Monthly Archives September 2010
September 27, 2010 New Zealand Taxation
The Labour Party has publicly stated that it supports the idea of cutting Goods and Service Tax on fresh fruit and vegetables, to encourage healthier lifestyles across the country.
Phil Goff, leader of the Labour Party, confirmed on September 27th that if elected his party intends to cut sales taxes on fruits and vegetables. The party leader recently speared a campaign against the Government’s tax package, which includes lifting Goods and Service Tax (GST) by 2.5 percent to 15 percent. In his campaign speech Phil Goff claimed that zero-rating fruit and vegetables would “help people on low and middle incomes make up some of the ground they are losing under National...Read More
September 25, 2010 New Zealand Taxation
The Inland Revenue Department’s three year long payment holiday for overseas based student-loan holders has come to an end.
On September 24th the Inland Revenue Department (IRD) issued a statement reminding overseas student loan holders that their repayment holidays have expired and that their first payment is due this month.
The repayment holiday was originally started in 2007, as a means to grant a reprieve from payments to student loan holders who are working overseas. The program was initiated concurrently with an amnesty to borrowers whose accounts were in debt.
The IRD has already sent out letters to a significant proportion of student loan holders, updating them on their payment obligations...Read More
September 21, 2010 New Zealand Taxation
According to the New Zealand Government, the real after-tax wages of New Zealanders will increase on October 1st when scheduled tax changes come into effect.
On September 21st Bill English, New Zealand Finance Minister, released new estimates by the New Zealand Treasury showing that in the quarter from October 1st to December 31st real after tax average earnings of national taxpayers will rise by 1.2 percent. According to the Minister, the estimates take into account all major cost of living indicators, personal tax rate decreases, portfolio investment entity (PIE) tax rates, and the upcoming the goods and service tax (GST) rate increase.
On October 1st the national GST rate is scheduled to rise from the current rate of 12.5 percent to 15 percent...Read More
In 2010 more New Zealanders opted to do volunteer work in their communities then in 2009, however this was offset by decreases in donations of money and goods.
On September 15th Tariana Turia, Community and Voluntary Sector Minister, announced the release of How do New Zealanders Give? – Quarterly Generosity Indicators, a report on the volunteer and donation habits of New Zealanders by the Office for the Community and Voluntary Sector (OCVS).
The report showed that 30.3 percent of New Zealanders chose to volunteer their time in local community causes. The figure represents a 2 percent increase over the December 2009 quarter. The median time spent volunteering per month also increased by 2 hours to a total of 10 hours, over the latest quarter.
During the March 2010 quarter 40...Read More