At the APIA meeting last night, we were told that the IRD, on the back of investigations in Auckland and Queenstown, had uncovered $105,000,000 of unpaid tax!
They have now been given $15,000,000 extra (which may be the same $15,000,000 they were given last year - wasn't clear) to investigate every sale from 2002 to 2008 to check for tax liability.
There is a booklet available, and a form to make a voluntary declaration before the IRD decides to audit you.
The IRD has produced a guide, IR313 ,to help people decide if they should be paying tax on their property transactions, but it is fairly basic, and does not cover such things as Trading Trusts -vs- Buy and Hold Trusts etc., so I recommend that you talk to you accountant before making a declaration and inadvertently putting your foot in it!
cube
They have now been given $15,000,000 extra (which may be the same $15,000,000 they were given last year - wasn't clear) to investigate every sale from 2002 to 2008 to check for tax liability.
There is a booklet available, and a form to make a voluntary declaration before the IRD decides to audit you.
The IRD has produced a guide, IR313 ,to help people decide if they should be paying tax on their property transactions, but it is fairly basic, and does not cover such things as Trading Trusts -vs- Buy and Hold Trusts etc., so I recommend that you talk to you accountant before making a declaration and inadvertently putting your foot in it!
cube
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