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The Dark side of the Moon … Part 2
Estate Planning can have more twists and turns than a bobsledders training run, but without knowing the course ahead, those on the ride are likely to fall off and get hurt. In the 2nd part of this series, we explore some of the head-scratchers in planning for a desired, fair and equitable distribution of assets to beneficiaries on the passing of a loved one. Be sure to revisit part one of this series if not done so already, which you can find at this same site, and deals with some of the operational matters upfront.
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IRD Fringe Benefit Tax Regulatory Stewardship Review
The Inland Revenue Department has recently announced its report on the regulatory stewardship review of the FBT regime in New Zealand. The Public Sector Act 2020 enforces regulatory stewardship on government departments. It ensures that key regulatory systems are healthy, operating efficiently, and have adapted to changes in time. The purpose of this review is to perform an in-depth analysis of the operative structure and mechanics which play a part in the FBT regime and the projected future compatibility with business changes in the next 5 to 10 years.
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Navigating the Trustee Tax Rate Increase: Protecting Wealth in Changing Times 31 May 2023
The Government’s Budget Day announcement took many by surprise with an increase of the trustee tax rate to 39%, paralleling the top individual marginal income tax rate effective from April 2024.
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Can a company incur a major shareholding change and not lose its tax losses?
When companies incur tax losses, they can utilise them to offset against future profits. The Shareholder Continuity rules disallow these losses to be carried forward into future income years when there has been a change in shareholding by more than 51% from the income year the tax loss was first incurred to the income year in which the tax loss is being recognised.
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End of Financial Tax Year
As the end of the tax year quickly approaches, now is the time to start thinking about preparing your income tax return. Filing your income tax return may seem like a daunting task, but it is important to file your tax return on time to avoid being charged a late filing penalty. With the right information and preparation, you can make the process hassle free. We have highlighted below some key tax changes that have taken place that may affect you.