Tax Commentary

The amendment applies to trading stock (as opposed to other goods and assets), only to the Christchurch earthquake as opposed to other disasters, and only for four months after the two relevant earthquakes.
However it is in effect an acknowledgement that the existing legislation doesn’t cope with an urgent need to donate goods, and we are hopeful that in due course the provision could be widened further.
We thank CPA Australia, Business Roundtable and others for their support.

Read on “Disasters and donations”

We provide an update in respect of charitable donations, acknowledging support from accountants and some key representatives, and from the New Zealand Business Roundtable.
We also comment on how an amendment could be potentially structured.

Read on “Charitable donations of goods and services – update”

Following the Christchurch earthquake, and concerns raised by clients we have recommended that gifts by way of verifiable goods and services qualify for the Part LD donations deduction in the same way as cash. We have made this by way of open letter to the Prime Minister, Commissioner and Minister of Revenue.

Read on “Owens Tax Advisors Submission to Government and IRD re donations rebate”

The following article sets out a real life case example of a taxpayer who:

• In good faith relied on an incorrect ruling from IRD in respect of his tax residence
• Was then subjected to significant cost in overturning a second IRD ruling, also incorrect
• Was then subjected to unsympathetic IRD debt collection procedures

We also remind taxpayers that they should not seek advice from Inland Revenue, and especially not in respect of tax residence.

Read on “IRD issues two incorrect residence rulings – then taxpayer pays for IRD’s errors”