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Post by mod46c on Jun 4, 2021 10:49:30 GMT 12
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Post by midway on Jun 4, 2021 18:42:15 GMT 12
Could also mean that Clubs that fall under the act ,may be taxed on gate sales and other incomes associated with having a Promoter present
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Post by beachboy on Jun 5, 2021 18:50:58 GMT 12
Taxdern at work
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Post by djr18fan on Jun 14, 2021 21:07:01 GMT 12
Could also mean that Clubs that fall under the act ,may be taxed on gate sales and other incomes associated with having a Promoter present Nothing I've read suggests any change in tax rules. Do you know something more? |
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Post by midway on Jun 15, 2021 14:13:32 GMT 12
That subject was bought up at the last chamber of commerce meeting and round table business association members with Grant Robinson present ,who indicated there were proposals to change the tax laws on the INC societys act 1908 .
Under linning the word proposals or changes none may bear any fruit in the coming term of governance seen the PM herself has claimed no more tax increases .....yeah right
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Post by blackbullet on Jun 15, 2021 19:01:15 GMT 12
Something else to think about is that competitors will have to pay tax on there prize money/gate refunds also, so the implications to these changes are far reaching
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Post by graemeh on Jun 15, 2021 19:25:56 GMT 12
Something else to think about is that competitors will have to pay tax on there prize money/gate refunds also, so the implications to these changes are far reaching Would be interested to see a "link" to support your claim. Prizemoney is along way removed from distributing a Societies funds, a properly set up constitution allows for members be paid for services they may provide which they (the Member) would have to declare as income. I bet every driver would love their Race operation to be a taxable activity as few would be running a profit and claiming losses would be great. I'm inclined to think these proposals are more aimed at people hiding behind a sham Society to avoid taxation. |
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Post by midway on Jun 16, 2021 18:51:45 GMT 12
Something else to think about is that competitors will have to pay tax on there prize money/gate refunds also, so the implications to these changes are far reaching Would be interested to see a "link" to support your claim. Prizemoney is along way removed from distributing a Societies funds, a properly set up constitution allows for members be paid for services they may provide which they (the Member) would have to declare as income. I bet every driver would love their Race operation to be a taxable activity as few would be running a profit and claiming losses would be great. I'm inclined to think these proposals are more aimed at people hiding behind a sham Society to avoid taxation. I could not believe that such people do exist ,although one or two could belong to a club over the years .. |
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Post by mod46c on Jun 17, 2021 7:29:13 GMT 12
I'm unsure of the tax implications but it wouldn't surprise me to be honest. Its early days in the process but the analysis I've seen indicates that not all entities that are now covered by the 1908 act will not necessarily be covered by the replacement act. Also of potential interest is that the analysis I've read indicates that current club constitutions won't be transferable to the new act, so all club constitutions will need to be rewritten, this will require no small amount of effort  |
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Post by craige on Jun 18, 2021 7:06:05 GMT 12
Something else to think about is that competitors will have to pay tax on there prize money/gate refunds also, so the implications to these changes are far reaching if dig deep enough any prize money which i think is $1500 you are legaly meant to pay tax on it anyway |
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Post by tank11 on Jun 18, 2021 8:33:19 GMT 12
Something else to think about is that competitors will have to pay tax on there prize money/gate refunds also, so the implications to these changes are far reaching if dig deep enough any prize money which i think is $1500 you are legaly meant to pay tax on it anyway Was told by IRD years ago that they weren't interested in speedway prize on the norm, as expenses far out weighed the income. NZ Rodeo was/is the same. These days, it may be different for a few, but not the general competitor. |
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Post by nakifans on Jun 18, 2021 12:00:35 GMT 12
Before all the conspiracy therorist and Jacinda dislikers get on the band wagon that the change to the Incorporated Societies Act is to fleece speedway competitors of their prize money I think but may be wrong they have much bigger fish to fry.
May only be house wives tail but according to folk lore a certain health food company operates under the umbrella of Religion and as such Incorporated Society therefore nil tax or minimal at best. How many other companies operate this way.
If such rumours are true, prize money tax for a Sat night spin wouldn't be worth the effort.
Better and more rewarding to charge the Lycra users on the proposed new cycle bridge over the harbour.
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Post by screaminV8 on Jun 19, 2021 7:24:57 GMT 12
Before all the conspiracy therorist and Jacinda dislikers get on the band wagon that the change to the Incorporated Societies Act is to fleece speedway competitors of their prize money I think but may be wrong they have much bigger fish to fry. May only be house wives tail but according to folk lore a certain health food company operates under the umbrella of Religion and as such Incorporated Society therefore nil tax or minimal at best. How many other companies operate this way. If such rumours are true, prize money tax for a Sat night spin wouldn't be worth the effort. Better and more rewarding to charge the Lycra users on the proposed new cycle bridge over the harbour. Yes they are 100% owned by the Church, and so I think are exempt from tax more because of being a “charitable trust” rather than an “incorporated society”. A relevant question might also be is there any implications for the A&P Society who own the Stratford Showgrounds/speedway? |
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Post by magilla on Jun 19, 2021 12:04:24 GMT 12
drivers prize money is classed as income. Need to offset it against the racing expenses to show that made a loss
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Post by screaminV8 on Jun 19, 2021 13:14:27 GMT 12
drivers prize money is classed as income. Need to offset it against the racing expenses to show that made a loss That’s a fairly easy equation then!, 😀 |
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Post by midway on Jun 19, 2021 13:57:15 GMT 12
Before all the conspiracy therorist and Jacinda dislikers get on the band wagon that the change to the Incorporated Societies Act is to fleece speedway competitors of their prize money I think but may be wrong they have much bigger fish to fry. May only be house wives tail but according to folk lore a certain health food company operates under the umbrella of Religion and as such Incorporated Society therefore nil tax or minimal at best. How many other companies operate this way. If such rumours are true, prize money tax for a Sat night spin wouldn't be worth the effort. Better and more rewarding to charge the Lycra users on the proposed new cycle bridge over the harbour. If such religious activity was to bare fruit from its umbrella it would be to irresistible of a temptation for many . But the irrelevant tax avoidance details of such ,have many restrictions . I think Naki fans you best leave the communal wine alone on Sunday and just eat the Okato cheese before you have to compile a statement to the Inland Revenue .. |
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Post by nakifans on Jun 19, 2021 15:32:06 GMT 12
Thanks for the advice Midway. I'll stick to my Yarrow sandwich with Okato cheese filling.
Don't want to drink communal wine in the IRD office then step into the confession box , also known as the interrogation or interview room.
Loose lips sink ships.
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