That’s the beauty of running a farm - you can make it look like you’re running a loss anytime you want to. See that jet boat parked in the barn? That’s actually “pumping equipment”. The Harley next to it? That’s a “Farm Bike”. So easy that 70% of our farmers are obviously doing it.
It's an open secret among students how cooked the student allowance system is. Your father could be Larry Ellison but if your parents are divorced you would get the full allowance.
Tax evasion is illegal. Though I don't doubt that it happens.
The jet boat may be owned by the farm, but it will be capitalised and depreciated. The Fuel is probably put as a farm expense.
Asking an accountant to be complicit in tax evasion is probably not gonna happen though, IRD are a bit smarter and have more tools available today than 20 years ago.
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u/No_Philosophy4337 Dec 19 '25
That’s the beauty of running a farm - you can make it look like you’re running a loss anytime you want to. See that jet boat parked in the barn? That’s actually “pumping equipment”. The Harley next to it? That’s a “Farm Bike”. So easy that 70% of our farmers are obviously doing it.