The Inland Revenue Department is responsible to govern and collect taxes in New Zealand. New Zealand’s tax system follows a self-assessment process where taxpayer is responsible for accurately file your own tax returns to the IRD. Therefore, taxpayer needs be extra careful when preparing the returns. Taxpayer needs to get their returns right first time otherwise there will be interest and penalties charged if they get it wrong.
Tip: Let an accountant take care of your return to minimise the risk of getting it wrong.
Disclaimer: The following answer necessarily sets out general principles only. The facts of particular cases always need to be considered carefully, and it may be necessary to obtain advice from a tax expert.
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