Month: May 2009

Income Tax reference update

By Hayes Knight – 29 May 2009 The not-for-profit sector has gone through a raft of changes, none more notable than the introduction of the Charities Commission with recent introduction of the Charities Act 2005. Another Act that has equal importance for our not for profit sector is the Income Tax Act 2007. It is […]

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Current focus of IRDs Investigation Unit

By Hayes Knight – 22 May 2009 An area the Investigation Unit is currently focusing on is restrictions around use-of-money interest (UOMI). Generally, a taxpayer will receive UOMI on overpaid provisional tax. However, a little known provision in the Tax Administration Act restricts the amount of overpaid tax that the UOMI is calculated on to […]

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