Binding rulings for small businesses 01 May 2020

Inland Revenue has recognised the system of binding rulings doesn’t work for small businesses because it’s too expensive.

It can be very useful putting the facts of a case to Inland Revenue and getting agreement on the tax situation, in advance.

Inland Revenue has introduced a new scheme for small businesses in which it will commit itself on issues relating to tax, duty or any levy for which Inland Revenue is responsible. You will also be pleased to know there’s a fixed cost for this which is $2000 including GST.

The department will tell the client how the tax law applies to the situation and what conditions apply.

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