IRD forms

[AAAA]

Hi

I am about to file my tax returns for my company which is just an ordinary company. It has some properties in there. Can someone help me out and advise whether I need to file ir3r for each rental property or can I just fill out Ir 10 and that would would be sufficient. Ir 3r is very time consuming.

Thanks

AAAA

[Anthonyacat]

It is not correct to file an IR3R for a company (IR4 or IR7) tax return. An IR3R is a specific supplementary form to accompany an IR3 or IR3NR (that is, individual filers).

But, to your direct question, an IR10 is sufficient. I hate the new IR3R, and refuse to file them for my clients, it's IR10s all the way.

[Beano]

What about the transaction s in the last week of the year ?

[Anthonyacat]

What about the transaction s in the last week of the year ?

Good question! I had assume he was referring to the March 2019 year.

[artemis]

I see assets up to $5k can be expensed this tax year if bought after 17 March.

From the Beehive announcement -

Allowing immediate low-value asset write offs. To encourage spending, the change will temporarily increase the threshold of the value of assets which can be deducted in the year the asset was purchased. The threshold will increase from $500 to $5,000 for assets purchased in the 12 months from 17 March 2020 (reducing to $1,000 from 17 March 2021.

More here, including other new measures like building depreciation, prov tax -

http://taxpolicy.ird.govt.nz/publications/2020-commentary-covid-19-bill/income-tax

[Anthonyacat]

I see assets up to $5k can be expensed this tax year if bought after 17 March.

It is so incredibly irritating when they make changes like this but dont align them to the tax years, or even to the end of a month! I sort of understand why it started when it did (though they could have easily backdated to 1 March, the virus was still an issue then!) But why could they not have extended the end date to 31 March next year?

Alright, little accounting rant over. Back to your everyday lockdowns...

[artemis]

Why? Virtue signalling without significantly impacting tax revenue this tax year. Especially as the new asset limit was announced after the lockdown.

[AAAA]

Good question! I had assume he was referring to the March 2019 year.

Thank you!! Yes I was referring to the 2019 year

[Rosco]

Hi

I am about to file my tax returns for my company which is just an ordinary company. It has some properties in there. Can someone help me out and advise whether I need to file ir3r for each rental property or can I just fill out Ir 10 and that would would be sufficient. Ir 3r is very time consuming.

Thanks

AAAA

Hi,

Why do you have your rentals in a normal company? There can be some big issues with this

https://cswaikato.co.nz/index.php/latest-news-accounting-hamilton/accountants-hamilton-auckland/153

You should also have full financial statements and minutes for a company. So a balance sheet showing what the company owes you, retained profits, any capital reserves, plus obviously normal assets and liabilities.

Ross

[Beano]

Good question! I had assume he was referring to the March 2019 year.

I thought it is the 2020 return which we do next weekend :-)

[Beano]

Thank you!! Yes I was referring to the 2019 year

While you are on a "roll" start on the 2020 return ! :-)

[Beano]

Hi,

Why do you have your rentals in a normal company? There can be some big issues with this

https://cswaikato.co.nz/index.php/latest-news-accounting-hamilton/accountants-hamilton-auckland/153

You should also have full financial statements and minutes for a company. So a balance sheet showing what the company owes you, retained profits, any capital reserves, plus obviously normal assets and liabilities.

Ross

Is your one hour meeting on zoom or Skype Ross ?

[Rosco]

Is your one hour meeting on zoom or Skype Ross ?

We use a program called 3cx, but very similar. It's a video call, where I can share my screens, spreadsheets etc. And record the meeting.

Ross