Tax Avoidance Under The Spotlight
Depreciation Loading
Point of Interest
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Vol 6 Issue 5
The Supreme Court is to hear the Penny and Hooper appeal on 1 March 2011. This, together with Labour Leader Phil Gough's comments that there should be more Inland Revenue Department (IRD) activity regarding tax avoidance, should bring the issue of tax avoidance again to the forefront of our minds.
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On 20 May 2010, following the announcements of the 2010 Budget, depreciation loading was removed in many cases. Amended provisions have been introduced in the Taxation (GST and Remedial Matters) Act 2010 whereby the grand-parenting provisions in relation to depreciation loading have been clarified.
The Inland Revenue Department has reported that the total collectable taxdebt increased by 4% in the 2009/2010 year.