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Navigating the Trustee Tax Rate Increase: Protecting Wealth in Changing Times
The Government’s Budget Day announcement took many by surprise with an increase of the trustee tax rate to 39%, paralleling the top individual marginal income tax rate effective from April 2024.
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Preserving Tax Losses: Navigating Major Shareholding Changes
This article explores whether a company can undergo a major shareholding change without losing its tax losses. It examines the conditions under which tax losses can be retained, providing clarity on this complex aspect of tax law.
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End of Financial Tax Year
As the end of the tax year approaches, it's essential to prepare your income tax return promptly to avoid late filing penalties. While the process may seem overwhelming, proper planning and information can streamline it significantly. This article outlines key recent tax changes that may impact your filing, helping you navigate your obligations efficiently and effectively.
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Getting paid. Shareholder Salary or PAYE?
In an ever-evolving business landscape, ensuring proper compensation for shareholders and employees remains crucial. This article explores the two primary payment methods for business shareholders: shareholder salaries and PAYE (Pay As You Earn). It outlines the advantages and potential challenges of each approach, helping you determine which option best aligns with your unique circumstances. By understanding these payment structures, you can make informed decisions that optimise both compliance and financial benefits for your business.
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Research & Development Tax Incentive
Budget 2022 saw funding dedicated to the Research and Development Tax Incentive (RDTI). With Callaghan Innovation Limited and the Inland Revenue Department working together to evaluate entitlement upon review, the RDTI operates as a tax credit to incentivise businesses and individuals who perform R&D activities that are carried on in New Zealand.
