Posts in “Tax” category
Talk Talk: July 2024
Today (1 July 2024) is significant for many landowners as the bright-line test returns to a two-year period. This will allow some landowners to sell/transfer properties without a resulting gain being taxed. As always, the legislation is not straight forward. Read on for Alex's full run down.
Talk Talk: June 2024
Last week’s budget was uneventful, as expected. We saw a change to personal income tax thresholds, an extension of the Independent Earner Tax Credit, an increase to the In-Work and Minimum Family Tax Credits, an increase in the Student Loan interest rate, and the rollout of the FamilyBoost Scheme.
Talk Talk: May 2024
How many changes have there been in the tax world lately? A lot! Shorter bright-line test, an increase in the trustee tax rate, restoration of interest deductibility for residential rentals, removal of commercial building depreciation, and the introduction of an ‘app tax’ for starters.
GST changes for short-stay accommodation hosts
A GST change taking effect on 1 April 2024 will impact the majority of short-stay accommodation hosts. From this date, booking platforms like Airbnb will be required to collect GST on behalf of hosts, whether they are registered for GST or not.
Working remotely for an overseas employer?
There are many residents of Wānaka and Queenstown who are working for a remote employer but may not be paying their taxes in the right country. Let us explain why it pays to get this right. With an increase in flexible working arrangements and global mobility for employees...
Bright-line Test changes: Potential tax refund
The Bright-line Test taxes a gain on residential land when it is bought and sold within a five or ten-year period. This is unless the owner lives on the land and is eligible for the Main Home Exclusion. For residential land acquired between 29 March 2018 and 26 March 2021...
Tax changes for Airbnb hosts
Airbnb rentals or ‘short-stay accommodation’ has become a familiar part of our landscape. Some hosts rely on income to fund their own holidays, while others have turned it into a full-time business. Due to the varying scale of activities, you may have a host who only rents...