The IRD has recently broadened the scope of “cash basis persons” to include all entities (including companies and trusts) subject to certain thresholds not being exceeded. Previously companies and trusts were required to accrue income earned but not received at 31 March 2009 (or at balance date for non standard balance dates). Provided company’s and…Details
Employees are generally not able to claim any expenditure against their salary and wages, however there are two common exceptions to this as follows:
- Expenditure incurred in preparing a tax return is deductible, including for salary and wage employee
- Insurance premiums relating to income protection insurance are deductible including for salary and wage employees.
Some children can receive income up to $2,340 tax free. The main requirements are the child is under 15 or under 18 and still at school.
If you have four or fewer private boarders living in your home and the income received from the boarders is below the thresholds stipulated by the IRD you do not need to return the boarding income received in your tax return. The IRD thresholds are as follows: If you have either one or two borders…Details
The IRD’s mileage rate for employees is currently 70 cents per kilometre.
As part of its Property Compliance Programme the IRD is sending out an informational pamphlet to people they have identified as having had an interest in “off the plan” property purchases. The purpose of the correspondence is to alert people of possible tax implications of “off the plan” property transactions.