Tax audits of wealthy widened
Wealthy individuals, particularly new immigrants, can expect some extra scrutiny from Inland Revenue in the current financial year to ensure they are meeting their New Zealand tax obligations.
As the criticism continues of wealthy overseas people buying New Zealand property, pushing prices up, Inland Revenue is extending the reach of its high wealth individuals unit to include high income individuals as well as the super rich.
Deloitte Dunedin tax partner Peter Truman told the Otago Daily Times the continuing focus by Inland Revenue on property speculation was likely to mean continued audit activity in the Queenstown Lakes area.
As the criticism continues of wealthy overseas people buying New Zealand property, pushing prices up, Inland Revenue is extending the reach of its high wealth individuals unit to include high income individuals as well as the super rich.
Deloitte Dunedin tax partner Peter Truman told the Otago Daily Times the continuing focus by Inland Revenue on property speculation was likely to mean continued audit activity in the Queenstown Lakes area.
Asked why Inland Revenue was targeting the super rich, Mr Truman said people with higher levels of income were sometimes more motivated to look to ways they could reduce the amount of tax they paid.
It was logical Inland Revenue would increase its focus on that group.
It was logical Inland Revenue would increase its focus on that group.
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