- Have your say – Tax Working Group submissions closing soon
- Taxation of cryptocurrencies
- Farmworkers and Sharemilkers
- Register now for the NZ Tax Roadshow
Tax Working Group - It's not too late to have your say!
The Tax Working Group is considering what the future of Tax looks like for New Zealand. Submissions close 30 April so there is still time to have your say. The Tax Working Group are asking for feedback on the following five questions:
- What does the future of tax look like to you?
- What is the purpose of tax?
- Are we taxing the right things?
- Can tax make housing more affordable?
- What tax issues matter most to you?
Whether you have purchased cryptocurrencies (such as Bitcoin or Ethereum), are mining them yourself, or your clients want to sell, Inland Revenue have published a set of commonly asked questions and answers and definitions relating to the taxation of cryptocurrencies.
Key points from this publication include:
- For tax purposes cryptocurrencies are considered property not currency
- When accepting payment for goods or services in cryptocurrencies income tax on the value (in NZD) applies
- Records of cryptocurrency transactions must be kept in line with the standard seven year record keeping requirements.
Investment Income Bill enacted
The Taxation (Annual Rates for 2017-18, Employment and Investment Income, and Remedial Matters) Bill received Royal Assent 29 March 2018. A copy of the Act is available online.
Farmworkers and Sharemilkers
Farm worker allowances
PUB00237: Income Tax – What is the tax treatment of allowances paid and benefits provided to farm workers? This item updates and replaces earlier items and applies to employees and some contract workers.
Deductions for Sharemilkers
PUB00309: Income tax – Can sharemilkers and contract milkers deduct farmhouse expenditure using the approach in IS 17/02? Addresses whether sharemilkers and contract milkers can claim a 20% deduction for farmhouse expenditure under IS 17/02.
Submissions on these items close 11 May 2018
2018 Square Metre Rate for the Dual Use of Premises
Inland revenue has published the rates for dual use of premises on their website. The Rate for the 2017 – 2018 income year is $41.10 per square metre.
Join us at the NZ Tax Roadshow 2018
The CA ANZ NZ Tax Roadshow kicked off this Month with events in Whangarei, Whakatane and Gisborne. Starting next week our NZ Senior Tax Advocates are visiting the remaining locations around the country. Dates, times and locations for our remaining sessions are available on the registration page.