Beware the debt collector

Inland Revenue now has the power to disclose tax debts to debt collectors. 
If the debt is more than 12 months old and greater than 30% of the taxpayer’s gross income, the tax department can release the information.
These disclosures are going to be very dangerous. They will damage the credit rating of those who offend. If you are in this situation, be sure to make an arrangement with the Inland Revenue to catch up and make sure you stick to it. 
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Get your debtors right at 31 March

Clients use all sorts of systems for keeping a tally on the money owing to them.  From a tax perspective, the figure at balance date needs to be accurate.  
Please note:
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Undeclared cash jobs

Recently, Inland Revenue wrote to us to remind us “undeclared cash in the construction sector remains a high priority for us”. 
Failing to declare cash jobs is, of course, illegal.
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Deducting tax from payments to a contractor

Generally, if someone working for you appears to be an employee, they probably are for tax purposes. 
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Trust reforms

Trusts are a popular way of protecting property and managing assets in New Zealand. The number of trusts we have in New Zealand is unknown, but estimates put the figure between 300,000 and 500,000. 
 
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Tax planning before 1 April 2017

For most taxpayers, 31 March represents the end of the financial year. In the lead up to ‘year-end’ there are a number of actions that business owners may want to take to avoid missing the boat on simple tax planning opportunities.
 
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WRITE OFF BAD DEBTS

With 31 March looming as the end of many businesses’ financial year, there’s always the prospect of paying too much tax, It doesn’t need to be this way.
One of the biggest issues is the importance of writing off bad debts. It seems almost every year we have a client for whom we prepare the annual financial statements, who has a large amount of money owing to them. 
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TO FIX OR NOT TO FIX?

Should you be fixing your mortgage now and if so for how long?
 
If you would like some help with this potentially critical question please call our mortgage advisor Andrew Macready, Registered Financial Advisor of Rely Mortgages
m: 021 447 494, p: 09 533 2054 e: Andrew@relymortgages.co.nz
 
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