113 Bank Street, Whangarei, Vinetown 09-4388 879 shp@shp.co.nz

Syers Hamilton Pool Accountants Building Whangarei

Latest News

Latest News 

Tax Pooling

Shelley Yeates 282 Article rating: 5.0

Tax pooling allows you to buy someone else’s tax overpayments, and use these to settle your outstanding taxes with Inland Revenue at the original due dates.  We use Tax Traders Limited, who are an Inland Revenue approved tax pooling intermediary, for this.  This can assist you with reducing interest/penalty charges applied by Inland Revenue or with cash flow relating to tax payments.

Residential Rental Loss Ring Fencing

Shelley Yeates 168 Article rating: 5.0

Just a brief reminder for those who own residential rental properties.  Effective from this current financial year (the 2019/20 tax year) onwards, any rental losses you make can no longer be offset against other income earned.  Instead, these losses will be carried forward and applied against future residential rental profits.

Covid-19 – Government Initiatives

Shelley Yeates 198 Article rating: 5.0

The Covid-19 crisis has, and will continue to have an impact on many businesses.  The Government and Inland Revenue have put in place a number of initiatives to assist businesses and tax payers who are struggling because of the effects of the Covid-19 crisis.

Covid-19 Wage Subsidies Update

Shelley Yeates 234 Article rating: 5.0

With the recent arrival of new community transmitted cases of Covid-19 and the country moving up in alert levels, you are probably aware that the government has extended the wage subsidy scheme.  If eligible, you can apply for a further two weeks of subsidies.

Residential Rentals – What’s Happening to Your Losses?

Shelley Yeates 611 Article rating: 5.0

If you own residential rental property, the rules have changed from the 2019/20 tax year onwards, with regards to any losses made.

 

Rental losses (i.e. where your tax deductible rental expenses exceed your rental income) can no longer be off-set against other income such as business income, wages, interest and dividends.  Instead, rental losses will be carried forward to use against residential rental property profits in a future year.

Anti-Money Laundering and Countering Financing of Terrorism Act

Shelley Yeates 580 Article rating: 5.0

As we have previously mentioned, from 1 October 2018 we are required to comply with this Act.  The purpose of the Act is to detect and prevent Money Laundering and Terrorism Financing in New Zealand. It has been deemed that the services we offer may be attractive to those involved in criminal activities, especially as using us would provide a perception of legitimacy to these criminals.

Income from Portfolio Investment Entities (PIE’s) – Check your Prescribed Investor Rate (PIR)

Shelley Yeates 698 Article rating: 4.5

If you have investments in PIE’s (the most common one being a KiwiSaver account), you need to make sure the income is being taxed at the correct rate.  For a New Zealand resident individual, the correct Prescribed Investor Rate (PIR) is based on your income for the last two years. 

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