Tax Debt Coach

Great review from Max... "We used Nick for all our accounting needs and his knowledge was 2nd to none. He his very easy to talk to and provides you with excellent advice. I would not hesitate to recommend him to anyone to use his services."

★★★★★ New Review for Tax Debt Coach by Max "We used Nick for all our accounting needs and his knowledge was 2nd to none. He his very easy to talk to and provides you with excellent advice. I would not hesitate to recommend him to anyone to use his services."

Great review from Mell... "Good accountant"

★★★★★ New Review for Tax Debt Coach by Mell "Good accountant"

Great review from shane... "Excellent prompt service, highly recommend."

★★★★★ New Review for Tax Debt Coach by shane "Excellent prompt service, highly recommend."

Great review from Nichola... "Great to work with, fast turn around, makes tax time easy and the cost for services is more than reasonable, thanks Nick"

★★★★★ New Review for Tax Debt Coach by Nichola "Great to work with, fast turn around, makes tax time easy and the cost for services is more than reasonable, thanks Nick"

Great review from Stefan... "Working with Nick has been great. He is very knowledgeable and focused on practical solutions to close any IRD tax issues. He provided great advice in closing the FY23 tax accounts."

★★★★★ New Review for Tax Debt Coach by Stefan "Working with Nick has been great. He is very knowledgeable and focused on practical solutions to close any IRD tax issues. He provided great advice in closing the FY23 tax accounts."

Great review from Ross... "Prompt efficient service. Thanks for getting our tax returns done without any hassle."

★★★★★ New Review for Tax Debt Coach by Ross "Prompt efficient service. Thanks for getting our tax returns done without any hassle."

Tax & Money Tip # 2 – Don’t commit financial infidelity (Keeping money secrets from your partner)

Our personal relationships are important to us and yet it can significantly affect us financially if we take our spouse for granted and don’t look after them.

Financial infidelity – What is it?

A money disorder known as financial infidelity involves keeping money secrets from your partner and lying about your finances.

This includes keeping your credit card purchases secret from your partner, having secret bank accounts, taking out a new loan or mortgage without your partner’s knowledge or hiding a significant inheritance or lottery winnings from your partner.

For men, this is typically spending money on sporting goods, gambling and even spending money on online dating even when they are in a relationship.

Women, this tends to be spending money on clothing and shoes. Statistically, men tend to keep more money secrets than their partners and in larger amounts.

If you are keeping money secrets from your partner, the best thing to do is to be honest with your partner about your behavior and work out what is causing this behavior. Is it a lack of trust in your relationship between you and your partner? Were you in a bad relationship in the past and your ex-partner was controlling and abusive?

Don’t continue to damage your relationship by keeping money secrets from your partner.

Are you guilty of committing financial infidelity? Maybe only a minor indiscretion or is it on a much larger scale and you need some professional help to save your relationship before it is too late.

What financial secrets have you kept from your partner?

Brought to you by the Tax Debt Coach & Financial Therapist

Tax Trap # 1- The Brightline Test also applies to New Zealand Tax Residents who buy overseas residential properties.

If you buy a holiday home overseas and sell it for a profit, the capital gain on sale could be taxed under the Brightline Test. Watch carefully to make sure that any holiday home that you own overseas doesn’t get caught. Don’t let Uncle Chris Hipkins trick you into thinking that the sale of your residential property overseas is tax free. It will be if it falls outside the Brightline Test timeframes otherwise you get caught unawares.

It is very sneaky of politicians not only to tax you on your capital gains on residential properties in New Zealand (except of course the main home exemption) and also tax you on any overseas property as well.

See: www.ird.govt.nz/property/buying-and-selling-residential-property/the-brightline-property-rule for details.