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Taxpayers will have an extra week to file and pay GST and income tax currently due on October 28 this year.
The rules for how business assets are valued, when they are sold as a bundle, is being tightened.
These new Purchase Price Allocation (PPA) rules, which come in to force on 1 July, apply to the sale of assets such as commercial property, forestry land or a business.
Over the past few days some people have been concerned about receiving a tax bill they weren’t expecting. We apologise for any instances where our processes have contributed to that concern. The bills are correct based on the information provided to Inland Revenue.
