Inland Revenue (IR) has uncovered over $153 million in undeclared GST and income tax from the property sector in just the first nine months of the current financial year — nearly matching the $156.8 million total for the entire previous year.

A commercial landlord company is asked by its tenant to remove asbestos as a condition for renewing the lease. The big question is — can the cost of asbestos removal be claimed as a tax deduction?