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The lighter side of losing your job

On September 30 the Government announced that it will re-instate the redundancy tax credit and make it available to taxpayers up to 31 March 2011. The extension is intended to assist people affected by the Christchurch earthquake although it appears that it will apply to all employees who are made redundant before April next year.

The tax credit is available to an employee who receives a redundancy payment in compensation for their loss of employment. The employee must apply directly to the IRD for the credit. The tax credit is 6 percent of the amount of the redundancy payment up to a maximum of $3,600. It seems that employers and employees are not well-informed about the benefits of this credit and are not using it to their best advantage. Read more

Minister Encourages Taxpayers to Avoid GST

Yesterday Peter Dunne issued a press statement calling on the citizenry to call up their power companies and insist that they be billed for their September power consumption at the old 12.5% GST rate.  Mr Dunne feels that these companies should have made more of an effort to utilise the transitional rules in the GST act that permit invoices dated before 30 September to be issued (after that date) at the 12.5% rate.

Oh the irony of having a Minister of Inland Revenue issue a press release expressing his disappointment at those taxpayers who are not make enough of an effort to avoid paying taxes.

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IRD fights dirty

Some of you are going to think I am a Krukziener fan.  Actually, I have never met the guy, but I can’t help but feel a little sorry for him, and those like him, who find themselves on the losing side of a tax case. 

The current bankruptcy proceedings being brought against Krukziener by the Inland Revenue (see http://www.stuff.co.nz/business/personal-finance/4223918/IRD-gets-Krukziener-hearing-date) are the most recent (but by no means only) illustration of the Inland Revenue’s  typically bare-fisted approach to litigating tax cases.

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David Tua v Inland Revenue – now this will be an interesting fight…

One of the great unknowns when you enter the boxing ring is how hard your opponent will be able to hit you. In recent times, the Inland Revenue has just delivered a couple of powerful punches to the face of David Tua, claiming he owes a whopping $2.2 million in unpaid taxes. Read more

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  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
  • Quinn: Hi. I would like some clarification regarding the valuation of the investments component of the owners basis...
  • QROPS Pensions: Interesting piece of writing, you always write the most useful content & TalkTax is no exception...
  • Davo: Jo, quite likely is that the transition to an LTC was not done in time and the company became a normal company...
  • Daniel Hunt: Hi Jo, We would need to see the Owners Basis calculation as this forms the basis for allocating the...
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  • Daniel Hunt: Dita on May 29, 2012 at 11:50 am Hello Daniel, I am confused by the owners basis calculation, when it...
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