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McLEAN AND CO.
Personal Tax Summaries
Warning about Scam Emails
The Office will be closed from Tuesday 23/11/2010 and re-open Monday 29/11/2010. Messages requesting assistance and queries can be left on the message facility on Tel. No. (06) 8700952 and will be answered on return.
PERSONAL TAX SUMMARIES
Applicable and relating to the 2010 Income Year taxpayers who are not required to file an IR3 (for a business activity) Income Tax Return will need to request a Personal Tax Summary (PTS) in the following circumstances:
IRD will not automatically issue a PTS but you must request one if you:
If you sell goods through online auction or sales sites, for example TradeMe or eBay, your tax obligations are exactly the same as for buying and selling goods in a shop. Many people sell things they no longer want or need. Usually, there are no tax consequences. However, people who sell things on a regular basis may be regarded as being in business and should be declaring the sales for income tax purposes.
As a general guide, you are regarded as being in business and should be declaring sales from online (or any other) trading, if:
A key factor that IRD would consider when deciding whether someone is in business is the frequency or regularity of their trading.
As well as income tax, businesses with online sales of over $60,000 a year are required to register for GST.
Like any other business, sufficient records must be kept for seven years to substantiate your income and expenses.
IRD have access to website trading data and are currently, as part of their tax audit processes, closely watching activities of regular participants of the trading websites to ensure tax compliance.
WARNING ABOUT SCAM EMAILS
You are reminded about emails which ask for IRD Numbers and personal information. Another version going around indicates that the recipient is due a tax refund and asks for financial details- even McLean and Co. has received one of these.
These emails are often known as phishing emails - for example, an email may claim to come from IRD or a Tax Refund Agency and ask you to click on a link that takes you to a fake website. Do not click on any links within a suspicious email or reply to the email. It is recommended that you delete the email from your inbox.
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If we can assist further, please email McLean and Co as follows: