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Tax Talk - GST trap - easy to overlook

Client A bought a piece of land from a non GST registered vendor to use in a taxable activity.

The project was decidedly risky. His accountant therefore advised A to transfer the property into a company. As a consequence of this advice, A was selling as an associated person. The company could only claim GST input tax on the amount of GST A paid, which was nil.

Other Articles

Tax Talk - Mileage rates

If you're self-employed you can use the Inland Revenue mileage rate to calculate the cost of using your motor vehicle for business purposes. Last...

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Tax Talk - IRD numbers for property sales

All vendors and purchasers of property other than their main home must now provide an IRD number as part of the land transfer process

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Tax Talk - Bank rebate for legal fees

How do you treat the rebate for GST purposes, offered by a bank, which has been designated as “to help with legal fees”?

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Tax Talk - Donations rebate causes tax bill

When you claim a donations rebate and all your income is taxed at source, IRD will issue a Personal Tax Summary (PTS) to trigger the rebate.

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Tax Talk - Major changes to LTC regime proposed

From 1 April 2017, there are to be major changes/improvements to the LTC regime including:

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Tax Talk - ACC residual levy to go

In 1999 when it was decided to switch ACC from a PAYE scheme to a fully funded scheme, the Government created the “residual levy”, which was to run...

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