On 26 June, Inland Revenue (IRD) released Interpretation Statement 20/05. The statement describes
how GST applies to the sale of a dwelling that is included within a wider supply of land.
A common example that the statement applies to is the sale of a farm that comprises both farmland
and a farmhouse. The generic GST treatment in this situation is for the farmland to be zero-rated,
while the farmhouse is treated as an exempt supply. This treatment arises pursuant to secti
INSIDE THIS EDITION Take a break 1 Deductibility of Healthy Homes costs 2 Purchase price allocations 3 What is revenue? 3 Snippets 4 Accounting for COVID-19 4 FBT on vehicles during lockdown 4 Take a break In the months since the peak of COVID-19, the stringent restrictions have been relaxed and the majority of us have returned to a ‘new normal’. What this looks like from business to business is likely to be quite different, with some returning to the office full-time and oth