Willis has announced that new rules targeting charity tax loopholes will be revealed in the upcoming Budget next May. What’s Happening? The government is investigating how some organisations structured as charities might be avoiding taxes they should otherwise pay.…
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Understanding the Foreign Investment Fund (FIF) Rules
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Learn how FIF rules impact foreign investments in New Zealand. Understand thresholds, exemptions, and compliance methods to simplify tax obligations.
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Understanding the Taxation of Share Investments in New Zealand
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Learn how share investments are taxed in NZ, covering dividends, sales, and deductions. Get practical tax tips from Black Arrow Business Studio.
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Employer-Provided Accommodation: Tax Implications Explained
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Understand the tax implications of employer-provided accommodation with insights from IRD’s latest ruling. Learn about income tax, GST, and valuation rules.
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Government Tax and Social Policy Work Programme 2024/25: Key Updates and Insights
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Discover key insights from New Zealand’s 2024/25 tax and social policy work programme. Learn about updates to tax rules, compliance, and social policies to stay ahead.
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Global Economic Snapshot: Key Trade and Inflation Trends
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Stay updated on global economic trends as inflation impacts Japan, Australia, the UK, and Canada. Learn how trade and monetary policies are shaping 2024