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Welcome to September Tax Watch
The IRD has released its Compliance Focus for 2012 -2013. Of relevance to many taxpayers is the IRD’s confirmation that it will focus heavily on the diversion of personal income and complex financing. In this issue, we consider the implications of these two areas and steps you can take.
If you farm livestock, you should also read our next article. The IRD confirmed, in September’s NZICA Journal, that certain livestock valuation elections made by farming taxpayers, in their view, amount to tax avoidance. The IRD has warned that it will be investigating more than 400 taxpayers to determine whether their livestock valuation elections will be of concern. If you may be affected, it’s important you review your position without delay.
Many New Zealand importers will be aware of the significant cost of compliance the gulf between Customs and Transfer Pricing has created, highlighted by recent changes in Australia. We look at the divide that now exists and how you might manage disclosures.
Also in Tax Watch this month we look at changes to taxation of foreign superannuation payouts; and the rules for non-resident contractor tax (NRCT) with a discussion of issues from the oil and gas sector that are common to other industries. We also review key messages for New Zealand from the EY 2012 global tax authority transfer pricing survey.
Tax Watch in brief this month covers various developments in legislative policy affecting all of us. There will be something of interest here for all our readers.
If you require any additional information on any of the featured articles in this newsletter, please contact your usual EY adviser or one of our tax team.
EY tax team
To find out more about the services we offer in these areas please contact us.
Partner, Human Capital
+64 9 300 7058
+64 4 495 7399
Partner, Tax Policy
+64 9 300 8059
+64 9 300 8128
+64 9 300 8015
Partner, Transfer Pricing
+64 9 300 7085