Inland Revenue’s grace period for tax debt is over, and IRD is applying to liquidate greater numbers of businesses over unpaid taxes. As part of the response to Covid-19, in April last year Inland Revenue was given discretion to be more flexible with deadlines. As a result, the number of … [Read more...] about IRD declare “Covid ‘grace period’ over”.
Inland Revenue is cracking down on residential property investors who have sold without paying tax on the profits. Most interestingly, the department is proactively matching tax returns with property transactions and asking tax advisers to do the same. The bright-line test requires tax … [Read more...] about IRD chase residential property investors – are you affected?
The wage/leave subsidy schemes support employers and their staff who are financially impacted by COVID-19 to maintain an employment and ensure an income for employees. However, as NZ moves out of restrictions and back to a level of normality, it may be that some businesses were not as badly … [Read more...] about Needing advice regarding wage subsidy schemes?
The new insolvency bills are now in place, meaning that liquidators have to be licensed. This brings in tighter regulation, mandatory standards and stronger protections against abuse. The changes are implemented through the Insolvency Practitioners Regulation Act 2019, amendments to the Companies … [Read more...] about Legislating the Liquidators
Keep your cash flowing – and who to call if it isn’tSo, you’re back trading again after lockdown. Finally, you’re able to return to earning and cover those household bills. But, are your debtors paying you? Can you afford to cover your household and company bills all at once? Is that GST bill going … [Read more...] about Post-Covid Cashflow
If your business is struggling post-lockdown you may have sought advice as to how best handle closing your company or dealing with the tax debt you have accrued. Many of you may have considered liquidating your business as a means of managing the mounting arrears, but do you know the powers of a … [Read more...] about Why liquidate when you can negotiate? The hidden pitfalls of liquidation. June 2020