Cloudtax News

At least once a month I am asked the question “What is the likelihood of the revenue authorities finding out about my XXXX”. My response is always the same “What is the likelihood of them not finding out about your XXXX”. The powers that revenue authorities around the world have, to enquire into your affairs are exceptionally broad (ask those who have been in the cross-hairs of the Inland Revenue...
Do you have a UK mortgage? If you have a UK mortgage, grab a bottle of gin before you read on, there is some bad news to come. In fact, if you are paying any mortgage outside of New Zealand (NZ), you should read this, because the concepts I’m about to introduce apply to all NZ taxpayers with an overseas mortgage. Most individuals living in NZ who have a property in the UK are (hopefully) aware...
Do you have an Australian Superannuation fund? Are you up to speed with the reforms? The Treasury has issued a series of fact sheets, however given the importance of superannuaiton, you may wish to seek advice that is specfic to you. We work alongside Tony Pitara at Pitara Partners http://www.treasury.gov.au/Policy-Topics/SuperannuationAndRetirement/Sup... If you want to understand the...
Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, any ITIN not used on a federal tax return at least once in the last three years will no longer be valid for use on a tax return as of Jan. 1, 2017. If a taxpayer has an ITIN that is scheduled to expire and needs to file a tax return, it’s important not to delay. By submitting the application package in the next few weeks ITIN...
We understand that Charles Schwab are reaching out to their clients in a select few countries (inclluding New Zealand) and advising them that they may need to 'adjust' their banking realtionship, and in some cases, they may need to close their brokerage accounts (including IRA accounts). There are potential US and NZ tax consequences of any such action. We further understand that in some...