Tax working group report

The "Tax Working Group" has issued its final recommendations to the Government for tax reform.

4 Banks

Just before Christmas the big four banks (BNZ, Westpac, ANZ/National, and ASB Bank) reached a settlement with IRD in respect of long running tax audits.

Prime Minister Speech

Earlier this week the Prime Minister Mr Key gave a speech on possible changes to the tax system.

Payroll Giving

As from 7 January 2010, a voluntary payroll-giving scheme came into effect.

TRADE ME

Inland Revenue is looking into possible income tax and GST liabilities of people who actively trade on Trade Me and similar sites as part of a profit-making undertaking or scheme. 

With increased internet trading people need to be aware of their possible tax obligations in respect of sales on internet sites.

If you buy goods for the purpose of reselling those goods, the profit is subject to income tax. Similarly, if you buy and sell on the internet as part of your business,