The dating world sure has changed over the years. Technology is playing an ever increasing part in the process with prospective partners undertaken significant data matching and compatibility testing.
It may not seem overly romantic for some but there appears little doubt the algorithms are viewed by many as at least partially and initially effective.
Of course, it is not only the dating world where data and algorithms are becoming commonplace. Increasing we are also seeing IRD ‘swiping right’ and applying a technological driven approach.
Double Tax Agreements have recently been amended to include exchange of information provisions. Where no Double Tax Agreement exists, IRD is also entering into separate exchange of information provisions. As a result, the New Zealand IRD enjoys an unprecedented level of cooperation and information gathering with other revenue authorities from around the world.
We have also seen frequent IRD reviews where existing NZ taxpayers have a foreign banking service provided such as a credit card or similar and IRD proactively seek explanation and confirmation that all foreign income has in fact been returned in New Zealand.
IRD is also happy to “date locally” and has been reviewing land transaction records within New Zealand. We have seen clients receive specific investigative/please explain correspondence from IRD in relation to application of Brightline provisions to land they appear to only have owned for a few months based on a certificate of title received after a subdivision, notwithstanding that the underlying undivided land had been held by the same taxpayer for more than 25 years.
While IRD may have a little way to go yet on the use of technology, we all need to remain cognizant that technology is being used to an ever increasing degree. It is currently being used to drive audit and review selection and at least initial queries. Be sure to practice safe tax and engage an expert chaperone!!