Comments on: IRD finds $1.269b in audit discrepancies in 2008-09

By: Swampy

Swampy — Wed, 25 Nov 2009 11:39:53 +0000

“the law needs to be amended if it is causing such a level of confusion”

Yeah, there are some ridiculous laws around, like the 2000 page one the Dems justed passed in the US.

By: Sean

Sean — Fri, 20 Nov 2009 22:48:41 +0000

The difference between tax avoidance and tax evasion? The amount of money you can spend on accountants and lawyers.

But if the law can catch up with Westpac, it can catch up with others. http://www.stuff.co.nz/business/industries/2946334/Westpac-expected-to-appeal-961m-tax-ruling

Let’s get these big outfits into the courtroom

By: Christopher

Christopher — Thu, 19 Nov 2009 00:32:33 +0000

I work. My partner works. We pay taxes (and thanks to IRD for making it easy to pay via internet banking!).

Tell me, why on earth should I bother paying half of what I do pay if ‘big business’ feels that it is ok to pay 1/5th of what they should be paying?

By: stargazer

stargazer — Wed, 18 Nov 2009 23:59:50 +0000

hah, i was at a course this morning, where someone from the IRD covered this stuff. i suspect the majority of the “large enterprises” stuff would be the banks and recent cases they have lost?

re the investigations, i wonder how much of this recovered money relates to land transactions, an area of tax law which is full of traps? it has the potential to get worse with the new associated persons rules which will capture a whole heap of transactions, some of them quite unfairly.

but the worst area of tax law is around foreign investment funds, and is driving most accountants crazy right now. i don’t think much of the $1.2bn would relate to this, as it’s still pretty new, and it only affects those investing more than $50,000, but it’s an area that is a lot more complex than it needs to be. anything simplifications here would be really welcome!!

By: Spud

Spud — Wed, 18 Nov 2009 23:51:27 +0000

Ah tax crime, pity it happens.