Yearly Archives 2008

New ACC Levies Settlement

December 17, 2008 New Zealand FinanceNew Zealand Taxation  No comments

The ACC levies for the 2009/2010 year, beginning April 01, have been set by the government.

As promised by John Key, the increases to ACC levies made by the new government did not meet the Department of Labour (DOL) recommendations. According to a Beehive press release the earners account levy is set to increase from its current level of 14 cents per dollar to 17 cents per dollar, including GST. The average composite employer and self-employed levy will increase from 12.6 cents per dollar to 13.1 cents. This amount excludes GST and will vary depending on the industry concerned.

According to the same release ACC Minister Nick Smith said that a worker on today’s average salary of $47,000 would pay $658 per year in levies, under the DOL recommendation this would rise to $940, but under the ne...

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Tax Threshold for Student Loans Raised

December 16, 2008 New Zealand FinanceNew Zealand Taxation  No comments

The income threshold for Student Loan repayments has been raised and will come into force on the 1st of April 2009.

Revenue Minister Peter Dunne announced on the 16th of December that post a review of the Student Loan scheme in regards to the September Consumer Price Index of 5.07%, the student loan repayment threshold would be raised from $18,148 to $19,084.

The change received the approved by Order of the Council on the 16th of December.

This alteration is based on the annual review of the Student Loan threshold.

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Accountant Jailed for Tax Evasion

December 16, 2008 New Zealand Taxation  No comments

According to an Inland Revenue Department (IRD) media release, an Invercargill accountant faces jail time for tax evasion.

Invercargill accountant, Warren Dean Haggerty was sentenced to two and a half years jail time after he admitted to or was found guilty of a number of charges. Warren Dean Haggerty admitted to misappropriating $302,365.82 worth of funds. Further, he admitted to misleading and altering tax statements of two clients as to their tax position, resulting in overpayments, which he then withdrew for his personal use. He admitted to gaining use of $115,000 of funds in this manner. It was proved by the court that Warren Dean Haggerty deliberately mislead his firm as to the location of the misappropriated money.

As of the 13th of December Warren Dean Haggerty has been suspended ...

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Revised ACC Levies to Be Released

December 15, 2008 New Zealand FinanceNew Zealand Taxation  No comments

New Zealand Government officials said that the new ACC levies will be released on the 15th of December.

While originally, New Zealand Prime Minister John Key stated that the new levies will be released on the 14th, this was later retracted and the new date set.

Prime Minister John Key was quoted as saying that although the New Zealand Government found itself in a difficult position in regards to the ACC levy decision, they tried all that was feasible in an attempt to ease pressure on tax payers. Specifically, the government thought that next year could be a difficult one for tax payers, economically.

Beside the Department of Labour recommendation of increasing levies 0...

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