Monthly Archives October 2012
October 23, 2012 New Zealand Finance
The cost of having employees in New Zealand grew by 2.6 percent during the last year.
On October 19th Statistics New Zealand issued a press release on the national Labour Cost Index, with estimates of the rising cost of paying employees in New Zealand.
According to Statistics New Zealand, the cost of labour rose by 2.6 percent in the 12 months ending June 2012, with a 2.0 percent increase in salary and wage rates, and growth of 5.9 percent in non-wage costs, such as annual leave, statutory holiday costs and, superannuation costs.
The rise in the cost of statutory holidays was 8.4 percent and was due to an increase in the number of holidays during the year, with 9 holidays in 2011 and 11 holidays in 2012.
The cost of employees annual leave rose by 2 percent, in line with the rise in the cos...Read More
October 18, 2012 New Zealand Finance
Prices faced by consumers everyday are growing at the slowest level in over a decade.
On October 16th Statistics New Zealand published a press release on the Consumer Price Index of New Zealand, showing that the CPI has risen by 0.3 percent over the September 2012 quarter.
The increased consumer prices index has been attributed to rises in the prices of housing, housing-related expenses, and the increasing costs of seasonal vegetables.
The increases were countered by marginal decreases in the costs of transport, telecommunications, and some dairy products.
Over the 12 months ending September 2012 the CPI rose by 0.8 percent, the smallest annual shift since 1999.Read More
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October 18, 2012 New Zealand Taxation
The government is considering the proposal to extend in-work tax credits to all beneficiaries, even those not currently employed.
On October 17th Parliament began debating the Income Tax (Universalisation of In-work Tax Credit) Amendment Bill put forward by the Green Party Co-leader Metiria Turei to grant in-work tax credits to all families receiving welfare payments.
Under current regulations the in-work tax credit, of up to NZD 60, is granted as part of the Working for Families package.
The credit is not granted to parents who receive the student allowance or a means tested benefit, or parents who do not meet the minimum requirements for the number of hours worked per week.
If approved, the bill would see the in-work credits paid to all families receiving the benefit.
Metiria Turei clai...Read More
October 17, 2012 New Zealand Taxation
New tax hikes will mean that smokers will see the price rise of cigarettes to above NZD 20 per pack within 4 years time.
On October 16th parliament passed the Customs and Excise (Tobacco Products-Budget Measures) Amendment Bill, approving an annual 10 percent increases to excise duties on tobacco products for the years from 2013 to 2016.
Explaining the need to raise the excise duties, the Associated Health Minister Tariana Turia said that “…smoking continues to be by far New Zealand’s single leading cause of avoidable death and disease,” and “…these tobacco excise increases will save lives. They send a strong signal that smoking just isn’t worth it.”
The tax increases are scheduled to take effect on January 1st in each year between 2013 and 2016, and will bring the average price of a p...Read More