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Tax pooling

Tax pooling

Inland Revenue (IRD) charges a high rate of interest on late tax payments (currently 8.22%), and in some circumstances the complexity of the provisional tax regime makes interest charges hard to avoid. Add on late payment penalties, and the cost of meeting your tax obligations starts to feel punitive. Tax pooling was introduced in 2003 to address these concerns. Although it has been around a long time, the use of tax pooling services is not yet commonplace for all taxpayers, perhaps due to a la...
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Familiarise yourself with the bright-line test criteria

Familiarise yourself with the bright-line test criteria

The bright-line test is a system the IRD uses to determine whether income received from the sale of residential land will be taxed. This process has undergone changes to become more expensive, meaning it will now apply to more people. The bright-line test only applies to residential properties bought and sold on or after 1 October 2015. Residential land purchased on 1 October 2015 through to 28 March 2018 sold within two years may have its sale revenue taxed, regardless of intention at the t...
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