10 May, 2019 | The Week in Tax
- How not to end up in court defending a $4m tax evasion charge
– Investigators from Inland Revenue should not be under-estimated as they are highly skilled, motivated and are looking for pattens e.g. gross profit ratios for similar businesses.
- Welfare Expert Advisory Group Report released
– Up to $5.2 Billion pa needed to overhaul New Zealand’s social welfare system to incentivise people back into work among other changes
– Tax implications for clients claiming Working for Families Tax Credits. Major changes proposed around amounts paid and abatement rates.
- Problems with overseas mortgages and investments
– These are part of the FIF regime – a topic so complex there’s no Inland Revenue guide to it! Due to changes in currency exchange rates income has arisen so the £ mortgage value hasn’t changed but the equivalent in NZ$ has created a change in relative valuation. There’s hope on the horizon.
- Inland Revenue business transformation release 3 has gone live – the team apparently consumed a significant volume of pizza and chocolate!
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3 May, 2019 | The Week in Tax
The Week in Tax – back to normal after the Government’s decision on TWG report?
International tax pressure is building to create a Digital Services Tax because OECD’s BEPS initiative is growing consensus.
Why you shouldn’t be spending any refund from Inland Revenue that turns up unexpectedly. Unexplained credit balances sometimes are paid to prevent interest payments to Inland Revenue and these are getting refunded!
Expect the report from Welfare Expert Advisory Group soon. They consider the interaction between tax and social assistance.
Next week’s guest is Marjan van den Belt
Full transcript and links
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12 Apr, 2019 | The Week in Tax
Terry Baucher summarises the top 3 stories from this week in tax.
- The Brightline Test and professional advice
- The Te Ao Māori capital gains tax case
- It’s tax filing season
The case discussed is GG & GE Blackburn Trustee Ltd v Crowe Horwath (NZ) Ltd [2018] NZHC 366 HC Auckland, 8 March 2018. (There’s a link to the full judgement too) https://iknow.cch.co.nz/document/zntxtnewsUio2964331sl941803891/sale-of-property-attracts-bright-line-test
The story re Te Ao Māori https://www.stuff.co.nz/business/opinion-analysis/111920392/mori-land-must-be-exempt-from-capital-gains-tax
Here’s the link to the US story https://www.vox.com/2019/4/9/18301943/last-minute-tax-preparation-h-r-block-turbotax
Podcast Transcript
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