Are You Eligible For The R&D Tax Incentive?

Businesses involved in research and development (R&D) projects can claim a 15% tax credit for the 2019-20 income year. R&D has a specific statutory definition for the purposes of tax credit which is not the same as the commercial, engineering or accounting definitions. The tax credit is not just for scientific research but also for […]

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Wage Subsidy, Resurgence Support Payments And Leave Support Scheme

As we are back at COVID 19 Level 4 for a minimum period of 7 days for Auckland and 3 days for the rest of the country, the wage subsidy, resurgence support payment and the leave support scheme are available. Wages Subsidy (WS) This is available when we move to COVID Alert Levels 3 and […]

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Planning For Seasonal Dips In Income

Seasonal dips in income can be highly challenging when you’re a small business. But there are proactive ways to predict, plan for and overcome these seasonal dips in income. The key to dealing with seasonal dips is to know when they’re most likely to occur, and to have measures in place to spread your income […]

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You can run but you can’t hide

Well, that’s certainly the intention of The Convention on the International Recovery of Child Support and Other Forms of Family Maintenance (the 2007 Hague Convention) which was concluded at the Hague on 23 November 2007 and was ratified on 23 July 2021 and will be active in New Zealand from 1 November 2021. So, if […]

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Using foreign exchange rates

I suspect that when most of you are wanting to convert a client’s foreign currency amounts into New Zealand dollars (NZD), you simply jump on IR’s website and look-up the appropriate rate here. Since April 1st, IR has commenced obtaining these rates from the Reserve Bank of New Zealand. While it is certainly convenient in […]

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RSP eligibility criteria change

Now refocussing on something that is actually important, hopefully by now, those of you entitled to make a resurgence support payment claim due to the present Alert Level changes, have already lodged your application and been paid out. However, if you have a new business, you may have felt you lucked out due to not […]

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Calculating foreign tax credits

IR has released a draft interpretation statement titled “Income tax – foreign tax credits – how to calculate a foreign tax credit”. The document reference is PUB00370.  The commentary explains how to calculate a foreign tax credit under subpart LJ of the Income Tax Act 2007. Its introduction section states:  an important part of this calculation is […]

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A Week in Review

Tax Counsel Office work programme Just in case you like to keep up-to-date of what’s on the Revenue’s agenda in terms of tax policy development (predominantly interpretation statements in the making), the July 2021 Public Guidance Work Programme 2020-21 update is now available here. Some of the items currently in progress which I am certainly […]

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The Importance Of Cyber Security For Small Businesses

It has been a commonly held misconception that large corporations are more likely to be at risk from cyber-attacks compared to small/medium organisations, mainly due to the fact that larger businesses are much more desirable due to the scale of the operation and the sensitivity of the information. However, change in technology in the 21st […]

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