Baqir Hussain, FCCA - Business & Property Tax NZ

06/08/2026

Two important tax policy announcements from Labour today:

1. Increase the immediate asset write-off threshold from $1,000 to $10,000 for businesses with annual turnover below $10 million.

What does this mean in practice?

If a qualifying business buys an asset costing up to $10,000, it could claim the full cost as a tax deduction in the first year, rather than depreciating it over several years.

This does not mean a $10,000 tax saving. It means a $10,000 deduction from taxable income.

2. Increase the GST registration threshold from $60,000 to $80,000.

This would mean businesses with annual taxable turnover below $80,000 would generally not need to register for GST, reducing compliance and paperwork for many small operators.

These are Labour Party policy proposals, not current law.

What do you think?

Would these changes help your business?

Link to full media release in comments.

06/07/2026

NZ’s Best-Kept Tax Secret for Business Owners: The 7 July Deadline Isn’t Always Your Deadline

Every year around this time, thousands of New Zealand business owners panic because they believe they have until 7 July to file their income tax return.

- Their records are not ready.
- Their bookkeeping is behind.

And they start worrying about whether Inland Revenue will hit them with penalties.

The truth?

Many business owners don’t actually need to file by 7 July.

In fact, even Business.govt.nz recently reminded business owners that income tax returns need to be filed by 7 July in their latesr newsletter.

But what many business owners don’t realise is that this deadline doesn’t apply to everyone.

In this article, I’ll explain one of New Zealand’s most overlooked tax concessions and how, in many cases, it can give eligible business owners almost nine extra months to file their tax return.

Link in comments.

03/07/2026

Is your accountant helping you minimise tax... or just filing your tax return?

There can be a big difference between an accountant who simply prepares your annual tax return, and one who proactively helps you legally minimise tax throughout the year.

If you're considering changing accountants, don't just compare fees.

Instead, ask yourself:

• Do they proactively contact you with tax planning opportunities?

• Do they explain things in plain English?

• Do they respond promptly to your questions?

• Do they genuinely understand your business and goals?

• Most importantly... what do their existing clients say about them?

One of the best places to start is Google reviews.

Because they provide direct insight into what it's actually like to work with them.

We recently crossed 50+ Google reviews, all 5-star.

That's a reflection of an incredible team that I have, who genuinely care about our clients, along with the systems and processes we've built to consistently deliver a high level of service.

If you're wondering whether your current accountant is giving you the proactive advice you deserve, take a few minutes to read their reviews before making your next decision.

It could be a valuable investment you make for your business.

And if you’re not happy with your current accountant, and looking to change, feel free to send me a message.

I'd be happy to have an obligation-free chat to see whether my team and I are the right fit for your business.

03/07/2026

Three Ways to Extend your 7 July Income Tax Filing Deadline

If your business has a 31 March balance date, the standard deadline to file your income tax return with Inland Revenue is 7 July.

Many business owners don't realise there are ways to obtain more time.

Here are the 3 main ways to get an extension, including what to do if you've missed your deadline.

Option 1. Apply directly to Inland Revenue

You can apply to Inland Revenue before the 7 July deadline through myIR, by phone, or by post.

You'll need a valid reason, such as:

- Serious illness
- Waiting on essential information from a third party
- An adverse weather event or other exceptional circumstance

Option 2. Use a registered tax agent (the easiest option)

If you're linked to a registered tax agent, you'll generally receive an Extension of Time (EOT) to file your return, subject to meeting Inland Revenue's eligibility requirements.

For many taxpayers, this extends the filing deadline until 31 March of the following year.

That's an additional 9 months to file your return.

If you currently don't work with a registered tax agent, you can apply here (link in comments).

Option 3. Change your year-end balance date

If a 31 March year-end isn't genuinely suitable for your business, you can apply to Inland Revenue to change your balance date.

If approved, your filing deadline will generally move to the 7th day of the fourth month following your new balance date.

This option is relatively uncommon, but exists as an option.

Its usually only appropriate where there are genuine commercial reasons for changing your balance date, not simply to obtain a later filing deadline.

What happens if you miss the deadline?

If you don't file on time and don't have an approved extension, Inland Revenue may impose late filing penalties.

However, if the delay was caused by circumstances entirely outside your control, you may be able to apply to have those penalties remitted.

27/06/2026

New 2026 IRD KM Rates. Here’s How Much More You Can Claim

The IRD has just released its new kilometre rates for the 2026 income year, and you’ll be able to claim more than you could last year.

The new rates are relevant to you whether you’re:

1. An employee being reimbursed for work-related travel

2. A business owner

3. Self-employed

4. A contractor

5. A rental property owner using your vehicle for deductible travel.

The rates have increased across all vehicle categories, including petrol, diesel, hybrid and electric vehicles.

What’s Changed?

Read in full on my blog. Link in comments.

26/06/2026

Many New Zealanders are overpaying tax, missing refunds they're entitled to, and leaving money on the table, simply because the system is confusing and nobody explained the rules.

I was recently invited by the award winning, best-selling author Frances Cook - Journalist, who has also recently won the Best Business Podcast at the NZ Radio and Podcast Awards for her Making Cents Podcast, to break down exactly how to stop losing money to the tax system and start making it work in your favour.

We talk:

1. The single biggest mistake Kiwis make with the IRD, and how it turns small issues into massive tax debt

2. How New Zealand's progressive tax system actually works (and why you should always take that pay rise)

3. Surprise tax bills: the most common causes and how to avoid them

4. What salary earners can legitimately claim back, including income protection insurance, donations, and investment costs

5. Working for Families: who qualifies, how to backdate claims up to four years, and how one family recovered $15,000 they didn't know they were owed

6. Home office deductions for self-employed workers and contractors

7. Why tax threshold creep means most Kiwis are quietly paying more tax every year

Whether you're a salary earner, raising a family, or running a small business, there are straightforward steps you can take right now to reduce your tax bill — legally, and simply.

CHAPTERS

00:00​ Introduction

02:34​ $15,000 tax refund

04:16​ How far back you can claim tax credits

05:05​ Why people are scared of IRD

06:26​ The tax mistake that makes problems worse

07:23​ Why ignoring IRD letters can cost you

08:14​ The $250k tax debt warning story

09:33​ Why surprise tax bills happen

10:37​ How the wrong tax code creates debt

11:22​ Working for Families: lump sum vs regular payments

12:43​ Tax refunds aren’t free money

16:37​ The biggest tax myths from social media

18:43​ How NZ’s progressive tax system actually works

20:36​ What salary earners can claim back

22:25​ How donation tax credits work

24:28​ Are you leaving tax money on the table?

27:06​ Why tax creep matters for salary earners

30:05​ The one tax mistake to avoid

32:58​ Outro

Many New Zealanders are overpaying tax, missing refunds they're ent...

24/06/2026

22/06/2026

IRD Charged You A Penalty? 6 Ways You Can Get It Removed

Last month, my team saved a client thousands of dollars without claiming a single extra expense.

IRD charged a four-figure late payment penalty, plus interest.

Most taxpayers would have simply paid it.

Instead, we reviewed the circumstances, prepared a case, and negotiated with IRD on the client’s behalf.

The result?

Penalty remitted.

Now before everyone rushes off to ask IRD to waive their penalties, it’s important to understand that not every case qualifies.

There are rules.

For example:

1. The underlying tax generally needs to be be paid first.

2. Your compliance history matters.

3. The reason for the late payment matters.

4. The way the request is presented matters.

Many taxpayers don’t realise that IRD has discretion in certain situations.

The problem is that most people either don’t know the rules or don’t know how to make a compelling case.

In my full article, I’ll walk you through

- 6 ways that may improve your chances of having an IRD penalty removed.

- 3 common myths about IRD penalty remissions

Link in comments.