CCH Business Fitness Update - March 2020
Latest Content Updates #247.2
Ring-Fencing Rental Losses Calculator | Published March 2020
New tax rules affecting landlords of residential property were introduced with effect from 1 April 2019. Our new Ring-Fencing Rental Losses Calculator helps you by removing the time and strain of both calculating and keeping track of losses and ring-fenced losses on a property by property or portfolio basis.
- No limits to the number of rental properties you can track
- Saves time by automatically rolling forward ring-fenced losses from prior year
- Calculates losses and ring-fenced losses for both property by property and portfolio basis
- Assists in determining when rental losses can be offset against the taxable sale of a property and/ or the taxable income of the owner
- Assists in calculating deductible interest for land rich entities
NB: Do you use CCH Workpapers? If yes, we recommend using the Residential Rental and Loss Ring-Fencing workpaper integrated in the forthcoming 2020 version of the workbook instead of this standalone calculator.
Accelerate April 2020 | Published March 2020
Advise clients with residential and short-stay rentals or who provide boarding services:
- From Airbnb to boarders: what’s new for property owners?
- Short-stay rental property in a trust? Your questions answered
- What’s new in 2020?
- Are you a landlord? Keep up with the changes
- Five steps to a healthy rental property
- Key tax dates
Changes for 1 April | Published March 2020
Minimum wage increases from 1 April. Other rates and thresholds change too. Updates include:
- Employment Kit
- Fact sheets and script for minimum wage
- Rates and thresholds table
- Student Allowances and Loans
- Working for Families
Telecommunications tools | Published March 2020
Inland Revenue's Determination on employee use of telecommunications tools and usage plans provides employers with options for allocations between business and private use for tools such as laptops and mobile phones, as well as usage plans. We’ve released a form for employers to record agreements with employees on this and updated relevant advisory content:
- Agreement - Reimbursement for telecommunication tools NEW
- Team Member Handbook
- Allowances and benefits fact sheet
FAQ, script and fact sheet on reimbursing allowances paid to employees
Cheques | Published March 2020
Inland Revenue and ACC no longer accept or process cheques. We’ve updated letters, procedures and forms for this:
- ACC letters on levies due for payment
- Amalgamation letter to directors
- Client Bank Accounts - terms of engagement
- GST letter to client requesting GST information
- Income tax or provisional tax due letter
- Letter, forms and procedures for managing tax refunds
- Procedure for managing provisional tax payments
NEWS FROM TMNZ
Tax Management NZ (TMNZ) is here to make your job as accountants easier. There are four guides available to download, including:
- Introduction to Provisional Guide (most popular, especially for SME businesses)
- Calculating Provisional Tax (useful for accountants)
- Grow your Firm with Tax Pooling (must-read)
- Managing Business Cashflow (newest and full of useful tips)
See all the guides here
iKnow bite size sessions
A quick and easy way to learn about CCH iKnow Business Fitness. Live CCH iKnow training delivered to your desktop with the opportunity to ask questions. Each session just 10—15 minutes in length. Our resources page has more detail.
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Need more information?
Contact the CCH Business Fitness team:
Phone 0800 10 58 60 Email firstname.lastname@example.org
PO Box 10391, Bayfair, Tauranga 3152
68 Paterson Street, Bayfair, Tauranga 3116