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Resident land withholding tax

May 23rd, 2016 | Posted by Accountants Auckland in Accountant in Auckland | Annual Accounts | Financial Statements - (Comments Off on Resident land withholding tax)

nz rlwtOn Friday the 13th a rather lengthy piece of legislation* went live and it created an entirely new tax.  We won’t get into too much detail but the Act’s full name is below for any amateur tax boffins out there.  Thankfully the new tax is unlikely to have much of an impact on your life unless you buy property, here in New Zealand, which is owned by someone offshore (or you’re an overseas person selling New Zealand property):

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Have you ever tried to read a volume of tax legislation?  It’s like a Twistaplot where the ending is always no.  Even seasoned law students are regularly horrified by how tough the tax paper is at Otago University. Amusing then, isn’t it, that your average tom, dick and harry thinks tax is easy and that telling a darn good story will let them claim whatever they like. Personally I love a great story but have you ever tried telling a tearjerker to a computer?  Essentially the IRD is one large computer system chock a block with tax law, devoid of human emotion and logic.  So no matter how touching (or delusional) your story may be, if it doesn’t fit neatly into a box at the IRD, the computer will inevitably say no.

With that in mind, we’ve put together a selection of our all time favourite “doozy” stories below (which have absolutely no regard for tax law whatsoever but make for more amusing reading than tax compliant tales).  Are you guilty of these financial fibs?

pg1 no read more

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