Brightline Extended to 5 years from 29th March 2018
The Brightline test has now been extended to 5 years. This means any transfer of property even between different structures could possibly trigger these rules so see k advice before doing anything
Ring Fencing of Rental Losses in discussion
If you have rental losses you may be offsetting these against other income depending on what structures you have. It is currently under discussion that these losses be ring fenced this means they could only be used to offset future rental profit not off set against other income. Something to think about.
Cash are you banking it all?
For businesses that get cash like Dairy's, cafes, Restaurants, dollar stores other eating places, Trades people, Cash is a key focus for Inland Revenue they will be looking at your margins and if yours are looking below normal that puts you in line for a audit. An Inland Revenue audit can be a expensive and time consuming process. The expense will be in your time, your accountants time, possibly legal advice and then taxes and penalties. Penalties can be as high as 150% on top of what you owe. Make sure you have good systems and are returning all your income.