Monthly Archives December 2010

Tax Funded Educations Debated in Australia

December 31, 2010 International FinanceInternational Taxation

Bond UniversityThe Green Party of Australia has spurned new debate in Australia after proposing that Australians be able to receive free tertiary educations.

On December 30th the Australian Green Party outlined its agenda for 2011, which included a proposal to establish a system which would use the profits arising from mining taxes to fund free tertiary education for all Australians.

The Green Party believes that introducing a system of tertiary education would cost approximately AUD 2.5 billion. The funding would be sourced entirely from the upcoming Mineral Resource Rent Tax (MRRT), which could come into effect as early as July 2012...

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Law Commission Questioning Trust Rules

December 20, 2010 New Zealand FinanceNew Zealand Taxation

113/365: Flippin' coinsThe New Zealand Law Commission is investigating the widespread use of trusts in New Zealand, the entities’ potential for tax evasion, and several proposed legislative changes to trust regulations.

On December 20th the New Zealand Law Commission published Some Issues with the Law of Trusts in New Zealand: Review of the Law of Trusts an issues paper that seeks to draw public comment on trust laws. The paper is an initial stage of a comprehensive Law Commission review of the entirety of national trust legislation.

Commissioner George Tanner explained the Commission’s interest in trusts, saying, “We’re interested in why people set up family trusts, and whether there should be limits on their use...

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IRD Strengthen Student Loan Recall Power

December 17, 2010 New Zealand Taxation

JackieThe IRD will soon enjoy an expanded set of rules under which student’s student loans are able to be recalled in cases of repayment non-compliance.

On December 15th the Revenue Minister Peter Dunne announced a change to national student loan rules, which will allow the Inland Revenue Department (IRD) to recall student loans in occurrences of serious non-compliance by loan-holders.

According to Peter Dunne, there are numerous loan-holders who default on their student loans every year. Such cases are handled by the IRD, who typically provide the individual with options to payback the defaulted loan. However, in extreme cases of non-compliance the Commissioner of Inland Revenue is authorized to recall the entire loan.

The new bill will clarify and greatly expand the instances in which the IR...

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IRD Concerned with Rise of Cloud Computing

December 14, 2010 New Zealand Taxation

Some More Sun DisksThe Inland Revenue Department has issued a notice, warning taxpayers and business owners that the use of cloud computing for record keeping could potentially be against national tax regulations.

On December 13th the Inland Revenue Department (IRD) issued a Revenue Alert concerning taxpayer’s record keeping obligations in regards to the spreading use of cloud computing services. A warning was given that the technological intricacies of cloud computing might result in taxpayers inadvertently breaching regulations.

Cloud computing is an internet-based technology service whereby the user is able to access storage space, software, networking elements, and processing power over the internet...

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