IRD are currently reviewing the laws around tax deductibility of farmhouse expenses. Since the 1960s, farmers and orchardists have been able to deduct 25% of farmhouse expenses without needing to provide evidence of their business use. They have also been able to deduct 100% of rates bills and interest costs on loans.
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Over the last few months there have been a number of clients that have received letters from IRD in relation to payments made to labour only contractors in the kiwifruit industry. This is mainly in relation to summer and winter pruning. Generally these letters have come about because IRD are investigating a particular contractor that is possibly not doing things correctly in relation to withholding tax.
Inland Revenue’s crackdown on ‘cashies’ continues with their focus on undeclared cash in the construction and hospitality sectors. Last year, the Auckland region saw the most activity. Inland Revenue are now widening their reach. They’ve been trying to change attitudes among tradies and subcontracting businesses and their efforts seem to be getting results.
Trudi Ballantyne Awarded Prestigious Fellowship Award by Charted Accountants Australia & New Zealand
Our very own Trudi Ballantyne has been awarded the prestigious Fellowship Award by the Chartered Accountants governing body.