Blog

Use-of-money interest rate change

Effective 8 May 2016, the use-of-money interest (UOMI) rates on underpayments and overpayments of tax changed.
  • Underpayments are now 8.27% down from 9.21%
  • Overpayments are now 1.62% down from 2.63%
Rates are reviewed regularly to make sure they are aligned with market interest rates.
more

Purchase of Secondhand Goods for your Business

In some situations you may have purchased secondhand goods to use in your business but didn't pay GST on the purchase because the seller wasn't GST registered. The good news is you can still claim a GST credit as long as the goods were located in New Zealand at the time of purchase and the details of your purchase have been recorded. You may consider buying secondhand items for your business to save money. Even if the seller isn't GST registered you can still make a claim for GST. Regardless of which accounting basis you use, you
more

Changes to property and IRD number rules

A number of property tax rules Government proposed as part of Budget 2015 have just been passed into law and will apply from 1 October 2015. What’s changing? We’ve created a webpage about these changes for people who buy, sell or transfer New Zealand property. Please take a look and share this link with people who may be interested: www.ird.govt.nz/propertychanges In brief, here’s what’s changing from 1 October 2015: • When buying, selling or transferring New Zealand property:
  • unless the property is their main home, New Zealand citizens and residents will provide an IRD number and a
more