Tax changes could hurt hundreds of thousands of SMEs

Inland Revenue commissioner Naomi Ferguson would have unlimited lookback powers. (Image: NZ Herald)

Wed, 04 May 2022

Proposed tax changes aimed at preventing tax avoidance by the 350 wealthiest individuals and families could hurt hundreds of thousands of small businesses and their owners, according to CPA Australia.CPA said it expects that all businesses will experience increased compliance costs and that it's likely many will effectively pay capital gains tax due to weaknesses in their record-keeping processes.That's because all businesses will have to keep records of their both retained earnings and various forms of capital including capital gains.I...

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