Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Court Case Sends Reminder To Businesses


17 November 2003

Court case sends reminder to businesses

Inland Revenue says a recent court case highlights the importance of good business record keeping and practices.

Inland Revenue hopes the case will prompt other business people to use the Department's free advisory services and will help them avoid the plight that a Nelson contractor found himself in.

Kelvin Baigent was sentenced on 5 November in the Nelson District Court for failing to pay employee tax deductions of over $69,000. Judge Paul Whitehead acknowledged that the problem was related to "ineffectual business management," and while Baigent was conscientious in his work, the paperwork had not been done.

Carson McNeil, of Inland Revenue, says tax laws can be complex and it is important for people in business to get good advice to manage taxes effectively.

"We've found that many people running businesses make similar mistakes including not keeping proper records, not declaring income correctly, not adjusting for assets used privately and calculating depreciation incorrectly," said Mr McNeill, South Island Service Centre Manager.

"Our Business Tax Information Officers provide free tax education and information to businesses and smaller organisations. It is very useful for people planning to set up a business or people who are already in business but need some help with their tax."

Mr McNeill said Inland Revenue wants to work in an environment where everybody voluntarily complies with their tax obligations. "It's our job to help people to get it right," he said.

More information can be found in the free booklet The Smart Business Guide (IR 320), available on the Inland Revenue website, www.ird.govt.nz or by phoning our automated phone service INFOexpress on 0800 257 773. Remember to have your IRD number handy and to quote the booklet number IR 320. For any further questions please phone us on 0800 377 774.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: