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Binding rulings for small businesses 15 Nov 2018

The current Tax Bill proposes to make it easier for small businesses to get binding rulings.

Smallness is measured by gross income below $5 million and a question involving tax of less than $1 million.

The advantage of a binding ruling is that it gives certainty as to how Inland Revenue is going to respond to your tax decision.

There are often situations where there is some doubt about the correct tax approach. 

Inland Revenue will be charging an application fee and a rate per hour for their service.

If you have an uncertain tax situation involving a reasonable sum of money, a binding ruling could be just what you need.

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