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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.
A Gisborne man has been sentenced to 8-years 6-months in jail after being found guilty on 39 charges of dishonestly claiming and receiving over $17 million of GST refunds.