Tributum Tax Limited

05/06/2024

Buying and selling residential property?

From 1 July the bright-line property rule is changing.

Get to know when income tax may apply based on when you sell.

Find out more about the bright-line property tax rules here: ird.govt.nz/bright-line-changes

05/06/2024

Changes to personal income tax have been announced as part of the Government’s Tax Relief package. More information including a calculator to estimate how much you could benefit can be found at www.budget.govt.nz

These changes will come into effect from 31 July 2024. Here are the highlights of the upcoming changes:

1. New personal income tax thresholds, shown in the table below

2. The Independent Earner Tax Credit (IETC) upper threshold for eligibility has been extended from $48,000 to $70,000

3. The base rate for the In-Work Tax Credit (IWTC) will increase from $3,770 ($72.50 per week) to $5070 ($97.50 per week)

4. The after-tax threshold for the Minimum Family Tax Credit (MFTC) will increase from $35,204 to $35,316

More information is available on our website: www.ird.govt.nz/income-tax-changes

06/04/2024

What are the property interest limitation rules? 🏡

Recently, the Government announced from 1 April 2024 claiming interest as an expense for residential property in New Zealand will be phased back in.

Find out more about the changes: ird.govt.nz/property-interest-rules-changes

What does this mean for this tax year?

There will be no change for the period 1 April 2023 to 31 March 2024. So, you will still be able to claim 50% of the interest incurred if the property was purchased before 27 March 2021.

If the property was purchased on or after 27 March 2021, no interest can be claimed.

Exclusions and exemptions from the rules still apply. For example, main homes, property development and new builds.

29/03/2024

Are you familiar with the upcoming Working for Families payment changes? The minimum threshold and entitlements will increase from 1 April 2024.

The changes will affect the following payments:
👉 Best Start tax credit (BSTC)
👉 Family tax credit (FTC)
👉 Minimum family tax credit (MFTC)

For more information, visit https://www.ird.govt.nz/working-for-families/payment-types

30/01/2024

27/10/2022

There have been no shortage of scams lately. Learn more about the latest scams that could affect you on our website here:

https://www.ird.govt.nz/managing-my-tax/scams/latest-scams

12/09/2022

Join us as we celebrate Te Wiki o Te Reo Māori - Māori Language Week.

Whakawhānuihia ō pūkenga reo
Ka aha koe?
Kōrero mai!

Expand your language skills
What will you do? Tell us in the comments!

28/10/2021

Tributums new website is now online. If you need any tax advice contact us for assistance.