Monthly Archives August 2010
August 31, 2010 New Zealand Finance
The New Zealand Government is attempting to provide fairer access to social assistance for all New Zealanders, and has released a new paper discussing the issue.
In a statement made on August 30th Peter Dunne, Revenue Minister of New Zealand, said that there are currently several inconsistencies and issues within the national social assistance system. According to the Minister, some individuals are able to restructure their financial affairs, in order to unfairly receive monetary assistance from the Government, like Working for Families, student allowances and community services cards.
Peter Dunne announced that the Government has released Social Assistance Integrity: Defining Family Income, a public issues paper which seeks feedback on the potential solution to the perceived unfairness...Read More
August 28, 2010 New Zealand Finance
Student loan holders could soon benefit from reforms aimed at easing the management and administration of their debts.
After a round of public consultations, the New Zealand Government intends to instate several changes to the national student loan system. On August 27th Peter Dunne, Revenue Minister of New Zealand, announced that a bill had been tabled in Parliament with the alterations, saying “Student Loan Scheme Bill paves the way for borrowers to communicate with Inland Revenue online and vice versa, and is part of a package of reforms to simplify the way Inland Revenue administers student loans.”
The bill aims to reduce the number of physical letters and correspondences sent to loan-holders and migrate Studylink to an up-to-date electronic filing system...Read More
August 17, 2010 New Zealand Taxation
Over 310 000 New Zealand families could soon experience significant tax reliefs, if new legislations are passed allowing income sharing for the purpose of tax calculation.
Couples with children could be given the option of working fewer or more flexible hours, if a new legislation passes through Parliament. On the 16th of August the Taxation (Income-sharing Tax Credit) Bill was tabled in Parliament. The bill proposes that a couple with dependent children be able to choose to be taxed on an equal share of their combined incomes, and receive an end of year tax credit on any tax benefits calculated...Read More
August 11, 2010 New Zealand Finance
The New Zealand Government has said that the focus for the current economic recovery will be different than that of traditional recovery, with a focus on establishing sustainable long-term returns.
Tackling current imbalances in the New Zealand economy will not be a short-term task, and will require “relentless” long-term focus and policy reform. The analysis and the Government’s future policy outlook was released on August 11th, in a speech to the New Zealand Council for Infrastructure Development, by Bill English, Finance Minister of New Zealand.
The international credit environment is too constrained for New Zealand to readily address economic imbalances, and the recovery will be based on stable growth of earnings sectors, like exports...Read More