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This year, our office will close on Wednesday 21 December at midday and will reopen on Monday 16 January 2023.  Not everyone is back then, but we should be close to having our full complement of staff back the following week. 

We are all looking forward to a well-earned rest over the Christmas/New Year break.  Thank you for your continued support and we look forward to doing it all again next year.

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

Unsurprisingly, IRD interest rates have increased significantly in the last few months with the rate on underpaid tax about to increase to 9.21%.

We continue to hear the significant frustration from practitioners regarding the new trust reporting requirements.  The Commissioner has provided some relief with reduced reporting requirements for certain eligible trusts.

A recent IRD Technical Decision Summary reinforced our long held view regarding the operation of section CD 3 (profit-making undertaking or scheme), but provided a surprise with respect to the meaning of “taxable activity”.

We can assist with valuation of businesses and shares to support shareholder transactions, merger and acquisition activities and relationship property matters.

Please contact Bruce Watt (brucew@nsatax.co.nz or phone on
09 309 6505).