LazyKiwi

Tag: IRD

  • GST on managed funds

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    DBB
    in

    A consultation on the GST treatment for managed funds is currently being conducted by the IRD. The previously proposed legislation on the treatment of GST on managed funds was introduced to parliament in August 2022. This caused some outrage at the time as it would drive up the costs of administering Kiwisaver accounts. As individuals…

  • IRD Social Media Update

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    DBB
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    The IRD have released more information in relation to the social media lists that generated media attention recently. They have paused the usage of custom audience lists since 12 September. They will reconsider their stance after an internal review. The Chief Information Security Office (CISO) is currently performing the internal review of the hashing. They…

  • IRD Amalgamation consultation

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    DBB
    in

    Amalgamations The amalgamating company ceases to exist on the companies register, but the rights and obligations of the amalgamating company continue to exist in the form of the amalgamated company for income tax purposes. The amalgamating company shares are disposed of at cost with no gain or loss being recognised. They must be cancelled without…

  • IRD and the Hashing of taxpayer data

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    by

    DBB
    in

    It has recently been revealed that the IRD has been sharing taxpayer data with major social media platforms such as Google and Facebook. This has caused concern among taxpayers, as they were neither informed of nor able to opt-out of this data sharing. Many people expect the information collected by the IRD to remain confidential…