Tax Management NZ

[NZICA Tax Conference Update]

At the conference, the Minister of Revenue confirmed that all use of money interest (UOMI) paid by taxpayers would be deductible. This removes retrospective exposure for taxpayers on the non-deductibility of UOMI.

Another key development was that IRD announced its Care and Management ruling, which notes that IRD is not bound to its previous statements and that care and management would not be used to repair clear legislative errors. This still leaves taxpayers exposed to UOMI, even when they have followed the IRD’s statements or legislation. Tax Management NZ can decrease the cost of UOMI to your clients. To discuss contact Josh Taylor on 09 575 9105.