June 12, 2018 New Zealand Finance
Last week the New Zealand government announced that it is launching a public consultation on the post-study work rights of international students in New Zealand.
Currently, international students who graduate from a qualifying course in New Zealand can apply for a one-year work visa which is not tied to any employer. The visa can be followed up by a two-year work visa tied to an employer if the job on offer is relevant to the student’s degree. the system employers to take on students without having to prove to immigration officials that there are no local workers who can do the job.
Under the proposed system, students who complete a degree-level qualificat...Read More
April 24, 2017 New Zealand Taxation
The Finance Minister Steven Joyce has indicted that if the National party is re-elected, then it will raise the tax threshold on personal incomes.
The Minister explained that the current average salary in New Zealand is NZD 55,000 per year, while the threshold for the 30 percent marginal tax rate is NZD 48 000.
The disparity between the pay levels means that some people who are earning the average wage will be paying the top tax rate.
Further, if the same earner is paying off their student loan, then their effective marginal tax rate will be 42 percent.
Steven Joyce added that when taxes are that high “…we rightly worry about whether young people can save for a house...Read More
January 17, 2017 New Zealand Finance
In a new report published on January 16th, Oxfam New Zealand has revealed the state of income inequality in New Zealand, claiming that a small number of individuals in the country control more wealth than a significant portion of people.
In its report, Oxfam claimed that just 2 individuals have more wealth between each other than all the wealth held by approximately 30 percent of New Zealand adults.
Further, the richest 1 percent of all New Zealanders collectively hold 20 percent of the country’s wealth, while the bottom 90 percent of people holds less than half the country’s wealth.
The results of the report are based on analysis of total wealth, and not disposable income, as many high-wealth indivi...Read More
November 24, 2016 New Zealand Taxation
On November 22nd the Minister of Revenue Michael Woodhouse announced that special measures have been enacted to ease the filing burdens of taxpayers impacted by the earthquake in Kaikoura.
The Minister explained that following an Order in Council the IRD will waive the Use-of-Money-Interest on any late payments, which are a result of the earthquake.
The waiver is currently scheduled to last until January 31st, although it is not impossible that the deadline may be extended further if such a step is deemed necessary.
The Minister also noted that the Inland Revenue has opted to drop its own late-filling and late-payment penalties for anyone affected by the recent quak...Read More