2007 media releases
Inland Revenue alerts tax professionals
6 December 2007
Inland Revenue has launched Revenue Alerts - an early warning service for tax professionals designed to highlight any significant or emerging areas of concern.
Assurance Group General Manager Martin Scott said the Revenue Alerts will identify a tax planning approach that the Commissioner of Inland Revenue believes may be illegal or inconsistent with tax policy.
"The approach may be a scheme, arrangement, or a particular transaction. The Alert will look at common features of the issue, relevant tax law, and Inland Revenue's current approach to the issue."
"The Alerts do not replace any existing processes, such as Public Rulings," he said. "Instead, they act as an early warning system, alerting tax agents to risky arrangements or behaviours that Inland Revenue has identified. They will help tax professionals make informed decisions about the affairs of their clients."
The Alerts reflect Inland Revenue's desire to create an environment where people find it easy to meet their obligations. "If we expect customers to comply with tax law voluntarily, we must make that as easy as possible. We need to keep customers fully informed," said Mr Scott.
Tax professionals and customers can go to www.ird.govt.nz/technical-tax/revenue-alerts and subscribe by email to the Revenue Alerts, which will also be posted on the website. The Alerts will be issued whenever Inland Revenue identifies a particular tax planning issue that needs highlighting.
The first Alert looks at the practice of selling the family home to a Loss Attributing Qualifying Company (LAQC) to generate tax deductions.
"Doing this in order to claim tax deductions, for what are really private expenses, may seem like an attractive idea, but in some cases this is tax avoidance," said Mr Scott.
Ends
For further information:
Adrienne Perry
Senior Media Advisor
Inland Revenue
(04) 890 1698
(029)890 1698
Other media releases this year
- Draft guidelines released for new R&D tax credit
- Man extradited from Australia to face tax charges
- Working for Families Tax Credits to be made early
- 'Money man' behind major tax scam jailed
- Third conviction in Rawleigh tax evasion case
- Samoan chief receives two years' home detention
- Early working for families tax credits scheduled
- Cash businesses are in the spotlight
- Inland Revenue transfers first KiwiSaver funds to scheme providers
- Late filers advised to contact Inland Revenue
- Wellington Inland Revenue staff to centralise
- Christchurch businessman fined $20,000 on tax charges
- Hamilton JP jailed for two years for $1.1 million tax evasion
- Businessman pleads guilty to $1.3 million in tax charges
- Jail term extended for Tauranga tax evader
- Inland Revenue offers Language Line
- Inland Revenue wins prestigious IT award
- Inland Revenue simplifies tax with Business Is Booming
- Inland Revenue reassures people affected by weather
- Customers urged to contact Inland Revenue
- Inland Revenue issues GST statement on unconditional property sale agreements
- KiwiSaver information readily available from Inland Revenue
- Scott Anderson bankrupted for unpaid debt of $13 million
- Inland Revenue welcomes 'Trinity' court ruling
- Christchurch tourism operators' concern leads to community service for tax evader
- Inland Revenue welcomes prison sentence for GST fraud
- Levin man sent to jail over $45,000 in GST fraud
- Businessman who "undercut the opposition" jailed for tax fraud
- Accountant's low profits prompted tax audit
- "Not a lot" of effort to pay taxes results in jail term for tax evasion
- Tiler in court for keeping staff tax payments
- Northland flood victims should call if having problems with tax payments
- Tax agent fined $10,000 for refusing to cooperate with Inland Revenue
- Early Working for Families Tax Credits payments
- Nelson man in court for not passing on employees' tax payments
- Tax season underway
- Businesses foolish to try to suppress details of income
- Dairy owner in court for cheating on taxes over seven years
- Two years' prison for 146 tax offences
- Refusing to cooperate with Inland Revenue lands couple in court
- Prison sentence upholds integrity of tax system, says Inland Revenue
- Early family assistance payments
- Tax payments due on 7 February
Corporate Affairs
Inland Revenue
To make a media query:
Phone 04 890 1698 or email mediaqueries@ird.govt.nz
Please note, the email address is only for enquiries from the news media. It is monitored during normal business hours 8am - 5pm Monday to Friday.
P O Box 2198
Wellington 6140
New Zealand
Date published: 07 Dec 2007
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