In New Zealand, if you understate your income tax in your tax return, you may be subject to a shortfall penalty. The shortfall penalties are as follows: Not taking reasonable care: 20% Unacceptable tax position: 20% Gross carelessness: 40% Taking an abusive tax...
New measures come into effect from 1 November 2016 with respect to the ability of a New Zealand taxpayer to apply tax losses to a shortfall penalty imposed by the Inland Revenue Department. Standard Practice Statement SPS 16/04 enables a taxpayer to elect to utilize...
