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The Dark side of the Moon
We all know the phrase “there are three things that are certain in life – death, taxes, and chocolate fish don’t swim”. So, why are there limited instruction manuals about how to deal with the plethora of issues that arise after the death of a loved one? It’s certainly not an uplifting topic, but awareness around the unexpected housekeeping and estate planning in advance is always welcomed by those left in charge.
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Unveiling the Veil – Time to Tidy Up our Trusts
In line with the recent changes made to the Trust Act (2019) that came into force on 30 January 2021, the Inland Revenue Department has now published their operational statement (22/02) that sets out the reporting requirements for domestic trusts.
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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.