IRD’s new pro-active approach to land transactions:
Good to see the IRD approach is changing from the ambulance at the bottom of the cliff to giving out some headache medication at the top.
IRD are taking a more pro-active approach to ensure taxpayers are complying with their tax obligations with land transactions.
The IRD operate a Property Compliance division from Takapuna, Auckland, consisting of ten staff dedicated to looking into the taxing of land transactions.
This team are producing reports of hundreds of land transactions occurring within short timeframes from Land Transfer Office records. They then contact clients directly offering to meet with them to explain the current tax laws and how it will impact on them, often before a tax return has been filed.
Just because you have a contracted tax agent working on your behalf doesn’t mean the IRD won’t contact you direct.
We believe the IRD’s approach is a healthy one to ensure all taxpayers are meeting their current tax obligations.
Should you get approached directly by the IRD contact us immediately. As your tax agent we act on your behalf to protect your best interests and we can arrange a private meeting with the IRD to provide them with any information they require.