Iain Blakeley

Barrister - Tax Expert - Business Adviser - Director, Professional, Practical, Fast, Affordable

Iain Blakeley
Easy fix costs Rugby League Club

Easy fix costs Rugby League Club

Keeping up with your tax obligations can sometimes seem a drag: forms to be filled in, changes to keep abreast of and an incessant focus on the detail. Mistakes can be costly. A few dollars here and there might be overlooked but get it much more wrong and you can be...

There’s tax in that gold!

There’s tax in that gold!

New Zealand Inland Revenue says in most cases the sale of gold bullion is taxable. According to a "Questions we've been asked" published by Inland Revenue on 20 September, "in most cases gold purchased in bullion form will be purchased for the dominant purpose of...

IRD wants to hear from employers

IRD wants to hear from employers

IRD wants to know what employers think of their proposals for correcting and adjusting PAYE filings. This recently released officials' paper sets out the background and proposals: http://taxpolicy.ird.govt.nz/publications/2017-ip-paye-error-correction/overview A tax...

GST derails another property sale

GST derails another property sale

Recently from the Court of Appeal, another example of how GST can derail what should have been a simple property sale. Y & P NZ Ltd v Yang Wang & Chen Zhang [2017] NZCA 280 is a decision from the Court of Appeal about whether caveats registered by the...

Netflix tax: Has Aardvark got GST all wrong?

Netflix tax: Has Aardvark got GST all wrong?

Long running daily Aardvark questions whether Adobe has misunderstood NZ's new Netflix tax in this article: http://aardvark.co.nz/daily/2016/0902.shtml#continue The author says: "It would appear however, that Adobe seem to think that they ought not be charging GST if...

Director personally liable

Director personally liable

The High Court recently found a company director liable for over $160,000 of tax and interest owed by the company to the IRD. The company, a builder of residential houses, racked up nearly $200,000 of unpaid tax, interest and penalties over 3 1/2 years. Eventually...

Tax sting in Auckland’s Unitary Plan

Tax sting in Auckland’s Unitary Plan

There's a potential tax trap for unwary investors in Auckland's proposed Unitary Plan. It's called section CB 14 of the Income Tax Act. A capital gain from the sale of land is taxed if 20% or more of the gain is the result of the likelihood of a change to the rules of...

Buying or selling a piece of Australia?

Buying or selling a piece of Australia?

From today anyone buying or selling direct (and some indirect) interests in Australian real estate has new tax obligations. The Australian Government has imposed a 10% withholding tax on all purchases of real estate in Australia over AUD2m unless the vendor provides...

Budget 2016

Budget 2016

What will the Budget 2016 mean for small and medium sized businesses? A significant investment in transforming how IRD works will be better for everyone in the long run. An efficient and easier tax collection system is desirable but SME's won't be waking up this...

Fat Taxes

Fat Taxes

Sugar taxes are back in the news with the UK Budget announcement to introduce one: http://www.theguardian.com/uk-news/2016/mar/16/budget-2016-george-osborne-sugar-tax-growth-forecast-falls There is evidence they work but they need to be significant to have any real...

Keeping the customer first?

Keeping the customer first?

ey.com/customergrowth    Linda Hasenfratz, Linamar Corporation CEO tells how. Leading companies who focus on fixing customers issues create a compelling competitive model. #acceleratinggrowth @EY_Growth

“Get out of their way….”

“Get out of their way….”

"Good executives confuse themselves when they convince themselves that they DO things...Set a vision, listen to the team,  and then get out of the way." Marissa Mayer, CEO, Yahoo. While there are many hidden assumptions underpinning this simple statement, it still...

Australia leads NZ 2 – 0

The Australian Government looks likely to change its GST treatment of digital currencies. In NZ we're left wondering what our Government's position is. This is the second time in about as many weeks Australia has taken steps to...

Australia considers $20 import threshold

It looks like Australia will reduce its $1,000 low value import threshold to $20. http://www.smh.com.au/federal-politics/political-news/gst-on-lowvalue-imported-parcels-moving-closer-20150721-gihfgy.html This issue has been around for ages. The main objection to a...

New rules for property transactions

The Government has acted to require buyers and sellers of property to have IRD numbers. see http://taxpolicy.ird.govt.nz/news/2015-06-23-property-tax-rules-bill-introduced The Taxation (Land Information and Offshore Persons Information) Bill was introduced into...

Vat audits- the whole story

EY's digitally interactive report on managing indirect tax disputes is definitely worth a read. http://www.ey.com/indirectcontroversy The report has a host of useful information about modern indirect tax audits, common errors and how smart businesses are managing...

Low value import thresholds distort markets

An expert's report from the European Commission concludes low value import exemption thresholds cause major competitive distortions, including loss of VAT revenues, business closures, business relocations and booming new fulfilment industries. You can find the...

Bit of a GST fizzer…..

We were eagerly awaiting an announcement in yesterday's Budget 2015 speech on digital services but.... nothing. How many more countries need to take the lead on this before NZ acts?