News & Insights

2017 marked the first year the Inland Revenue had a dedicated audit team which focused on Fringe Benefit Tax (FBT). While FBT makes up less than 5% of the Government’s tax take, the reviews proved that FBT has now become a staple part of the Inland Revenue audit process and taxpayers need to give the appropriate attention to compliance and the tax positions taken.

Effective KPI reporting is built on transparency, accountability, and comprehensive communication. It can help businesses to reduce costs, identify new opportunities, and make better decisions. It provides an opportunity for staff at all levels of a business to reflect on their performance and, if required, take actions that improve the overall performance of the business.

Family. Gifts. Carols, baubles, tinsel on the tree. When it comes to Christmas time, these are the things that most Kiwis are going to be thinking about—but there’s one more thing that business owners need to keep in mind over the Season of Giving: how much they should be giving to their employees in pay over the holidays.

A massive overhaul and rewrite to trust law in New Zealand is currently underway—and your trust may be affected. The IRD are taking a long, hard look at trusts that don’t make commercial sense, but still manage to deliver unusually favourable tax advantages—and new changes to family trust laws are currently being drafted to allow beneficiaries greater knowledge of what their trust is doing, and how much money it is making.

If you use a company vehicle as a benefit for your employees, you need to make sure you’re keeping the IRD happy over the holidays. Here’s what you need to know...