This webinar will look at practical situations where mistakes have been made in completing income tax or GST returns,
or dealing with issues such as contractor v employee and employee share schemes/FBT; and will work through some
options for correcting them to get the best outcome for the client.
In particular we will look at things previously described by the IRD as “regretted choice”, such as depreciation on a newly
acquired asset; GST change of use adjustments that should be made but are overlooked; zero-rating for GST that has not been
applied as planned; fringe benefit tax is not calculated on use of a motor vehicle for a shareholder employee, yet there is private
use; concurrent use adjustments for GST have not been made but rent has been returned; the asset is mixed use, but no
apportionment is made; amongst other things.
In each of these cases, there are options available for correcting the mistake or “regretted choice”. Which option provides the
best outcome, and which option is chosen, to deal with the matter is fact dependent, and must be decided on a case by case basis.
We will work through a number of practical scenarios, discuss the options, and work through how the decision is made to choose
the appropriate method of correction as well as outline the outcomes that can be achieved.
You will learn about some options for correcting errors including:
- The application of ss 113 and 113A of the Tax Administration Act
- The application of s 141G (voluntary disclosure) rules and when appropriate to rely on these
- The provision to s 20(3) of the GST Act and the change of use rules (s 21)
Total CPD Hours: 1.25
Intermediate to senior accountants and lawyers that deal with a range of client issues and filing of client taxation returns.
- 12 August 2020
10:00 am - 11:15 am