If National wins ...

[fungus pudding]

But you have to tell the IRD what you're up to, Blackcap.

Here's an IR10 form for you, and IRD have helpfully spelt it out:



So even if you're selling stuff repeatedly on Trademe or similar, that's a business, as you're in it to generate a profit. I'm not sure how this works practically, as just about everything I buy on Trademe, even the stuff that has been indented, doesn't come with a tax invoice of any kind.

You do not have to tell the IRD what you are doing. Normally they won't ask, but naturally you must report your income. If you don't they will uncover all your activities in an investigation.

[blackcap]

But you have to tell the IRD what you're up to, Blackcap.

Here's an IR10 form for you, and IRD have helpfully spelt it out:



So even if you're selling stuff repeatedly on Trademe or similar, that's a business, as you're in it to generate a profit. I'm not sure how this works practically, as just about everything I buy on Trademe, even the stuff that has been indented, doesn't come with a tax invoice of any kind.

Hi ElZorro, I do fill out an IR 10 form, I do know my tax obligations. But even then I do not tell them what I do. For all they know my Sales might be from pimping my body to willing and paying clients, or the income comes from sales of illicit substances. All they see is that there is a multiple activity indicator yes or no, and the $$ amounts of income and expenses. I do not do the balance sheet part and have not been queried on that to date.

[elZorro]

Hi ElZorro, I do fill out an IR 10 form, I do know my tax obligations. But even then I do not tell them what I do. For all they know my Sales might be from pimping my body to willing and paying clients, or the income comes from sales of illicit substances. All they see is that there is a multiple activity indicator yes or no, and the $$ amounts of income and expenses. I do not do the balance sheet part and have not been queried on that to date.

That's interesting, I'm not sure how they can get all the enterprise data then. I get surveyed by Statistics NZ reasonably regularly, so they certainly know what I'm up to.

[fungus pudding]

That's interesting, I'm not sure how they can get all the enterprise data then. I get surveyed by Statistics NZ reasonably regularly, so they certainly know what I'm up to.

They survey a handful of enterprises, but your claim that you have to tell some (unspecified) govt. dept. what you do is unsurprisingly wrong.

[Major von Tempsky]

You have to declare an industy (ANZSIC) classification to IRD which it gives to Statistics NZ and if you change your predominant industry they get that info within a year.

[elZorro]

You have to declare an industy (ANZSIC) classification to IRD which it gives to Statistics NZ and if you change your predominant industry they get that info within a year.

And of course, ACC levies depend on the industry type too.

[elZorro]

Mike Joy was just on TV, giving his take on the freshwater report out yesterday, and dispelling some myths.

Yes, rivers flowing through urban areas are more polluted generally than others, but the length of waterways in that category is only 0.8%, whereas 40% of waterways by length are passing through farming areas. In particular for nitrogen concentrations in waterways, high levels are strongly associated with dairying areas. So while we can expect the farming lobby to point to urban areas, at least almost all of urban sewage is treated, unlike the vastly bigger amount of cow poop that is dropped in paddocks, which has the ultimate potential to enter waterways on many farms. There is no easy solution in sight.

[blackcap]

And of course, ACC levies depend on the industry type too.

Yep gave them that about 15 years ago. That is a one off. They still do not know what I do. Just what industry I operate in. It could be ElZorro that the enterprise surveys are only given to limited liability companies? Just anecdata, I process a few annual accounts for close friends and family and the only one that ever had to fill one in was my father.. but only when he changed from being a sole trader to operating under a LTD umbrella. But its possible that sole traders are also targeted with these. Maybe you get targeted as you are on the 5eyes activist base for being a Labour supporter?

[fungus pudding]

Yep gave them that about 15 years ago. That is a one off. They still do not know what I do. Just what industry I operate in. It could be ElZorro that the enterprise surveys are only given to limited liability companies? Just anecdata, I process a few annual accounts for close friends and family and the only one that ever had to fill one in was my father.. but only when he changed from being a sole trader to operating under a LTD umbrella. But its possible that sole traders are also targeted with these. Maybe you get targeted as you are on the 5eyes activist base for being a Labour supporter?

What on Earth makes you think eZ is a Labour supporter? Are you psychic?

[Bjauck]

The current government has let housing unaffordability worsen. So - if National wins again will they introduce policies to enable those people, who may now locked out of owning their own homes at least for some years, to accumulate investments for their retirement with similar tax efficiency to home ownership? Other countries have retirment and other investment schemes that go some way towards this. Kiwisaver is a very small step in that direction.

Retirement - can you afford it without a house?

http://www.nzherald.co.nz/personal-f...ectid=11846078

Brian Fallow: Time to end the tax experiment, to ease property pressure?

http://www.nzherald.co.nz/business/n...ectid=11841296