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Business asset sales rules tightened
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.
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Inland Revenue gets the Rainbow Tick
Inland Revenue (IR) has received the Rainbow Tick, recognising IR’s work to make it a safe and welcoming workplace for Rainbow community members.
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Jail sentence handed down for $17 million of GST fraud
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.
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Compliance with the Bright-line Test
Each year we analyse all property transactions and follow up with those that are most likely to have not included the income they are meant to due to the Bright-line Test. Each year our analysis is getting more accurate. Here's what we've found.
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Inland Revenue warns against avoiding 39% rate
Inland Revenue (IR) says the new 39 percent tax rate for those on incomes over $180,000 may see some high-income earners tempted to try and reduce their exposure to the rate.
Media releases
Business
More Business newsThe 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.
Inland Revenue is turning its hidden economy focus on to the real estate sector, including both the under reporting of income and the overstating of expenses.
More small businesses will be eligible to take out interest-free loans under changes announced today to a government cashflow scheme.
Transformation
More Transformation newsInland Revenue has introduced new and improved gateway services that allow software providers to integrate with our system for certain functions.
Inland Revenue’s systems are back online early after completing the latest round of Business Transformation work ahead of schedule.
Inland Revenue’s online services and phone lines will be closed this weekend as the transformation of the tax system continues.
Individuals
More Individuals newsOver 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.
Prison and home detention sentences have been handed down to two men who used horticultural contracting companies to evade over $1.7 million of tax between 2007 and 2017.
Inland Revenue (IR) has received the Rainbow Tick, recognising IR’s work to make it a safe and welcoming workplace for Rainbow community members.
International Tax
More International Tax newsInland Revenue says automatic exchange of information with other tax jurisdictions around the world is proving a potent tool in the fight against tax evasion.
Inland Revenue says new measures to ensure large multinationals pay the right tax in New Zealand are working well and should mean an extra $200m in tax collected each year.
Overseas businesses selling goods valued at a thousand dollars or less to New Zealand consumers are urged to register for GST ahead of a 1 December deadline.
Prosecutions
More Prosecutions newsA 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.
Inland Revenue’s systems are back online early after completing the latest round of Business Transformation work ahead of schedule.
A 25-year-old Auckland man has been sentenced to more than two years in prison for tax fraud involving more than $200,000.
