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Today 23rd March 2021 the Government has announced radical changes to the taxing of residential property investment
It is widely assumed that a new tax rate of 39% will apply to individuals tax earnings over $180,000 per annum for the 2021/22 tax year commencing 1 April 2021.
Earlier this year the Government – by way of the IRD releases, a “Small Business Cashflow Loan Scheme”, businesses were able to obtain a loan of $10k +$1.8k per employee.
The scheme has been extended and updated
The IRD have been keeping taxpayers hot on the heels this last week, sending out correspondence to those taxpayers they believe have a property transaction caught under the Brightline Test.
Evolve Accounting offers services that are registered with the COVID-19 Business Advisory Fund.
Funding is only available through the Regional Business Partner Network (RBP) Growth Advisors.
Drawings from a company is a term used to define withdrawals of cash from a company by a shareholder. A common misconception is that a shareholder is taxed on these drawings.
Ring Fencing applied to Residential Rental properties from 1 April 2019. Find out more at our blog
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Email:
info@evolveaccounting.co.nz
Phone:
09 390 0360