As 2024 draws to a close we would like to express gratitude for the opportunity to provide the assistance that we have during the year to our valued clients. We acknowledge our clients, employees, colleagues, and suppliers, and are grateful to all of you. This...
1. In line with other jurisdictions, cryptoassets (‘crypto’) are treated as property for NZ tax purposes. 2. The intention at the time of acquisition governs how it will be treated for NZ tax purposes. 3. Crypto which is purchased with the...
With Bitcoin hitting the $100k milestone this month, it’s an opportune time to examine the U.S. income tax treatment of virtual currencies. The U.S. tax principles regarding virtual currencies have evolved significantly since the Internal Revenue Service issued...
This week Inland Revenue released official’s issues paper, “Effect of the FIF rules on immigration: proposals for amendments”. Inland Revenue acknowledges the impact of the foreign investment fund (‘FIF’) rules on migrants and prospective...
Following on from Excess Profits and GILTI, we will now look into the Section 250 deduction. Section 250 applies to tax years beginning on or after January 1, 2018. Until 31 December 2025, the deduction is equal to 50% of a corporation’s GILTI. From 1 January...
‘Excess profits taxes’ is not a term that is frequently heard here in NZ. This is unlike the term ‘capital gains tax’, which has been a longstanding political football for the country. This week, however, we heard the term in the news after a long hiatus, as...
