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Body corporate tax rules to be clarified

Minister of Revenue Todd McClay has announced his intention to clarify through legislation that bodies corporate will not be required to register for GST and file returns, thereby aligning them with the rules for other residential property owners.

ASX: Market risk to the downside in GDP data

By Ric Spooner (Chief Market Analyst, CMC Markets) Firm but quiet looks like being a reasonable description of early stock market trading.

FBT rate for low-interest loans to rise

Revenue Minister Todd McClay has announced the new prescribed interest rate used to calculate fringe benefit tax on low-interest loans provided by employers will be 6.13% from 1 July 2014. The previous rate was 5.90%.

Oily Rag: Cold weather brings out the bubble wrap

By Frank and Muriel Newman The winter chill is setting in so it’s not surprising oily raggers are turning their attention to cheaper heating costs.

Tax Simplification Panel to give Kiwis a say

Revenue Minister Todd McClay has announced the establishment of the Taxpayer’s Simplification Panel to give New Zealanders a voice in simplifying, modernising and transforming the way we pay tax.

IRD warns of fraudulent tax agent callers

Inland Revenue is warning its customers to beware of fraudulent tax agents who claim to work on its behalf to ensure people receive their tax refund.

US tax law to take effect in New Zealand

New Zealand banks are moving to implement their obligations under the United States Foreign Account Tax Compliance Act (FATCA).

Tax agreement with Viet Nam now in force

New Zealand's new double tax agreement with Viet Nam has now come into force, Revenue Minister Todd McClay announced today.

Tax Bill gives greater clarity to tax rules

An omnibus tax bill introduced today by Revenue Minister Todd McClay proposes changes to bring greater clarity to the tax rules and make them easier for businesses and other taxpayers to understand and comply with.

Draft minimum requirements 'give taxpayers more certainty'

Inland Revenue (IR) today released its draft minimum requirements for special purpose financial statements.

'English doesn't know' what sales are hit by tax on traders

Bill English tries to claim taxes paid by property traders are an effective substitute for a capital gains tax on profits from the sale of investment property yet today admitted he has no idea what proportion of sales are taxed as traders, says Labour Finance spokesperson David Parker.

Changes to tax treatment of employee and accommodation

The Government is to include changes to the tax treatment of employee allowances, reimbursements and employer-provided accommodation in a tax bill to be introduced to Parliament later this month that will bring clarity for many taxpayers.

Labour will simplify small business tax - Cunliffe

A Labour government will substantially simplify tax for small businesses, Labour Leader David Cunliffe says. David Cunliffe made this commitment to a business audience hosted by Ernst and Young in Auckland this morning.

Tax agreement with Japan announced

Japan and New Zealand today exchanged diplomatic notes, for a new double tax agreement which will make it much easier to do business between the two countries, Revenue Minister Todd McClay announced today.

Call for evidence on tax credits

A just-published international systematic review has found a small and methodologically limited body of evidence which suggests that in-work tax credits such as the one applied in New Zealand since 2006, may have no discernible effects on the health of parents.

'Legitimate case' to retrieve GST from online shopping

A University of Canterbury (UC) marketing expert says the Government has a legitimate case to attempt to retrieve some revenue from overseas sales of goods and services by New Zealand online consumers.

'Policing of GST' the biggest issue for taxing online shoppers

Potentially the biggest issue facing a proposal to make online shoppers pay GST is policing the payments, a University of Canterbury (UC) tax expert says.

Govt should stop tax breaks to rich oil companies - Greens

The Government should stop its multimillion dollar tax breaks to the oil and gas industry and use the money saved to support the transition to clean energy, says Green Party energy spokesperson Gareth Hughes.

OECD says CGT would address inequality - Parker

National’s misrepresentation of the OECD’s latest economic survey of New Zealand is cynical bluster and its diversionary tactics should be ignored, says Labour Finance spokesperson David Parker.

Foreign super and mining tax rules to change

Proposals to reform the tax treatment of foreign superannuation and bring the tax treatment of gold, silver and ironsands mining into line with other economic activities are the centrepieces of a tax bill introduced in Parliament today, Revenue Minister Peter Dunne has announced.

Tax change for multinationals

The Government confirmed today in the Budget it will push ahead with changes to the thin capitalisation rules that invest in New Zealand.

Views sought on taxing land-related lease payments

Revenue Minister Peter Dunne has welcomed the release today of a tax policy officials’ issues paper exploring options to reform the rules around land-related lease payments such as lease transfer payments and ‘key money’ payments.

IRD filing extension for Chch customers to expire

Inland Revenue is reminding customers in Christchurch that the time extension for filing tax returns will close on 31 March 2013.

Tax status of carparks to remain unchanged

The Government will not continue with a proposal which would have changed the way some employer-paid carparks in central Auckland and Wellington are treated for tax purposes, Finance Minister Bill English and Revenue Minister Peter Dunne say.

Clueless tax tinkering from a clueless Govt - NZ First

The Government is planning to once again attack struggling New Zealand businesses by imposing Fringe Benefit Tax (FBT) on company car parks in Auckland and Wellington, says New Zealand First.

'Still time' to make Penny and Hooper-like disclosures

Taxpayers who may have reduced their income tax obligations through an income diversion arrangement have until the end of this month to take advantage of Inland Revenue’s concession to make a voluntary disclosure.

Inland Revenue releases adverse events research

The Christchurch rebuild depends on a well-working tax system, so Inland Revenue has undertaken research to examine the impact of the earthquakes on small and medium businesses.

February tax payment reminder

Inland Revenue is reminding customers that end-of-year tax payments are due 7 February 2013 unless they have an extension of time through a tax agent. Payment may be required for Income Tax, Working for Families Tax Credits or Student Loans for the 2012 tax year.

High interest, business tax penalising investment

While we do not agree companies operating in New Zealand should aggressively seek to pay the minimum tax possible in New Zealand, this is no time to be signaling we are about to tighten our company tax rules, the Employers and Manufacturers Association says.

New university and polytechnic council members appointed

Tertiary Education, Skills and Employment Minister Steven Joyce today announced three new appointments to the councils of Massey University, the University of Waikato and the Nelson and Marlborough Institute of Technology.

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