- The New Zealand Inland Revenue issued a decision clarifying GST output tax liability and penalties for a GST-registered partnership. The partnership was found liable for GST output tax at 15% on half of a property’s market value and faced a shortfall penalty for gross carelessness, reduced by 50% for previous behavior. The partnership’s GST registration should not be canceled immediately after the disputed period.
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"
- GST Ruling: Commercial Dwelling Status and Input Tax Deductions for Accommodation Supply
- New Zealand Inland Revenue Seeks Feedback on Updated Shortfall Penalties Guidance by October 31
- New Zealand Mandates Electronic Invoicing for Public Agencies by 2026
- 2025 GST Reform: What’s Changing in New Zealand’s Tax Law
- New Zealand’s Aging Population: Tax System Reforms to Address Future Economic Challenges