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Taxation Newsletter

The Aug -October 2023 Newsletter contains the full articles on the topics below:

Taxation during a recession.

The buoyant covid subsidy funded days are behind us, New Zealand has entered a ‘technical’ recession. This was reinforced by the recent
announcement that New Zealand’s corporate tax paid was almost 11% down in the 11 months to May relative to Government expectations. Read how these relief measures, during the pandemic illustrate how tax can be used to drive business investment and reduce the tax burden on businesses during an economic downturn.

Tax policy from each political side.

Given that either Labour or National are likely to enter into coalition agreements of some form with the Green Party and Act, respectively, and the tax policies of the two main parties are more ‘vanilla’, it is worth reviewing the tax policies of the two minor parties as this is where unexpected change may come from… 

Leaky homes repair not tax deductible.

The leaky homes crisis represents one of the most severe problems faced by New Zealand’s property sector and continues to cause stress
and anxiety for those affected. Adding to the uncertainty for rental property owners has been the question of whether repair costs are
immediately deductible as ’repairs and maintenance’ (R&M).

Retention money amendment

Legislation has recently been passed that will strengthen the protection subcontractors have that they will receive retention money
owed to them should the head contractor become insolvent.

GST Registration Checks

A standard data policing check completed by Inland Revenue is to review taxpayer GST filing patterns to identify taxpayers that are GST
registered, but perhaps shouldn’t be. In order to qualify for GST registration, a taxpayer needs to be conducting a “taxable activity”

Taxation Principles Reporting Bill 

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