Dear client,
You may recall
recently that we sent out a warning alerting clients to
the fact that the Inland Revenue Department has begun sending "fishing
letters" to tax payers that they suspect may not have declared income
from the sale of properties purchased with an intention to on sell.
We emphasised in our warning that if clients are in receipt of such a letter
they should make contact and seek advice, given that not all situations
where properties are sold for capital profits are taxable.
Recently we have been advised by tax barrister Patrick Flannery that the Inland Revenue
Department is well advanced in compiling a list of tax payers that
have a history of property sales over the last four to five years, with
a view to stepping up their enforcement of the tax laws in relation to
property speculation.
Patrick Flannery is a Barrister with 15 years experience in the
taxation area. He regularly advises clients on the GST and
income tax issues associated with property transactions, and has had
considerable experience assisting our clients where the need to
"debate" issues with the Inland Revenue has arisen.
Patrick has presented several seminars on taxation topics for the
Institute of Chartered Accountants, and also contributes a column on
tax cases for the Chartered Accountants Journal.
We look forward to discussing these matters during our free seminar on Wednesday, 6 August at 5:30pm.
Email us to register, including
your name and the number of people attending. If you have
queries, contact Sharon on (09) 376 8860 ext 217.
Kind regards
Withers Tsang & Co
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You are invited to attend a free seminar
by tax barrister Patrick Flannery
Are you a property
investor that has had a history of selling investment properties
over the last few years?
Then find out about the implications of the Inland Revenue Departments
crack down on speculative property trading.
Discuss the actions and
processes you may need to engage in if you are on the IRDs tax list.
The seminar will be held in the evening on Wednesday,
6 August from 5:30pm - 6:30pm. Venue details will be
emailed to all registered clients.
This is a free seminar
so please register your interest to attend by Monday, 21 July.
Withers
Tsang & Co Limited
24-26 Pollen Street
P O Box 47-145
Ponsonby
Auckland
New Zealand
Telephone: 64 9 3768860
Fax: 64 9 3768861
Email: accountants@wt.co.nz
Web: www.wt.co.nz
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