Terry’s Tax Roundup – 16 – 22 January 2019
NZ tax, tax brackets increase, tax and inflation?
Terry’s Tax Roundup – 23 – 31 January 2019
Terry Baucher, Tax Expert NZ, Fiscal Drag
TVNZ interview on Fiscal Drag
OECD Tax Inspectors without borders,

Terry’s Tax Roundup – 16 – 22 January 2019

The week’s tax news in one handy summary. 

New Zealand Tax

  • This would be a good move. But I do agree with limiting it to commercial/industrial property | The Tax Working Group: Will it bring back depreciation of buildings?

https://t.co/5jDd8eiw2W

  • Interesting story about suggestion that art & other collectibles would be excluded from a CGT. Note what happens in the US around valuations of art | Not all that glitters may be subject to a capital gains tax

https://t.co/aJZ98rxcVW

  • We’ll have to wait & see but if a CGT is introduced some form of trade-off similar to what was done in 2010 when GST was increased seems appropriate | $735 income tax cut in return for capital gains tax would be ‘hypocrisy’, says National

https://t.co/DRpqQ8iAjo

  • Worth keeping this in mind when considering inflation & CGT issue | Rental property investors get a sizeable tax advantage because they can deduct the inflation component of interest payments

https://t.co/p3g8HnHOwP

  • What the TWG proposes to redress this is going to be very important | The rich are getting richer, the poor are getting poorer – new research

https://t.co/9USW2FGJvv

  • More special pleading? This is the case now for people transferring foreign superannuation schemes some of whom must pay tax way ahead of when they can access the funds | A low top tax rate means the majority will pay the maximum in capital gains

https://t.co/AR5LYeHNoI

Inland Revenue news

  • Officials’ report to the Finance and Expenditure Committee on submissions on the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Bill released. An absolute doorstopper…

https://t.co/MOLZ3C20jA

  • This includes an important amendment to the “Bright-line Test” clarifying the purchase date for land purchased off the plans & perpetual leases converted into freehold (H/T @JeneeTibshraeny)

https://twitter.com/BCLTax/status/1087181775674138624

International Tax

  • At 15.5% (for 2016) New Zealand’s corporate income tax take is above the OECD average

https://twitter.com/OECDtax/status/1085465200978001921

  • Interesting article on international taxation here from a board member of Columbia’s central bank | “The overriding priority now is to establish an international corporate tax system fit for the digital economy”

https://t.co/2oicyH7khY

  • An amazing insight into the scale of the problem facing some developing countries.  (The ratio in New Zealand varies on the target area but is at least 6:1, still a very worthwhile return).

https://twitter.com/UNDP/status/1087412059980075008

Europe Tax

  • Just a yellow card then | Ronaldo to plead guilty to tax fraud in Madrid court

https://t.co/IbxsylHoT1

Terry Baucher Terry Baucher is an Auckland-based tax specialist with 20 years experience. He works almost exclusively with high net worth individuals and owners of medium sized and emerging businesses. Prior to starting his own business, he spent six years with one of the "Big Four' accountancy firms including a period advising Australian businesses how to do business in New Zealand.
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