End of Financial Tax Year
05 Mar 2023
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.
Trust Reporting Requirements
In order to increase transparency, the New Zealand government has implemented new disclosure requirements for trusts that generate assessable income, effective from the 2022 income tax year. Trusts that fall outside of the excluded trusts category will be required to furnish additional information in their annual income tax return (IR6). This includes financial statements, settlement details, beneficiary details, distribution details, and details of persons who hold the power of appointment to add or remove trustees and beneficiaries. The Inland Revenue has also issued various consultation documents regarding the new disclosure rules for trusts. The new disclosure rules are expected to impact up to 180,000 domestic trusts.
Interest deductibility limitation
Another change to keep in mind is the interest limitation rules. These rules will phase out the deductibility of interest expense against income from residential rental properties purchased prior to the<
World Class Business Consultants
Questions around EOFY? Reach out and speak to one of our expert advisors.
Contact UsOur Latest Insights
10 Financial Mistakes That Could Hurt Your Business — And How to Avoid Them
Managing money well is one of the biggest challenges for business owners — and one of the most important. This guide walks you through 10 common financial mistakes and how to avoid them, so you can run your business with more clarity, confidence, and control.
How Financial Forecasting Helps NZ SMEs Manage Uncertainty
Financial forecasting is essential for New Zealand SMEs facing economic uncertainty. This article explores how smart forecasting tools and scenario planning can empower businesses to make informed, agile, and confident decisions.
The Evolving Role of Chief Financial Officers
The role of CFOs is rapidly evolving beyond finance. Today’s CFOs are strategic leaders, driving growth, innovation, and resilience—especially vital for New Zealand businesses navigating complexity and planning for sustainable success.
How Automation is Transforming the Accounting Industry
Automation is rapidly reshaping the accounting industry, streamlining routine tasks and enabling real-time insights. This article explores how technology is transforming finance functions and what it means for New Zealand businesses and accountants.