Our Articles

August 15, 2022
Can you claim depreciation on your building?A major tax difference between commercial and residential buildings is that you can claim depreciation on commercial buildings.Depreciation for buildings was removed across the board in 2010, then reinstated – but only for commercial buildings – as part of…
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August 9, 2022
Keeping up with Fringe Benefit TaxAs an employer, if you provide fringe benefits to employees, or others associated with your business, you must generally pay fringe benefit tax (FBT) on the value of these benefits.So, when are you liable for FBT? Any time you provide non-cash benefits to your…
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August 2, 2022
IRD says ‘No more Mr Nice Guy’Inland Revenue was taking a much more relaxed approach to outstanding tax debt during 2020 and 2021 – but now it’s ready to crack down. Since the start of July, it has stepped up its efforts to pursue outstanding amounts from local businesses.PAYE and KiwiSaver payments…
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July 25, 2022
Don’t burn out this winter!It’s tough going for business owners this winter. Illness is rampaging through the community – it’s hitting staff, suppliers, clients and schools, creating disruption throughout the economy.With the labour market tight, businesses are already understaffed. Add high rates…
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July 11, 2022
It’s now over $11,500 a year to run your vehicleInland Revenue just released its kilometre rates for the latest tax year, which indicate running costs for vehicles. For the first 14,000km travelled each year, the rate is 83 cents per kilometre, which comes to a total of $11,620 – up from $11,060 the…
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February 18, 2021
So we’re back at Level 2 – however at this stage we have made the call for our team to remain working from home until Monday the 22nd of February. They are still available on their respective DDi’s or simply call our main line. We will be taking physical meetings either in our offices if need be or…
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May 13, 2020
New Zealand is preparing to return to work under Alert Level 2.From Thursday the 14th of May most businesses will be back operating albeit, still with many restrictions thereby creating a ‘new normal’ for their everyday operations. The emphasis is clearly still on restricting the contact points…
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April 30, 2020
Jack & Carrie Lum Chester Grey would like to extend our congratulations to Jack and Carrie Lum and their family for achieving a huge milestone in their business. Jack Lum & Co is an institution in Remuera with Jack and Carrie epitomising an exceptional work ethic as well as passion for their…
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April 17, 2020
The Government announced that banks will be able to provide a mortgage holiday of ‘principal and interest’ for the next 6 months to alleviate the consequences of COVID-19 on homeowners. However, there has been confusion amongst homeowners, landlords and tenants and the purpose of this article is to…
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April 17, 2020
The Government and the banks are implementing a $6.25 billion Business Finance Guarantee Scheme for small and medium-sized businesses, to protect jobs and support the economy. The Crown, in partnership with participating approved banks, will support targeted new loans (including increases to…
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April 17, 2020
As we entered into these unprecedented times of being locked away in our ‘bubbles’ no doubt what was foremost on the minds of many business owners was survival. The challenges are obviously different for different businesses and industries – some like essential services are clearly still…
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April 17, 2020
Covid-19 is not a reason to make a position redundant. We’ve had several cases where employees have sought our advice because their position has been made redundant, based on a letter from their respective employers which reads “due to Covid-19 and it’s impact on our business.” Despite the…
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April 17, 2020
Good Shepherd NZ is a charitable non-government organisation that was established to address the critical, contemporary issues facing women, girls and families. Among other services, they offer NILS (No Interest Loans) which are a fair and affordable way for people living on limited incomes to…
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April 17, 2020
Chester Grey was fully operational from our individual home offices from 25 March 2020. This was possible because our business is cloud based and management had planned well before a level 4 lockdown was announced.The physical and technological set up was completed with some simple steps: a…
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April 17, 2020
We have contacted ACC to discuss options for clients if payroll has been significantly affected by Covid-19. As you will know if you are an employer, self-employed or a contractor, you will receive an ACC invoice once your current tax return is process by IRD. The latest invoice will be a final…
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April 17, 2020
Has your business been adversely affected by Covid-19? Are you an Employer, a Sole Trader or Self-Employed? Have you applied for the Wage Subsidy? We have already discussed the Wage Subsidy with a considerable number of clients but we are concerned that, if we have not already spoken to you, you…
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April 17, 2020
COVID-19 is a challenge like we have never seen before.Our goal is to eliminate COVID-19 from New Zealand, so that we can live and work free from this disease. This is the best thing we can do for our people, our communities, and our economy. We attacked the disease early and hard by going into…
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April 17, 2020
Chief among the action points announced is a tax loss carry-back scheme. A tax bill will be introduced later this month (April) to enable this. Other measures revealed include: changes to the tax loss continuity rules; greater flexibility for taxpayers in respect of statutory tax…
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April 6, 2020
We hope that everyone is keeping safe and well in these difficult times.After 11 days at home, the news this morning (06/04/2020) on the Covid 19 front is looking (tentatively) positive.Staying at home is making a difference to the spread of the infection and will save lives.We are all working safe…
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December 20, 2019
Inland Revenue (IR) have introduced several significant changes dealing with the way investment income is reported.Payers will be required to provide more detailed investment income information more frequently, and in an electronic format. For most types of investment income, that will mean…
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