Yes, I know I should see an accountant, but to test the water first:
Ive been doing my own accounts since 18 years old and am now over 60. Forms I need to do are IR3 and IR7 for a partnership.
Something has me stymied though and I would like some advice which I cant go to IRD for due to them perhaps taking advantage of my disclosure:
I have 3 daughters all of whom stay at home. 1 College, 1 18 yo works part time. 1 who works full time.
We are a Christian family and do not want to be beholding to the Government for support if possible so we support both the elder daughters. The 18 year old pays no rent and the working girl pays miniscule (to help her with her future plans).
I believe that IRD have a 'fair rent' policy which determines that a tenant (who would be both elder daughters) should be paying a fair rent which I guess IRD may determine as $150/week or similar. The reason for this is that needs to be declared as income and taxed accordingly, so our generosity would not be considered, and we could potentially be liable to tax surcharge for our current support of our daughters.
I could be wrong of course and hence the call for help here by anyone who may be qualified to answer this correctly.