31 March represents year end for the majority of taxpayers. So as we settle back to reality after the Xmas break, it is worth considering tidying up the books in anticipation:
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Fonterra has reduced the forecast farmgate milk price for the 2015-16 season. The Fonterra payout has dropped from $4.60 per kgMS to $4.15 per kg MS while Westland Milk and Open Country Dairy have also reduced their forecast payouts.
Do you do jobs for cash? If so do they make it into your tax return?
The IRD have recently announced that they will be focusing a considerable amount of resource on undeclared income. This will include reminder letters on tax obligations to taxpayers in high risk industries and an increase in audit activity. The IRD have access to a wealth of industry data and other techniques which means that it is easier than ever for them to identify under declared income.
Christmas Hours
24/7 Help Desk 0800 883 718
Our offices will officially close at midday on Wednesday 23rd of December 2015 and will reopen at 8am on Monday 18th January 2016. However, you can still contact us via our 24/7 help desk which will be fully operational throughout the Christmas period.
Christmas is fast approaching and the festive season is in full swing! With many of us putting on events or giving gifts to our staff, customers and suppliers we thought it would be topical to remind you that most, if not all, of these costs are tax deductible.
The 2015 Budget brought in several changes to property tax law with effect from 1 October 2015.
There are two significant changes. One is that you need to provide additional information when buying or selling property. The other is a “Bright Line” test to determine if gains are taxable.