Private Individuals
Are you looking to streamline your interests and minimise your tax obligations? We’re here to help you do just that, by providing a full range of tax advice.
There’s no need to pay more than your fair share of taxes.
Tax is complicated and affects all individuals, whether you are in business, on a PAYE salary, a contractor or a sole trader. Our goal is to provide you with valuable insights and ease your compliance burden. We take the worry out of dealing with complex tax matters.
At Baucher Consulting, our clients have a diverse range of lifestyles, financial goals and investment complexities. That’s why we reject one-size-fits-all advice and focus on bespoke solutions, personally tailored to your situation. Properties, trusts, estates, investments and overseas interests can increase the complexity of your tax position. We take all of that into consideration and with your big picture in mind, find the right strategy to protect your assets and build value.
Terry and his team of advisors will help you navigate the constantly changing New Zealand tax landscape. We ensure you understand the tax laws and regulations that impact your finances, empowering you to make smart decisions. We will gladly work alongside your existing accountant or law firm complimenting their expertise with ours.
Do you have a tax problem that needs sorting?
Get in touch with Terry today.
Services
We assist in a number of ways including:
Inland Revenue Audits and Disputes
Have you received a letter from Inland Revenue about a review?
Inland Revenue is putting increasing resources into investigation and review work. GST refunds are routinely reviewed and there are now specialist units investigating property transactions, the cash economy and the use of overseas credit cards.
We provide assistance when Inland Revenue either disputes a particular assessment or conducts a full-scale audit of a business.
Talk to us about:
- Mock Audits
- Inland Revenue Liaison
If you tick any of the boxes listed in the Fringe Benefit Tax checklist we strongly recommend you get in touch and take our professional advice.
Estates and Trusts
The use of trusts in New Zealand is widespread. However, the obligations and implications of using these trusts are not as well understood.
As a member of the international Society of Trust and Estate Practitioners we advise on the taxation of trusts. This can be a complex area and has become more so recently following the enactment of the Trusts Act 2019 and enhanced Inland Revenue reporting requirements. Distributions from trusts to overseas beneficiaries can trigger some very adverse tax consequences.
Talk to us about:
- Estate Taxes
- Overseas Beneficiaries
- Trusts Act 2019
Taxation of Property
Buying and selling real estate (property) can be taxed. There are provisions in certain circumstances that can trigger tax on property transactions. Some of these are straightforward and apply to everyone and others are subject to the nature of the transaction.
There are four main situations where real estate transactions can attract a tax charge.
- Bright-line Test: If you purchase residential or commercial investment property and then sell that property within ten years of the purchase date, the profit on the sale of the property is subject to tax. This is Personal Income tax.
- Intention Test: If you purchase property with the intention of selling for profit, or making a living from that activity, then the profit on each transaction is a taxable activity. This would apply specifically to property developers or if you subdivide land. This is a Business Income tax.
- Associated Persons Test: If you are associated with a property developer, dealer or builder, your property transactions may be deemed to be taxable. Care is needed to distinguish between private and taxable transactions. This is Personal Income tax.
- GST on Property: If you buy and sell property for commercial purposes, GST may apply to each transaction. It is important that the effect of GST on the transaction is clearly stated on the sale and purchase agreement. This is Goods and Services Tax.
We provide advice to clients on the bright-line test and on the dangers of property being “tainted” by association with a dealer, developer or builder.
Talk to us about:
- Bright-line Test
- Intention Test
- Associated Persons Test
- GST on Property
General Tax Advice
As a tax agency registered with Inland Revenue, we can prepare tax returns and financial statements for you. Regardless of whether you are a business, on a PAYE salary, a contractor or sole trader we can provide general advice on all tax matters.
Cryptocurrencies
We’re going to hear a lot more about cryptocurrencies and blockchain technology as they move (very rapidly) into the mainstream.
Inland Revenue like many other tax authorities around the world is still figuring out the income tax and GST implications of cryptocurrencies.
Cryptocurrency is treated as property for tax purposes. There are no special tax rules for cryptocurrencies – ordinary tax rules apply.
We regularly advise on the New Zealand tax implications of this fast moving field.
Need tax planning for your trust or family?
Make an appointment with Terry at Baucher Consulting today.