Trustee tax rate increasing to 39%

The Budget 2023 announced a key change increasing the trustee tax rate from 33% to 39% from the 2024/2025 (generally 1 April 2024). This change is aimed at improving the integrity of the tax system by aligning the trustee tax rate in line with the top personal bracket of 39% which was introduced from 1 April 2021.

Budget 2023 - Our view

In the shadow of Cyclone Gabrielle, this year's budget focuses on cost of living and cyclone and flooding recovery, with the sights being shifted and narrowed down on skills, science and infrastructure to help grow the economy and make it more productive and secure.

FBT on motor vehicles refresher

Calculating Fringe Benefit Tax (FBT) on motor vehicles can be complex, due to the various permutations that can exist depending on the use of the vehicle, its type and the approach adopted by the employer. As a result, it is very common for businesses to get the calculation wrong.

Deductibility of holding costs for land

On 31 March 2023, Inland Revenue released a draft interpretation statement (PUB00417) addressing the deductibility of land holding costs - namely, interest, rates and insurance - and the relevance of whether the land is taxed on disposal. How will this affect you?