August 24, 2016 New Zealand Taxation
The IRD has won a case against a serial tax evader accused of dodging nearly NZD 800 000 in taxes.
Late last week Zai Jian Liang, proprietor of tasty Zone Restaurant in East Tamaki, was sentenced to 38 months of jail time for tax evasion amounting to NZD 787 996.
According to the Inland Revenue Department claimed that Zai Jian Liang and his wife Guan Hong Liang failed to declare more than NZD 1 million of cash sales through their restaurant.
Further, alongside failing to record cash sales, the couple also failed to pay approximately NZD 500 thousand worth of PAYE for staff salaries.
Following their gross tax evasion the family also claimed nearly NZD 30 thousand worth of Working for Families tax credits.
The evidence of the tax evasion was found by IRD investigators during raid of the co...Read More
August 9, 2016 New Zealand Taxation
Small business in New Zealand will soon have an easier time paying their Provisional Tax, if a new Bill is approved.
On Monday the Minister of Revenue Michael Woodhouse announced that new bill has been introduced to Parliament, detailing the earlier proposed updates to Provisional Tax payments.
The new bill details the new Accounting Income Method for calculation and payment of Provisional Tax by small and medium sized businesses.
Under the new system, small businesses using appropriate accounting software will be able to calculate their Provisional Tax obligations based on their realized incomes, instead of estimating their potential incomes for the year.
It is believed that the eased filing system will ease the administrative burdens for businesses, allowing owners to concentrate on o...Read More
July 29, 2016 New Zealand Finance
The Green Party is suggesting that new data is showing that the current government is more interested in supporting housing speculators as opposed to New Zealanders wanting to buy their first home.
According to the Green party of New Zealand, the current government has allowed the country to become a “property speculators’ paradise”.
In a press release issued on July 26th the green party said that data from the Reserve Bank has shown that in June 2016 investors were issued NZD 2.56 billion on loans, while first-time home buyers were issued loans worth only NZD 738 million.
It was also shown that a total of 7 000 loans were issued to investors, while only 1 970 were issued to first-time homebuyers.
The Green party further went on to say that “National is clearly more interested in h...Read More
July 5, 2016 New Zealand Finance
New data suggests that since 2010 more migrants have been approved to work in low-skilled jobs in New Zealand, while the proportion of high-skilled workers being approved has dropped.
Recent modelling completed by the New Zealand immigration adviser AMG Immigration indicates that over the last 5 years a greater number of temporary work visas have been granted to low-skilled jobs.
Over the course of the 2015-16 year high-skilled jobs accounted for 68 percent of all Essential Skills visas approved in New Zealand, however, in 2010-11 such jobs made up 73 percent of all approvals.
Further, in 2010, top-tier applications made up the biggest proportion of approved visas, representing approximately 33 percent of all approved Essential Skills visas, but in 2015-16 the proportion had dropped to 23...Read More