The IRD’s position is that for sponsorship to be deductible there must be a connection between the sponsorship expenditure and the business or income-earning activity.
The IRD has issued a Revenue Alert after the well publicised Court of Appeal decision in CIR v Penny and Hooper. The decision has implications primarily for people carrying on a business of personal services where the income attribution rules don’t apply (medical practitioners, accountants, engineers, architects, consultants, etc.) through a structure using a company…Details
The amount of provisional tax you are required to pay depends on the amount of profit you expect to make and the method you use to calculate your provisional tax instalments.
Have you borrowed money from a family member, a trust a partnership or a company? Do you pay interest on the money borrowed? If so you may by law be required to deduct resident withholding tax (RWT) from the interest paid and return the amount deducted to the IRD. RWT is a tax deducted from…Details
Considering buying an investment property or making improvements to a property? Contact us about any tax problems before you buy. If you are contemplating investing in rental property or improving an existing property (other than the family home) – you now need to be doubly careful to find out whether that property will be caught for tax…Details
Such as dining room or roofing repairs can also be claimed based on the business use proportion (Note: if the renovation is an improvement rather than a repair it must be depreciated, although from 1 April 2011 depreciation will no longer be able to be claimed). If a repair is made to a part of…Details