This may sound like a silly question, but for income tax purposes there are two types of company, and the main difference is in the way the profits (or losses) are dealt with. Regular company (my description). Unless you elect…
GST for small farms & lifestyle blocks
If you are GST registered and want to sell your small farm or lifestyle block, you may have problems ahead unless you are clear about the impact of GST. The 2011 law change affecting GST on property was intended to…
Overseas travel expenses
Overseas travel expenses are business expenses in the right circumstances. But there must be a clear connection between the expenses and the generation of revenue for your business. A business purpose must be a dominant, not just incidental, reason for…
Look Through Companies and profit division
Business taxpayers in New Zealand requiring a simple way of splitting their earnings should consider using Look Through Companies. Look Through Companies allow the profits of a company to be passed directly to shareholders. This means that their profits are split…
GST on residential properties
There’s generally no GST on residential properties in New Zealand . But there are circumstances when a taxpayer buying and selling residential properties can be liable for GST. To be liable for GST registration, and therefore liable for GST on…