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Tax

Which PIR Tax Rate Should We Use For Joint Investments?

Which PIR Tax Rate Should We Use For Joint Investments?
We have joint investments - my wife works (for which I am eternally grateful), and I don't (well, not for much money in any case). Her PIR rate is 21 per cent and mine is 12.5 per cent. So far, so good.

If I Overestimate My PIR Rate Can The IRD Keep The Overpayment?

If I Overestimate My PIR Rate Can The IRD Keep The Overpayment?
I read in the Herald recently that if I underestimate my PIR tax rate for my KiwiSaver account then I will have to pay more tax, but if I overestimate the rate then it's tough luck and the IRD keeps the overpayment.  

Tax Minimisation: What Are My Accountant's Obligations?

Tax Minimisation: What Are My Accountant's Obligations?
I understood that tax minimisation was one of an accountant's obligations to his client.

Do I Need To Pay Tax On The Capital Gain From An Investment Property?

Do I Need To Pay Tax On The Capital Gain From An Investment Property?
I am a tax agent and I have offered advice to clients on the attitude of the IRD to capital gains made by individuals on the sale of rental properties. There are no clear guidelines, so I advise that should they sell, they must satisfy the IRD that they sold for reasons other than capital gain.

At What Point Does A Stock Trader Need To Pay Tax On Profits?

At What Point Does A Stock Trader Need To Pay Tax On Profits?
I have recently begun participating in the NZ stock exchange as an amateur. We are buying and selling. The aim is not to retain stock unless necessary.

Should I Include KiwiSaver Tax Statement Information In My IR3 Return?

Should I Include KiwiSaver Tax Statement Information In My IR3 Return?
I received my Tax Summary and IR3 tax form from the IRD and wondered about why they sent it to me, as I've never received one before. I then did a rough calculation according to the guide and I was due a refund (because I was made redundant and unemployed for a few months).

Tax on FX Investment

I'm trying to do online FX trading and really confuse with the tax. Is my gain from foreign currency trading counted as capital gain?

If I Own A House And Then Rent It Out, Can I Claim Expenses?

I have had conflicting information about this scenario.

How Can I Reduce My PAYE Tax?

I am an average Joe Bloggs on an average middle-class income. Quite frankly I'm tired mentally and physically of working long hours just to keep myself in a job (just above broke).

If I Lived In A House Before Renting It Out, Is My Mortgage Interest Tax Deductible?

Due to change in circumstances I've decided to rent my home.  The house has a mortage and I've heard mixed messages on whether the interest on that loan will be tax deductible when I rent out the property. What's your understanding?

How Should I Depreciate Rental Property?

I have also been shown 'the new way' of depreciating rental property - with items such as wiring, plumbing and partitions depreciated faster than the building itself - which gave me misgivings.

What Chattels Can Be Depreciated Separately In A Rental Property?

I wonder if you are aware that Inland Revenue will accept property valuations showing a chattels value as high as one third of the value of an investment property purchase, with the consequent depreciation of these "chattels" at the chattels depreciation rate of 18 per cent.

Could I Incur Capital Gains Tax On Share Sales?

My question relates to capital gains tax. My understanding is that someone who buys shares (or any other asset) for long-term investment purposes with the aim to collect dividends (or rent etc) is not subject to paying capital gains tax in NZ.

What Expenses Are Tax Deductible When Purchasing Shares?

I asked the IRD about purchasing shares and what expenses are deductible.

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