Penalties a taxing ordeal
After your recent article on the tax treatment of share trading, I would be grateful for your opinion on the following situation.
Wednesday, July 20th 2005, 8:31AM
by The Landlord
When a stock I own has a solid rise, say over two years (common in New Zealand now), my sharebroker suggests (demands) that I sell some to capitalise profits, reduce exposure, etc.My accountant wants to declare this as trading profits for taxation, which I refuse to do. Do you believe I should?
Sorry to say it, but yes.
Whenever friends say they don't declare some income to Inland Revenue, or deduct an iffy expense, I ask, "Have you been audited?" The answer is always, "No."
You can get away with anything until you are audited. But you never know when you might get that tap on the shoulder.
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