- New Zealand Inland Revenue opened consultations on GST payment rules and input tax deductions for second-hand goods
- Topics include what qualifies as a payment for GST purposes
- Discusses different forms of payment like promissory notes and property transfers
- Outlines requirements for claiming second-hand goods input tax deductions
- Details restrictions on deduction amounts, especially for associated persons
- Lists exceptions for qualifying for input tax deductions
- Comments are due by September 10
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.
