The 2018 New Zealand Master Tax Guide is essential reading for accountants and lawyers advising on tax. It provides succinct yet comprehensive coverage of a wide range of tax topics for the tax generalist who needs to be kept up to date. The Guide covers all areas of New Zealand tax law and includes practical examples to help explain how concepts are applied in practice.

Key Features

• It contains concise summaries of legislation, cases and Inland Revenue rulings and statements affecting the 2017/18 and future tax years.
• Tax calendars set out when payments are due.
• The dates and rates sections allow the rate of tax thresholds, interest rates and depreciation rates to be worked out.

As well as the comprehensive guidebook, you also receive:

• a free copy of New Zealand Depreciation Rates
• a free eBook version of the New Zealand Master Tax Guide..

Legislative changes and changes proposed in 2017 that are covered in this edition include:

1. A host of business-friendly changes, including:

• a new accounting income method for provisional tax
• changes to the use of money interest rules
• allowing certain contractors to elect their own withholding rate
• removing the 1% incremental late payment penalty in most cases
• increasing the thresholds for self correction and for annual FBT returns
• a simplified deduction calculation method for dual purpose premises and vehicles
• strengthening the disclosure requirements for foreign trusts, and
• measures to implement the G20/OECD standard for automatic exchange of information.

2. Changes to the look-through company rules and for closely-held companies more generally

3. Goods and services tax changes, including:

• enabling businesses to recover GST incurred on goods and services used to raise capital
• allowing certain businesses and industry associations to agree an alternative method of apportionment, and
• expanding the services supplied to non-residents that are connected with land in New Zealand that are subject to GST

4. Changes to the related party debt remission rules

5. Increases in certain personal income tax thresholds and family tax credit payment rates, and the repeal of the independent earner tax credit

6. Proposed changes to the collection of employment and investment income information

7. Proposed reforms to the taxation of employee share schemes

The new edition also covers:

• all public rulings, interpretation statements, questions we’ve been asked and standard practice statements released by the Commissioner in 2017
• all issues papers and discussion documents released by the government in 2017
• new developments in case law from reported 2017 judgments.