- New Zealand Inland Revenue opened consultations on GST payment rules and input tax deductions for second-hand goods
- Topics include what qualifies as a payment for GST purposes
- Discusses different forms of payment like promissory notes and property transfers
- Outlines requirements for claiming second-hand goods input tax deductions
- Details restrictions on deduction amounts, especially for associated persons
- Lists exceptions for qualifying for input tax deductions
- Comments are due by September 10
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "New Zealand"
- New Zealand Expands Definition of Taxable Activity Under GST Act in New Interpretation Statement
- New Zealand e-Invoicing Rules: What Large Suppliers Must Do to Secure Government Contracts by 2027
- Tax Status of Serviced Apartment Accommodation with Mandatory Hospitality Services in Retirement Villages
- New Zealand Consults on GST Rules for Payment Processing and Facilitation Services
- New Zealand mandates B2G e-invoicing for large suppliers from 2027
