Articles by Anthony Strevens
The IRD have introduced new regulations that allow the Commissioner to disclose information about a taxpayer’s tax debts to approved credit reporting agencies if certain preconditions are met. (These new regulations are found in section 85N of the Tax Administration Act.)One of these preconditions is that the amount of the taxpayer’s reportable unpaid tax must be greater than the prescribed amount of $150,000, or the debt must overdue by more than a year and is more than 30% of the taxpayer’s gross income. Other conditions include that the Commissioner must have made reasonable efforts to recover the amount, and must have formally notified the taxpayer.
Before the new rule was introduced on April 1 2017, the IRD was obliged to keep information about a taxpayer’s debt secret. The IRD’s reasoning behind changing this rule was that it will benefit both the Crown and the taxpayer’s potential creditors:
Thanks again for creating a resolution for my ACC levies situation, which quite frankly blindsided us. Without your expertise & nous, we would have been in a very uncomfortable position. I was very impressed by speed that your were able to resolve our challenge for us. Not surprisingly, my family & I would not hesitate in recommending your or the team at GRA for financial & taxation strategies - C Patterson
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.Learn More