The Week In Tax

Inland Revenue has released five COVID-19 related variation determinations including ones covering look-through companies, bad debt write-offs and tax pooling The tax problem of appointing an Australian resident executor A temporary increase to the write-off threshold for tax to pay

This week a look at the new Wage Subsidy Extension scheme Capital gains tax is back on the agenda Time to top up your KiwiSaver contributions

The Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill introduced covering purchase price allocation, taxation of land, feasibility expenditure & trusts Inland Revenue phone issues Last week for applications for the small business cashflow scheme

A controversial extra relief for the newly unemployed Are redundancy payments overtaxed; and Record numbers apply for instalment arrangements with Inland Revenue.

The Small Business Cashflow Scheme Inland Revenue’s guidance on the sharing economy Employees claiming home office expenditure

A look at Budget 2020 and the surprising lack of additional funding for Inland Revenue and Ministry of Social Development. How bad will the loss of tax revenue be?

Inland Revenue guidance on how FBT applies during the Lockdown. Is the wage subsidy scheme available for landlords? A look ahead to next week’s Budget.

Inland Revenue releases a determination on payments to employees for working from home, COVID-19 tax measures legislation is introduced Provisional tax is due 7th May

Latest guidance from Inland Revenue on Covid-19 tax measures Draft guidance from Inland Revenue on tax implications of owning overseas rental property and application of financial arrangements rules DIA ruling on AML-CFT

New temporary loss carry back regime will it help small businesses; The inherent flaw in the foreign investment fund regime; and The rules around claiming deductions for working at home

More on Inland Revenue’s criteria for relief as a result of the COVID-19 Pandemic The fringe benefit tax lesson from David Clark’s misadventures The pros and cons of a Financial Transactions Tax

More on Inland Revenue's response to COVID-19 Inland Revenue is closing down next week How might COVID-19 affect tax in the future?

Explaining some of the detail about the Government's COVID-19 package Inland Revenue discretion about waiving use of money interest Tax residency and unintended consequences of COVID-19 Time to defer 7th May provisional tax and GST payments

This week more on the Governments COVID-19 package The risks of underpaying yourself A cash flow trap for those transferring their pension and superannuation schemes to New Zealand More year-end tax planning

Special edition looks at the tax measures in today's $12.1 billion stimulus package Depreciation on buildings restored Low value asset write-off limit increased to $5,000 Residual income tax threshold raised to $5,000 Inland Revenue to have discretion to write off use of money interest

What is Inland Revenue's response so far to the COVID-19 pandemic compared with Italy, the UK and Australia? New Zealand trustees should be aware of potential Australian tax implications Year end tax planning tips

GST issues paper proposes change in GST treatment of crypto-assets Retrospective change to treatment of donation tax credits More on Inland Revenue’s decision to stop accepting cheques

This week Nigel Jemson the winner of the 2019 Tax Policy Charitable Trust talks about his proposed Trusted Taxpayer Regime - in many ways a new and improved accounting income method It offers a 10% tax credit for small businesses (turnover below $5million) and no annual filing obligation in return for quarterly filing and Inland Revenue access to data

Changing tax thresholds and capital gains tax are back on the agenda, Inland Revenue warns the hospitality industry OECD estimates international tax reform could be worth USD100 billion annually

Shareholder advances under Inland Revenue scrutiny - are you paying FBT on these advances? More about using cheques to pay tax Australian tax complications when purchasing property

Inland Revenue's extensive powers of collection and its use of deduction notices Triggering a dividend through misunderstanding tax implications of transaction Terminal Tax payment options

Progressive taxation on biological methane is John Lohrentz' proposal to the New Zealand government as a tool to transition to a low carbon economy.

This week: What will be the big tax issues over the next decade? Inland Revenue cracks down on Student Loan debtors Is CGT really dead?

A look back at the big tax stories of 2019 The Tax Working Group report and capital gains tax Inland Revenue's business transformation OECD's international tax proposals

Chris Cunniffe of Tax Management New Zealand talks about tax pooling & the latest TMNZ/CAANZ survey of tax agent satisfaction with Inland Revenue

Inland Revenue's new approach to tax investigations Waste disposal levy good example of an environmental tax How being 6 minutes late could cost the ATO almost $100 million

The Week in Tax 22 November 2019 More on Inland Revenue CRS initiative The future of tax Why did the Tax Working Group's CGT proposal fail?

Property developers and a still too common GST mistake EU proposes sharing credit card data to counter tax fraud OECD proposes minimum global tax rate as part of BEPS initiative

Tax perils of being a trustee HM Revenue & Customs guidance on cryptoassets Confused by your myIR dashboard? You're not alone

Inland Revenue targets the hidden economy in Queenstown and how much additional tax has it raised from the hidden economy since 2010 Using technology to counter tax evasion - the Swedish experience Have property in the United States? You could be subject to US Estate Tax

This week I take a look at Inland Revenue's annual report - How much additional tax did it raise? Who is it sharing information with? How did it do against its own performance measures?

This week I'm joined by Geof Nightingale of PWC and we discuss: The Tax Working Group How the Budget surplus could be used to improve taxes for middle income earners The pros and cons of a Digital Services Tax and The OECD's recently announced international tax proposals

OECD proposes the biggest changes to international tax since the 1920s, The Government has a surplus but what about the cost of superannuation? Inland Revenue targets cash economy

This week Inland Revenue issues consultation on habitual buying and selling of land Two Tax Working Group recommendations on feasibility expenditure and shareholder continuity approved Inland Revenue issues Automatic Exchange of Information letters

Special International Podcast Day edition Observations of tax in the UK differential VAT/GST rates OECD on taxing energy Comparing NZ tax system with that of the UK and Germany

Why small businesses need a tax advocate More on using cryptocurrencies to pay salaries Another unknown unknown the UK regulations implementing the 4th EU Anti-money laundering directive

What are the "Unknown unknowns" of tax - the financial arrangements regime and Inheritance Tax Wage theft and missing PAYE and KiwiSaver contributions National's tax policy - indexing thresholds, changes to the bright-line test and loss ring-fencing

A free-ranging discussion with journalist, academic and author Max Rashbrooke about the future of tax and the possibility of a wealth tax

Inland Revenue's three new rulings on taxing crypto-assets paid as salary and wages/bonuses New draft determination on using smartphone for business Inland Revenue audit activity on the decline?

This week The impact of Brexit and the financial arrangements regime The Government's tax policy work programme for the next 18 months 15 years ago...

What tax do High Wealth Individuals pay Can an exemption really increase tax revenue? Simplifying provisional tax

This week in tax Inland Revenue explains the work related vehicle exemption Is insulation deductible? Should it be? Just how good is Inland Revenue's $1.5 billion business transformation?

This week Time to change FBT on cars and is that twin cab ute a work-related vehicle? Digital services tax - good politics but bad policy? Taxing cryptocurrencies

This week: What's with Inland Revenue's new use of money interest rates Inland Revenue survey on costs of tax compliance for small businesses Productivity Commission on vacant land tax

This week: Loss ring-fencing legislation passed Business mileage and business use of building rates OECD's exchange of information and Common Reporting Standards

This week ANZ Bank and David Hisco tax planning Update on Inland Revenue's business transformation progress and implications for tax agents UK inheritance tax and New Zealand residents

This week - PIE debacle gets bigger - Can you really claim expenses for wine storage - Do flat taxes work?

Terry's guest on the podcast today is Deborah Russell, MP with whom he co-authored Tax and Fairness book. They dig into how the government and parliament legislate tax policy. Deborah speaks on tax issues in parliament and explains the different ways that Deborah is on the Finance and Expenditure Select Committee - what do they discuss? The Loss Ringfencing Bill going through parliament also focuses on getting GST from online sales Most tax legislation goes through unopposed - who knew? The working day of a parliamentarian - a 40 hour week done in 3 days The Inland Revenue IT upgrade - tax agents felt less-involved than they could Next week's budget - MPs get prior announcements an hour beforehand The living standards framework - based on Amartya Sen and Martha Nussbaum's work And a prize draw....

How not to end up in court defending a $4m tax evasion charge - investigators from Inland Revenue should not be under-estimated as they are highly skilled, motivated and are looking for pattens e.g. gross profit ratios for similar businesses. Welfare Expert Advisory Group Report was released - Up to $5.2 Billion pa needed to overhaul New Zealand's social welfare system to incentivise people back into work among other changes - Tax implications for clients claiming Working for Families Tax Credits. - Major changes proposed around amounts paid and abatement rates. Problems with overseas mortgages and investments - These are part of the FIF regime - a topic so complex there's no Inland Revenue guide to it! Due to changes in currency exchange rates income has arisen so the £ mortgage value hasn't changed but the equivalent in NZ$ has created a change in relative valuation. There's hope on the horizon. Inland Revenue business transformation release 3 has gone live - the team apparently consumed a significant volume of pizza and chocolate!

Is it now back to normal after the Government's decision on TWG report? The Week in Tax news: International tax pressure is building to create a Digital Services Tax because OECD's BEPS initiative is growing consensus. Why you shouldn’t be spending any refund from Inland Revenue that turns up unexpectedly. Unexplained credit balances sometimes are paid to prevent interest payments to Inland Revenue and these are getting refunded! Expect the report from Welfare Expert Advisory Group soon. They consider the interaction between tax and social assistance. Full transcript at https://baucher.tax/dont-spend-your-tax-refund/