Yes that is how i understand it too.I believe it was some years ago when Kupe was renegoiated.
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A problem with selling and buying like this -is the IRD might regard you as a trader-apparently they are targeting those that trade shares.If you dont declare it you may be charged penalty tax .
I wondered last tax year-ending 31/3/09 whether to declare myself as a trader but decided it wasnt really true as I invest for the dividend and intend to hold most long-term -10 years or more for retirement . Hence didnt even though I made losses overall .
Have decided not to trade at all from today as an IRD investigation into trading is not what I need at the moment
Maybe the IRD 'Spooks' might keep a sneaky eye on Sharetrader to make a start on their new mission.....;)
Online traders and high net worth individuals are among those who are likely to face more scrutiny from Inland Revenue in the coming year.
The IRD has for the first time published a list of the tax compliance areas in which it wants to concentrate.
IRD commissioner Bob Russell says the department has released the list in a bid to improve compliance.
"Tax administrations around the world are trying to be increasingly transparent about the things that are of concern to them. Most people will try and get it right and it we can be clear about the things that are of concern to us, I think that there's more chance they will be compliant," he says.
One area of focus will be online trading, or e-commerce, which has seen an increase of volumes over the years.
The IRD says if sales made online are not part of a business activity then there are usually no tax implications, but people who regularly sell online may in fact be classed as a business and should be declaring sales for income tax purposes.
"We've actually contacted a large number of online traders. I think some of them genuinely didn't realise that they needed to pay income tax and GST and they've been doing so more recently, so we think there's room to continue that," says Russell.
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Nymex light crude pushes past US$72 / barrel -- great upward trend:
http://futures.tradingcharts.com/intraday/CL_N9
.
And check this out -- no new OPEC oil untill US$100 / barrel:
http://www.bloomberg.com/apps/news?p...d=a1X.wUMmrho0
I think IRD are "targeting" on-line trading, which i take to mean the likes of trade-me, etc. This is not the same as share trading on-line as I doubt that it matters "how" one buys or sell their shares ("on-line" or via a broker) in determining whether or not one is a share trader.
I read into it that the IRD meant people on Trade me buying and selling etc and not share traders per se.
Good to see an increase for the sake of this share again
Beat me to it WB