- 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.
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