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Tax

'Just be honest mate and pay your tax', say tradies

A survey of Auckland tradespeople shows an Inland Revenue campaign highlighting cash jobs has hit home, with four in five believing they’ll get caught if they cheat on their taxes.

Bright-line Bill passes first reading

The Taxation (Bright-line Test for Residential Land) Bill, which contains proposals to improve compliance with the tax rules on the sale of residential land, has passed its first reading in Parliament.

Closely held companies tax rules examined

Revenue Minister Todd McClay says a paper released today for public feedback aims to make the current tax rules for closely held companies more workable.

Online GST discussion document released

Revenue Minister, Todd McClay, today released a discussion document on the collection of GST for online purchases.

Tax suggestion constructive - BusinessNZ

BusinessNZ says Labour’s proposal for provisional tax is a constructive step.

Greens support simplifying tax for small business

Now that the four biggest parties in Parliament agree on the way forward, it’s time for the Government to get on with simplifying provisional tax for small businesses, the Green Party said today.

NZ-Canada double tax agreement now in force

Revenue Minister Todd McClay has welcomed a new double tax agreement between New Zealand and Canada, which is now in force.

Bill to strengthen property tax rules passes first reading

A bill which will help Inland Revenue enforce the tax rules around property has passed its first reading in Parliament today.

Bill to strengthen property tax rules introduced

Revenue Minister Todd McClay and Land Information Minister Louise Upston have welcomed the introduction of a new bill which will help Inland Revenue enforce the tax rules around property.

Minister welcomes $74 million for tax compliance

Budget 2015 continues the Government’s investment in ensuring fairness in the tax system by pursuing those attempting to avoid paying tax, Revenue Minister Todd McClay says.

Budget 2015 'refreshingly free of tax changes'

Apart from the much discussed announcement of extra funding for property tax compliance and a number of measures directed at providing extra tools to Inland Revenue for this work, there were refreshingly few changes to tax settings announced in today’s Budget.

Tax Freedom Day falls later as Kiwis pay more tax

This year’s Tax Freedom Day - the notional day of the year when New Zealand taxpayers stop paying tax and start earning for themselves - is May 7th, two days later than 2014 and four days later than 2013.

Tax compliance costs for SMEs continue to fall - Foss

Small Business Minister Craig Foss today welcomed a report showing tax compliance costs for small to medium-sized businesses (SMEs) continue to fall.

Govt way behind eight ball on corporate tax avoiders - Peters

"Given that the New Zealand government is softening up the public for a GST increase on imported goods and services, by lowering the $400 exemption, it is high time to stop turning a blind eye to corporate tax avoidance in New Zealand," says New Zealand First Leader Rt Hon Winston Peters.

GST gets faster and easier with new mobile app

Revenue Minister Todd McClay says Inland Revenue’s new mobile app is simplifying GST filing for small businesses and, already, 7,270 people have downloaded it.

PwC welcomes chance to make tax simpler

Revenue Minister Todd McClay and Finance Minister Bill English have today officially launched the Government’s public consultation on options for simplifying and modernising New Zealand’s tax administration.

Chamber welcomes moves to simplify tax system

Moves towards simplifying and modernising the tax system have been welcomed by the Wellington Employers Chamber of Commerce.

KPMG welcomes debt capitalisation tax proposals

KPMG welcomes proposals confirming that shareholders can convert debt to equity funding for insolvent companies. This will provide business with a simple route to rationalise group structures without unwarranted tax effects.

IRD collects $4.1 billion of tax debt in 2013/14

Revenue Minister Todd McClay says Inland Revenue’s focus on collecting tax debt has paid big dividends, with $752 million more being collected in 2013/14 than in the previous year.

Tax assistance agreement to begin next year

From next year a significant new measure for countering tax evasion will become available to Inland Revenue, says Revenue Minister Todd McClay.

Cost of tax compliance higher than expected - professor

A University of Canterbury tax professor says the overall costs of compliance for small to medium businesses is higher than the most recent published study undertaken by the Inland Revenue Department but, but slightly lower overall than for a recent and comparable Australian study.

Property speculators targeted by IRD

Revenue Minister Todd McClay says Inland Revenue’s proactive strategy to track down those attempting to avoid paying tax is showing big dividends.

Planned outage: IRD web services

Customers are advised Inland Revenue will be changing over all of its mainframe services to a new provider. Work will start at 6am on Saturday 15 November 2014 and continue throughout the following day.

Research shows disparity between tax paid by women and men

Research from Victoria University of Wellington examining taxation and government welfare spending by age and gender in New Zealand shows that women pay less tax than men over their lifetime and receive more government assistance.

NZ's tax system 'second most competitive in the world'

Findings that New Zealand’s tax system is the second most competitive of all 34 OECD countries reflect changes that should be promoted more internationally, says Greg Thompson, Partner and National Director, Tax at Grant Thornton New Zealand.

'Meaningful path' needed to ease tax burden

The Taxpayers’ Union is calling on the National Party to announce a meaningful plan to reduce New Zealanders' tax burden in its expected tax cut announcement this afternoon. Taxpayers’ Union Executive Director Jordan Williams says:

NZers to have say on the future of the tax system

Six people from a variety of backgrounds will give New Zealanders a voice in simplifying, modernising and transforming the way tax is paid.

Henri Eliot to chair Tax Simplification Panel

Revenue Minister Todd McClay has announced Board Dynamics founder, Henri Eliot, as the Chair of the new Taxpayer’s Simplification Panel. The Panel will give New Zealanders a voice in simplifying, modernising and transforming the way we all pay tax.

FIF deemed rate of return set for 2013-14

Revenue Minister Todd McClay has announced that the deemed rate of return for taxing foreign investment fund (FIF) interests has been set at 7.99% for the 2013-14 income year, up from 6.91% for the previous income year.

Tax refunds not so taxing after all

Inland Revenue (IRD) will be releasing some of their 2014 financial year tax refunds very soon. Those who have requested a tax refund will now be able to learn how much they are owed and if registered with a tax agent receive their tax refund once they are released.

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