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Don’t always believe what you hear
Recently, in Budget 2024, Inland Revenue (IR) was allocated $116m to tackle tax debt and compliance. The latter focus areas, for at least the 2024 – 2025 financial year, will be: the hidden economy and organised crime; electronic sales suppression tools; GST integrity; student loan overseas-based borrowers; and, increased audit activity. Personally, the last of these five focus areas [...]
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First Tax Bill of 2024 passed
On March 28, Royal Assent was given to the passing of the Taxation Bill (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters). The Bill enacted some welcomed changes, balanced with the unfortunate news for some that the trustee tax rate would increase to 39%, effective this April 1. I expect most of you will […]
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Disposal of Land – to be taxed or not to be taxed? Part six
This final article, in a series of six on the various land tax provisions contained within the Income Tax Act 2007 (“the Act”), will focus on the potential application of the associated persons’ rules to those taxing provisions. However, this article will be somewhat different to those that have come before, because, firstly I will […]
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Disposal of land – to be taxed or not to be taxed? Part five
This fifth article in a series of six, on the various land tax provisions contained within the Income Tax Act 2007 (“the Act”), will focus on the potential application of section CB 13 – Disposal: amount from major development or division and not already in income. As a starting comment and as a consequence of […]
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Disposal of Land – to be taxed or not to be taxed? Part four
This fourth article in a series of six, on the various land tax provisions contained within the Income Tax Act 2007 (“the Act”), will focus on the potential application of section CB 14 – Disposal: amount from land affected by change and not already in income. As a starting comment, and as a consequence of […]
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