The proposals around the LAQC and QC rules to shore up the integrity of the tax system are questionable, says New Zealand Institute of Chartered Accountants (NZICA) tax director Craig Macalister.
As part of the Budget process, the Inland Revenue Department (IRD) has proposed limiting the use of LAQCs to reduce the overall tax paid by property investors and others. The department's Policy Advice Division released for comment Qualifying companies: Implementation of flow-through tax treatment, which makes the following proposals:
Deadline for submissions on the issues paper is 5 July.
Source: Landlords.co.nzcomments powered by Disqus