- Registered persons can claim input tax deductions on secondhand goods if specific requirements are met.
- The goods must be acquired from a non-registered person.
- Proper records and documentation must be kept, including details of the seller and the goods.
- The deduction is limited to the amount actually paid for the goods.
- Certain goods, such as precious metals, may have additional restrictions or exclusions.
Source: taxtechnical.ird.govt.nz
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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