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Category Archives: NZ
Collecting outweighs collection (of tax)
New Zealand has abandoned its recent attempt to remove the fringe benefit tax exemption on employer provided car parking. Under the current rules, benefits that are provided by an employer and used or consumed by the employee on the premises of the employer are exempt from FBT. The proposed changes were to impose FBT on employer provided car parking in the following situations: if the parking space is in a cheap viagra online specified urban areas such as Auckland and Wellington; if … Continue reading
Tax avoidance from across the Tasman- personal income, finders keepers
It is indeed rare in the normal course of events that a court decision evokes political interest, except perhaps when it has a potential effect on the outcome of the next election. However a recent decision by the Supreme Court of New Zealand had government officials in a ripple – See Penny and Hooper Supreme Court decision released and Dunne delighted with Penny and Hooper decision. The case involved two surgeons who set up a company and then sold their … Continue reading
Tax adviser liability – Nodding client is no excuse
The High Court in New Zealand in Jones v WHK Sherwin Chan & Walshe HC Wellington [2011] NZHC has awarded $4.29m against a taxpayer’s former accountants (SCW) for failing to advise on the implications of the CFC rules when restructuring the business of their client. See Bob Jones wins $ 4m over bad tax advice. Briefly, an Australian based company, Pamiers Pty Ltd lent money to a New Zealand based company Robert Jones Holdings Ltd (RJHL), both controlled by the … Continue reading
Aussie property investment in New Zealand- What if NZ gets CGT?
The New Zealand Labour Party has announced that it will introduce a capital gains tax if elected at the next election to be held in November this year. The rate proposed is 15%. See “Capital gains tax could raise $4b“. Currently, sales of New Zealand property have CGT implications for an Australian tax resident. Capital gains from NZ property are taxable in Australia . Also, if a capital loss results from the sale of a NZ property, it may be … Continue reading
MIT’s and PIE’s – taxing non-residents with foreign source income
In Australia there are MIT’s and in New Zealand PIE’s: managed investment trusts and portfolio investment entities. In New Zealand PIE’s have been in the news recently . MIT’s in Australia are subject to a reform process (See discussion paper released by the Board of Taxation). Taxation of foreign investors in these investment vehicles is a crucial aspect of reform, especially when conduit income is taxed in the country in which the investment vehicles are resident. With the view to … Continue reading
