INSIDE THIS EDITION Government addresses housing affordability 1 Employment recovery 2 Penalising R&M 2 Business interruption due to Covid-19 3 Snippets 4 Fair market salary reminder 4 Supply shortages 4 Government addresses housing affordability On the 23rd March 2021 the Government announced that it would make a number of changes to the taxation of residential property to address housing affordability. Legislation has been enacted implementing some of the announced chan

During the early days of the COVID-19 pandemic, the Government advised that New Zealand’s rules relating to carrying forward tax losses would be relaxed. The expectation being the economic effect of the pandemic would see a number of businesses requiring new capital investme nt, but acknowledging that tax losses should not be forfeited as a result. This change has now been passed into law. Historically, in order to carry forward a tax loss amount a company was required to mai