- 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.
Latest Posts in "New Zealand"
- New Zealand Mandates E-Invoicing for Public Agencies by 2026 to Enhance Efficiency and Transparency
- The Future of e-Invoicing in New Zealand: Peppol, PINT A-NZ and the 2026 Electronic Invoicing Mandate
- New Zealand Clarifies GST Treatment for Accommodation in Newly Constructed Commercial Dwellings
- New Zealand Inland Revenue Clarifies GST Liability and Penalties on Property Disposal for Partnerships
- GST Ruling: Commercial Dwelling Status and Input Tax Deductions for Accommodation Supply
