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BR Prd 22/10: Silver Fern Farms Limited

The Arrangement is the supply to Silver Fern Farms Limited of units representing the removal of greenhouse gas from the atmosphere by owners of land containing permanent mapped and identified woody vegetation, where that vegetation is not already registered under the New Zealand Emissions Trading Scheme.

Categories:  binding-ruling,   new-zealand-emissions-trading-scheme  

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OS 22/04: Charities and Donee Organisations - Part 1 Charities

The purpose of Operational Statement OS 22/04: Charities and Donee Organisations is to assist entities in the not-forprofit sector to understand their tax obligations and available tax benefits. This statement is published in two parts: Part 1 discusses charities and Part 2 discusses donee organisations.

2. New Zealand’s not-for-profit sector makes an important contribution to the wellbeing of New Zealanders. One way the Government supports the sector is by providing favourable tax treatments for the sector. These come in various forms, depending on the characteristics of the entity involved; for example, various income tax exemptions for the business and non-business income of charities, resident withholding tax (RWT) exemptions, fringe benefit tax (FBT) exclusions, goods and services tax (GST) concessions and interest-free student loans for overseas volunteers of approved charitable organisations. For charities that have donee status, donors may receive favourable tax treatments such as donation tax credits, payroll giving tax credits and income tax gift deductions.

Categories:  charity,   donee-organisation,   donee-status  

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OS 22/04: Charities and Donee Organisations - Part 2 Donee organisations

The purpose of Operational Statement OS 22/04: Charities and Donee Organisations is to assist entities in the not-forprofit sector to understand their tax obligations and available tax benefits. This statement is published in two parts: Part 1 discusses charities and Part 2 discusses donee organisations.

Categories:  charity,   donee-organisation,   donee-status  

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TDS 22/17: Deemed acceptance of shortfall penalties and liability to evasion shortfall penalty

In September 2020, Customer and Compliance Services, Inland Revenue (CCS) issued a series of default income tax and GST assessments to the self-employed Taxpayer and imposed associated evasion shortfall penalties. The shortfall penalties were reduced by 50% for previous behaviour under s 141FB. The default income tax assessments related to the 2007, 2008, 2015, and 2018 income years. The GST assessments covered the 6-month GST periods occurring during the 2014, 2015, 2017 and 2018 income years.

2. CCS also issued an Agreement to Amend Assessment (AAA) form to the Taxpayer in which they proposed to adjust the Taxpayer’s tax assessments for the 2014 and 2017 income years and impose an evasion shortfall penalty in each year, reduced by 50% under s 141FB for previous behaviour. In December 2021 the Taxpayer signed the AAA form and returned it to CCS.

Categories:  evasion,   penalty-shortfall