by Rob Hosking
The changes are included in a discussion document released by Revenue Minister Peter Dunne yesterday.
At present, the Goods and Services Act tightly defines what is a mortgagee sale and allows the GST component to be recovered by the Inland Revenue Department (IRD). Investors who are in trouble are making arrangements which make it appear the mortgagor, not the mortgagee, is carrying out the sale.
The proposed changes give the IRD powers to deem a sale a mortgagee sale if it has one or more of the following characteristics:
Submissions on the discussion document close on 18 December.
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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