New Zealand Inland Revenue Seeks Feedback on Updated Shortfall Penalties Guidance by October 31

• New Zealand Inland Revenue opened a consultation on updating guidance for shortfall penalties.
• The update addresses penalties for not taking reasonable care, unacceptable tax positions, or gross carelessness.
• Topics include when a taxpayer using a tax agent is considered to have taken reasonable care.
• GST and withholding taxes are removed from the scope of the unacceptable tax position penalty.
• The proposal includes new examples and separate guidance on penalty reductions and requirements.
• Comments are due by October 31.

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.

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