New Zealand Inland Revenue has published a draft Standard Practice Statement (SPS) for consultation on options for relief from tax debt, which will update and replace SPS 18/04. The SPS covers relief for individuals, companies, partnerships, and trusts/trustees, although certain types of relief are limited to certain taxpayers, such as relief for serious hardship, which is limited to natural persons or shareholders of relief companies.
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Options for relief from tax debt
The standard p…