Questions for lawyers Found 20

My family recently set up a trust to hold some investments and property. I do not understand who pays tax on the income the trust earns, whether it is the trust, the trustees personally or the beneficiaries. Can you explain how trust taxation works?

Inland Revenue has issued an assessment that increases my tax liability substantially, based on an interpretation of the law that I believe is wrong. I want to formally challenge it. What is the correct process to dispute a tax assessment?

I made an error on my tax return that understated my income, but it was a genuine mistake and not intentional. Inland Revenue has now identified the discrepancy. Will I face serious penalties even though I did not do this deliberately?

I am considering selling a house that I have owned for a few years, which was not always my main home. I have heard about a bright-line test but I do not fully understand how long I need to hold a property to avoid extra tax.

I own a rental property personally and I am planning to sell it. Someone mentioned that GST could apply to property sales. I am confused, since I thought GST was only for businesses. Does GST apply to my sale?

I have been working from home several days a week for my job, using a spare room as an office. My employer does not reimburse me for this. Can I claim a deduction for a portion of my home costs on my tax return?

This year I have been told that I need to start paying provisional tax, which I have never had to do before. I do not understand why I have to pay tax before the year has even finished. Can you explain how this works?

I have started renting out a spare room in my home through an online platform for short stays. I am not sure whether I need to declare this income, whether GST applies and what expenses I might be able to claim. What should I know?

I ran a small side business for a few years without realising I needed to file separate tax returns for it, and now Inland Revenue has sent an assessment for unpaid tax, penalties and interest going back several years. I am overwhelmed. What are my options?

I bought shares in a few companies a while ago and recently sold some at a profit. A friend said that share trading profits are not usually taxed in New Zealand unless you are a professional trader, but I want to be sure this applies to me.