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From the beginning of the 2013/2014 income year, if you are using a property for mixed use, i.e. you sometimes live in it and sometimes rent it out, then the new formula for working out the effect on your income has changed.
“A former Wellington restaurant owner has been sentenced to five months home detention and 200 hours of community work for filing false Income Tax and GST returns and evading tax.
Darrell Earl Antonopoulos plead guilty to three charges of aiding or abetting his company, Whonere Holdings Limited, trading as La Casa Pasta restaurant, to provide false Income Tax returns and 24 charges of providing false GST returns to Inland Revenue with the intention of evading tax. Mr Antonopoulos was charged under the Tax Administration Act.
If you sell your family home and are lucky enough to make a good profit to help with the purchase of your next family home – don’t worry about it – if it’s all straight up and uncomplicated and the time factor is reasonable and you are doing what you say you are doing the IRD won’t be interested as the profits from the sale of a family home are generally not taxable. You will need to declare it on an IR3 – as an individual tax return and tell the IRD what you are doing and how all the figures are worked out.