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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