Definition of Goodwill for tax Purposes

Terry Baucher says the IRD's attempts to collect overdue tax of $7.8 bln is close to "an outright failure - in essence what happened in Greece". He reckons rewarding good behaviour would stop the growing slide into late-payment habits. Your view?  February 18, 2013 – 02:05 am
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By Terry Baucher*

As every business owner can attest tax doesn’t do summer holidays.

While the country enjoyed a particularly golden summer our tax timetable ticked on relentlessly.

Between Christmas Day and 15th January, PAYE payments for larger employers for the second half of December, provisional tax for most taxpayers and GST for all GST periods ending 30th November all fell due.

I’m not sure if it’s either ironic or a rather dark joke to point out that the Income Tax Act definition of “working day” excludes the period from 25th December to 15th January (inclusive). I’m pretty certain I wasn’t the only advisor making a few calls to clients during that time. 

Still, Bill English will appreciate the cash in-flow to the Government’s coffers.

Last week he announced that he will present this year’s Budget on 16th May. The key theme will probably be the Government’s ongoing drive to restore the Budget to balance. With regard to specific tax initiatives, we will not see anything like the major tax “re-balancing” announced in 2010.  Instead there will be a series of “remedial” legislative changes similar to those announced before Christmas regarding lease inducement and lease surrender payments.

Source: interest.co.nz

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