News and Media

Finance Minister: Greater resources to investigate property deals being considered

30th April 2015

Greater resources for the taxman to investigate property deals are being considered as part of this year's budget, Finance Minister Bill English says.

Mr English told reporters this morning that he did not agree with the Reserve Bank's recent comment that property speculation was pushing up house prices in Auckland.

But he said there was an ongoing discussion about whether the Inland Revenue Department could be doing more to enforce current laws around property speculation. There was already a tax in place for people who bought property with the intention of reselling it, Mr English said.

And with real estate agents and buyers reporting high levels of trading activity in Auckland, "there is a question of whether that should give rise to further enforcement activity".

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IRD targets Trade Me members

30th March 2015

Inland Revenue could chase you for tax if you've sold goods on Trade Me, now that it has obtained the personal and trading details of tens of thousands of customers. The tax department served the online marketplace with a legal order demanding the details of nearly a million customers.

Trade Me resisted the huge request but eventually provided information on 44,368.

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How to avoid a painful tax audit

23rd February 2015

Even the NZX can be caught out by a tax audit. The sharemarket business paid $1.2 million extra after the Inland Revenue Department checked its books. For the average small business owner, the thought of a visit from tax inspectors is enough to make them shiver. We asked two experts how to minimise your chances of a painful dispute:

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Overseas pension? Prepare to pay up

10th February 2015

If you have transferred an overseas pension lump sum to New Zealand, be warned: the taxman wants to make sure you've paid your share of tax.

The IRD is writing to superannuation scheme holders asking for details of individuals who transferred their pensions to New Zealand between the periods April 1 2006 and the end of March last year.

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