IRD is seeking to impose NZ tax on overseas sourced pensions, leaving the taxpayer to recover from the overseas tax authority and incur compliance costs and risk of double tax, penalties and interest.
Owens Tax Advisors regularly present and provide public comment on topical tax matters.
Our principal, Jeff Owens is also an accomplished and popular public speaker on tax matters. If you would like to arrange for Jeff to comment on or prepare and present a lively discussion on topical tax matters, please contact us.
The article and spreadsheet below identifies an IRD practice of double taxing small business owners who have been caught under-declaring income. We agree penalties should apply, but not double tax.
IRD has recently implemented a reasonably consistent policy across some of its service delivery divisions. In this article we provide details and comment on areas still needing improvement.
This article explains the risks associated with filing IR10 accounts information forms and recommends filing financial statements as well or instead. It also highlights the way IRD misleads the public in denying any disadvantage of using IR10 forms.
In early 2010, over two years ago, we alerted and IRD accepted that the IR886 form was not collecting appropriate information.
We also noted that residence decisions were being made by staff who were clearly inexperienced
We identified many incorrect rulings by IRD, some of which we quickly overturned and some of which have led to lengthy and expensive disputes.
We redesigned the form for our own clients’ use and in good faith provided a copy to IRD
As at today’s date IRD has still not published any update to the form, and even though the form gives incorrect outcomes, tells taxpayers that they ‘MUST’ complete it.
- Use of the IR886 form is not compulsory;
- It focusses entirely on NZ as opposed to overseas connections;
- It gives a misleading impression to both taxpayers and IRD;
- Don’t use it – get professional advice instead
- We have designed our own form which collates appropriate data for all countries where the taxpayer has connections
Two electronic tools used extremely commonly in business are e-mail and excel spreadsheets. In this article we comment how Inland Revenue uses (or refuses to use) them. We also include a document (obtained following an Official Information Act request) that sets out policies applied by SOME parts of Inland Revenue.