Monthly Archives June 2016
June 28, 2016 New Zealand Taxation
New data shows that large wealth gaps exist between different age groups and ethnic groups in New Zealand.
On June 28th Statistics New Zealand released new data regarding the distribution of net wealth across different groups in the country.
It was shown that approximately 70 percent of total household net worth in New Zealand is held by the top 20 percent of households in the country.
The distribution of net worth was heavily dependant on age, with people aged 15-24 years old having a median net worth of NZD 1 000, while those aged over 65 years having a net worth of NZD 288 000.
There was also marked differences between ethnic groups, with Europeans having a median household net worth of NZD 114 000, while Maori, Pacific people, and Asian groups holding NZD 23 000, NZD 12 000, and NZD ...Read More
June 27, 2016 New Zealand Taxation
Import levels are rising in New Zealand, with the import of consumer gods leading the charge.
On June 27th Statistics New Zealand released new information showing that over the month of May the goods trade surplus in the country reached NZD 358 million.
The total of all goods imported into New Zealand over the curse of May rose by 5.7 percent compared to the previous month, reaching a level of NZD 4.2 billion.
Over the same time period, the level of exports from New Zealand rose by 5.1 percent, reaching 4.6 billion, leading to a total differential of NZD 358 million.
The rise in imports was led primarily by a 16 percent increase in the level of consumer goods imported, a rise equivalent to NZD 152 million worth of extra imports.
Most export groups also rose in May, however, the export of...Read More
June 18, 2016 New Zealand Taxation
Taxpayers across the country have been subject to an increasing number of calls from phone scammers claiming to be calling from the IRD.
In a warning issued on June 17th the New Zealand Inland Revenue Department urged taxpayers to be cautious of a recent spate of scammers trying to defraud legitimate taxpayers.
As of June 14th the Inland Revenue Department has received more than 500 reports from taxpayers of phone calls from individuals claiming to be representatives of the IRD.
The callers would claim that the IRD is pursuing taxpayers for historic unpaid debts, and threatened to engage in legal action unless the debts were paid immediately.
The IRD advised all taxpayers that it would never request bank or credit card details over the phone, even in cases when taxpayers had not met thei...Read More
June 13, 2016 New Zealand Taxation
New Zealand First has raised questions about why GST collections from tourism are not rising in line with growing tourist numbers.
In a new press release issued on June 13th the New Zealand First Party claimed that the surge in tourist numbers has not been reflected in the national tax revenues from the collection of GST.
According to New Zealand First, while visitor arrival numbers may have increased, the total expenditure by tourists is not rising, as tourists are staying for a shorter time.
It was explained that “…There should be a parallel or ratio between total tourism revenue and GST derived from it,” but “…if we have a foreign tourism boom, then why is GST from tourism collection many billions lower than it should be from the total tourism revenue that Mr Key trumpets?”Read More