Study Reveals Wealth Gaps in New Zealand

January 17, 2017 New Zealand Finance

Wealth in New ZealandNew data has shown the wide gap between the country’s wealthiest and poorest people.

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...

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Tax Rules Loosened For Quake Victims

November 24, 2016 New Zealand Taxation

Taxes of Kaikoura quake victimsTaxpayers in and around Kaikoura will have some reprieve, as their tax filing requirements are eased during the recovery.

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...

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NZ Businesses Spending Less Time on Tax Filing

November 16, 2016 New Zealand Taxation

New Zealand business tax complianceTechnology is helping New Zealand businesses vastly reduce the amount of time that they spend on their tax filling.

On November 16th the Revenue Minister Michael Woodhouse and Small Business Minister Craig Foss announced that the results of new survey have shown that small businesses in New Zealand are spending a decreasing amount of time each year on their tax filing obligations.

On average businesses in New Zealand spend 27 hours each year on their tax compliance.

The current time spent on compliance is 25 percent less than the amount of time which was spent in 2013.

The results of the survey showed that business owners found that recording information was the most time consuming aspect of their tax obligations.

GST was found to be the most time-consuming tax type, requiring an averag...

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Global Impact Visa Partner Chosen

September 28, 2016 New Zealand Finance

Entrepreneur VisaThe government of New Zealand has taken an extra step forward to attracting more young entrepreneurs into the country.

In a statement issued on September 28th the Minister of Immigration Michael Woodhouse announced that a partner has been found to help the government implement the upcoming Global Impact Visa in New Zealand.

The new Global Impact Visa was first announced in April this year and is intended to help attract more young entrepreneurs to New Zealand.

It was deemed that the current Entrepreneur Visa system is not suitable for attracting younger entrepreneurs with innovative ideas, as the regulations are stacked in favour of established businesses and business operators with long-term experience and sizeable financial backing.

The potential visa applicants will be drawn in and ...

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