Extension of the Bright-line test for Residential property

From 29 March 2018, the bright-line test that is used to determine if you have tax to pay on the sale of residential property has changed. If you entered into an agreement to purchase residential property on or after 29 March 2018 and sell it within 5 years, you’ll need to consider if it is taxable under the bright-line test. If a property was purchased on or after 1 October…  Read more

Cryptocurrency, Inland Revenue Finally Releases Guidelines

As cryptocurrencies gather momentum, it is no surprise that Inland Revenue has released some much-awaited guidance in the form of Q & A regarding cryptocurrency related taxes. What is Cryptocurrency? In simplest terms, cryptocurrency is money that only exists digitally or virtually. Cryptocurrency uses cryptography and blockchain technology to regulate its generation and verify fund transfers. Cryptocurrencies can be transferred between people without using an intermediary, like a bank. Cryptocurrencies can be bought peer…  Read more

Tax Season Tips for Small Business Owners

Preparing for tax season is really a year-round endeavor. Tip number one for business owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized businesses are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information. Here are four more ways to…  Read more

New Provisional Tax Option for Small Business

AIM – NEW Provisional Tax Option for Small Businesses Small businesses that have turnover of less than $5 million a year can work out their provisional tax using the accounting income method (AIM). AIM uses new functionality included in approved accounting software to work out payments. You can continue to use another provisional tax option if you think your business won’t suit AIM. It will suit your business if: •…  Read more

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