Taxation watch
PA, Wellington Tax men would this year keep a close watch on people who claim losses on alleged business activities such as hobby farms, said the Commissioner of Inland Revenue, Mr John Simcock. Officers had detected an increase in that type of claim in recent years. “Obviously we will need to keep a very close watch on what is being claimed,” he said. Not only would the Inland Revenue take an interest in the person who claimed to farm a small block- of land and offset his loss against other income but also other kinds of activities where losses were incurred and the venture did not amount to a genuine business. Mr Simcock said a close look would also be taken at the renting of premises at a loss and the loss being off-set against other income.
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Press, 20 April 1982, Page 4
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139Taxation watch Press, 20 April 1982, Page 4
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