Income tax is the most important source of revenue for the Government and this is demonstrated by Inland Revenue’s focus on enforcement and compliance. Businesses should be prepared by adopting an effective tax risk management focus to ensure their tax risk is minimised and their relationship with Inland Revenue is positive.
Income Tax Law Made Easy is written from a tax practitioner’s perspective to provide practical guidance for those dealing with tax responsibilities. It has an easy to understand yet comprehensive style which canvasses the main responsibilities that people in business are likely to face in their roles as client advisers, corporate employees or business owners.
This book sets out the practical essentials of income tax law in New Zealand. Despite being a highly complex area of law, it simplifies the complexity to enable business people to identify and understand the issues and deal effectively with any perceived risks. Included are examples, tips and risks derived from real situations to highlight income tax issues that businesses are likely to face.
If you are looking for tax avoidance schemes this book is not for you. Instead, Income Tax Law Made Easy focuses on identifying the areas of tax law that commonly cause problems for businesses and endeavours to ensure that taxpayers manage their risks and their relationship with Inland Revenue.
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Table of contents
Income tax basics
Calculating income tax
Residence and source
Trading activity income
Allowances, pensions and grants
Attributed foreign income: CFC and FIF rules
Exempt and excluded income
Employee and contractor expenditure
Timing and quantifying rules
Recharacterisation of income
International tax rules
CFC and FIF rules
Thin capitalisation rules
Transfer pricing rules
Specific entity rules
Partnerships and joint ventures
Limited partnerships and trusts
Associated persons rules
Tax credit regimes
Provisional tax and penalties