In New Zealand, we love investing in property. With interest rates down and the share market looking shaky, some may think that now is the time to snap up a cheap investment property in the Gold Coast.
Set out below is our joint submission with Christchurch law firm Helmores to the Inland Revenue Department on the officials’ issues paper “Allowing a zero percent tax rate for investors investing in a PIE“.
You may have seen the term Portfolio Investment Entity or PIE used in the local newspapers and wondered what it was all about. In this article we explain the reason for the provisions, and what they to do.
Many New Zealand based charities also support overseas causes – this is often a result of donations being “ear-marked” by donors as being for support of a particular overseas-based person or purpose. Although these amounts usually make up a small percentage of the charity’s total spending, there appears to be some confusion as to the status of these donations. Shedding light on this issue may help charities to increase the support base for persons they wish to support overseas.
On 11 December 2009 the Government released an issues paper on income splitting. The paper fleshed out the UnitedFuture proposal, which has support from the Government to first reading as part of the coalition agreement.
GST is a hazardous tax, not only for taxpayers, but also for the Government. Unlike income tax, the Government has a commitment to refunding GST, and this part of the GST mechanism leaves the tax open to manipulation. The hazard is greatest where the assets sold are largest. The domestic reverse charge mechanism will to an extent reduce the risk the Government faces from being ripped off through the GST system.
New Zealand Exempt Trusts, or NZETs for short, are an international wealth management tool, and can be useful in many situations. NZETs are available to settlers who are not New Zealand resident. This article gives a brief general introduction to how they work, and where they can be of use.
In the recent Court of Appeal decision Commissioner of Inland Revenue v Penny and Hooper [2010] NZCA 231 (4 June 2010) it was held that Mr Penny and Mr Hooper entered into a tax avoidance agreement when structuring their affairs in such a way as to avoid paying tax at 39% on the majority of their income. The surgeons have now decided to appeal the case, but if not successful it will have significant implications for a broad sector of the New Zealand public. Read more
What are the transitional rules for moving to the 15% GST rate in New Zealand from 1 October 2010 if you account for GST on a payments basis? The transition rules applying to those on a payments basis are arguably the most complex part of the change to the GST rate. This article helps explain these specific aspects of the transitional rules.
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