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You are an intern for Trade Me over the summer break. You are told the company is concerned that many of its sellers are unsure
You are an intern for Trade Me over the summer break. You are told the company is concerned that many of its sellers are unsure whether they need to pay income tax on the sales they make. You are asked to research the taxability of sales of personal property, and to provide a guide to sellers on their tax liability.
Required:
Using bullet points, write a plain language guide explaining to Trade Me sellers when they may be liable for income tax on their sales of personal property under Income Tax Act 2007 (New Zealand), ss CB 3, CB 4 and CB 5.
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