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December 2020

To view this newletter in a pdf format, click here.

Christmas/New Year Hours

This year, our offices will close on Wednesday 23 December at midday and will reopen on Wednesday 13 January 2021. Not everyone is back then, but we should be close to having our full
complement of staff back the following week.

2020 has been a year like no other and we would like to take this opportunity to thank you for your continued support over this difficult period, and we look forward to working with you again in the New Year.

From the Team at nsaTax, Merry Christmas and Happy New Year! Enjoy your break, and safe travels.

IS 20/05 – Supplies of Residences and Other Real Property

A recently released IRD Interpretation Statement suggests the sale of a farmers private residence which is used partially in a GST farming activity may be subject to GST in full on sale.  The IS also extends to a sole trader’s private home which has been used in part as a home office in their GST taxable activity.   Read on for more detail.

Tax Bill Gives New Powers to IRD

A new Tax Bill was introduced and passed by Parliament on 2 December introducing the new 39% top tax rate and related changes to PAYE, FBT and other withholding tax rates.  What you may not appreciate is that this Bill introduced significant additional disclosure requirements for trusts.  Read more here.