Iain Blakeley

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

correcting mistakes
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...

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...

It wouldn’t happen in New Zealand – or would it?

An Australian court says a taxpayer has not commenced a subdivision activity until they have the funds needed to purchase the land. The costs spent beforehand on planning permits and market valuations were preliminary or preparatory to starting any business. That's...

12 GST thoughts of Christmas

12 GST thoughts of Christmas: 1. There's no GST on gifts (so Santa is probably not GST registered). 2. GST registered businesses can claim back the GST on gifts they buy for staff, suppliers and customers. 3. If you buy someone a gift voucher for Christmas it's quite...

Surprise in body corporate treatment?

A Product Ruling (BR Prd 14/08) published by IRD on 28 July is fascinating as much for what it doesn't say as the conclusions reached. Facts briefly: - Unit title building in Christchurch. - Mostly commercial property. - Destroyed in earthquake. - Body corporate...

NZ businesses are getting it wrong

I'm seeing increasing evidence of misunderstanding over how the zero rating rules apply. From 1 April 2014 non-resident businesses can register for GST in NZ under a new system which allows them to claim GST refunds on business related costs. Historically a business...

Bodies corporate and GST

Last week the Revenue Minister issued another Discussion Document on the GST treatment of bodies corporate. The IRD seems to have come full circle on this one. See here: Bodies corporate and GST. It is proposed our GST legislation will exempt a body corporate under...

12 GST thoughts of Christmas

12 GST thoughts of Christmas: 1. There's no GST on gifts (so Santa is probably not GST registered). 2. GST registered businesses can claim back the GST on gifts they buy for staff, suppliers and customers. 3. If you buy someone a gift voucher for Christmas it's quite...

Buying and selling houses

If you're buying and selling houses on a regular basis be careful of GST. The Tax Review Authority recently backdated GST registration for a couple's family trust to 1999 because they traded 11 residential properties in 12 years. The case is reported at: Case 5/2013...

Importing costs

NZ Customs have a feature on their website called "What's my duty?". It's a great tool for calculating how much GST and other charges you might be up for when you buy stuff on line. Here it is: http://www.whatsmyduty.org.nz/ The calculator isn't intended to be a final...

Commonsense prevails: well almost

Yesterday the Australian Tax Office issued a practice statement explaining when it would overlook an incorrect GST input claim made by a business. You can read it here On the face of it the practice statement reeks of commonsense. The supplier wrongly applies GST to...