Tax treatment of koha reflected in factsheet

The IRD have recently updated our three Māori factsheets to reflect changes to the koha rules. The changes to the following acknowledge that the tax treatment of koha isn't always straightforward and is determined on a case-by-case basis: If you have Māori organisation clients or clients who give/receive koha, these factsheets will help them understand the tax rules on these payments. If you hold copies of old versions, please replace them with the October 2015

Policy consultation closing soon. Have you had your say yet?

The Government’s consultations on better administration of PAYE and GST, and modernising the Tax Administration Act close on Friday 12 February. To date, nearly 1,000 comments have been made on the public forum and 65 written submissions received. Tax agents have a key role to play in advising clients on future policy and compliance obligations, so your voice is important. If you haven’t already provided feedback, there’s still time to have your say. Follow these links to the two consultations Better administration of PAYE and GST more

KiwiSaver changes from 1 April 2015

KiwiSaver changes from 1 April 2015  Changes have been made to the first-home withdrawal rules from 1 April 2015. KiwiSaver members can now withdraw:
  • their contributions and their employer's contributions, and
  • the investment income received, and
  • their member tax credit paid into their KiwiSaver scheme by the Government
The $1000 kick-start payment still can't be withdrawn. From 1 June 2015 the withdrawal can be used as part of the initial deposit on the member's first home purchase. Previously the purchase of the member's first home had to be unconditional before being eligible for the first-home withdrawal. Other changes include:
  • limiting the purchase of