Tax Accounting for Goods Sold on Credit
Victoria University of Wellington; Institut für Österreichisches und Internationales Steuerrecht, Wirtschaftsuniversität Wien; Monash University
New Zealand Current Taxation, Vol. 26, pp. 215-221, 1982
Commissioner of Inland Revenue v. The Farmers’ Trading Company Ltd  1 NZLR 449 appears to be the first opportunity New Zealand’s Court of Appeal had to consider the rules of tax accounting for common-or-garden variety credit sales. Among the matters discussed in the article are the onus of proof where there is a long acceptance of a method of accounting and the process by which debt is valued. The article examines how the court dealt with the concept of “profits-emerging” accounting and speculates as to what the case may mean in the context of accounting for hire purchase transactions and credit fees.
Number of Pages in PDF File: 2
Keywords: Tax, credit sales, tax accounting, 'profits-emerging', hire purchase, credit fees
JEL Classification: K34Accepted Paper Series
Date posted: March 2, 2010
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