INSIDE THIS EDITION Saving time and cost with tax 1 Working remotely 2 Residential bright line 3 Finicky Bothersome Tiresome (FBT) 3 Snippets 4 New provisional taxpayers beware 4 US tax rules 4 Saving time and cost with tax Various tax concessions exist that can save significant time and money, but they are often overlooked. You may want to save this article as a handy reminder to take advantage of these options whenever possible. Business-related legal fees are tax deductible irrespective of whether they are capital in nature, provided the total amount for the year is $10,000 or less. The concession is not just for companies – trusts and individuals can also take advantage of it. Bec
It is common for disagreements to arise between taxpayers and Inland Revenue on the GST treatment of land transactions, but less common for these disputes to arise between a vendor and purchaser. However, this was the case in a recent High Court case, Holdaway v Ellwood (2019). The case highlights the importance of completing the GST disclosures in the Sale and Purchase Agreement (S&P) correctly. The standard ADLS S&P agreement includes provision for both vendor and purchaser to disclose whether they are GST registered in respect of the transaction. The responses determine whether the sale is subject to GST at 15%, 0% or not subject to GST at all. If the purchaser changes their po
