Monthly Archives August 2016
August 24, 2016 New Zealand Taxation
The IRD has won a case against a serial tax evader accused of dodging nearly NZD 800 000 in taxes.
Late last week Zai Jian Liang, proprietor of tasty Zone Restaurant in East Tamaki, was sentenced to 38 months of jail time for tax evasion amounting to NZD 787 996.
According to the Inland Revenue Department claimed that Zai Jian Liang and his wife Guan Hong Liang failed to declare more than NZD 1 million of cash sales through their restaurant.
Further, alongside failing to record cash sales, the couple also failed to pay approximately NZD 500 thousand worth of PAYE for staff salaries.
Following their gross tax evasion the family also claimed nearly NZD 30 thousand worth of Working for Families tax credits.
The evidence of the tax evasion was found by IRD investigators during raid of the co...Read More
August 9, 2016 New Zealand Taxation
Small business in New Zealand will soon have an easier time paying their Provisional Tax, if a new Bill is approved.
On Monday the Minister of Revenue Michael Woodhouse announced that new bill has been introduced to Parliament, detailing the earlier proposed updates to Provisional Tax payments.
The new bill details the new Accounting Income Method for calculation and payment of Provisional Tax by small and medium sized businesses.
Under the new system, small businesses using appropriate accounting software will be able to calculate their Provisional Tax obligations based on their realized incomes, instead of estimating their potential incomes for the year.
It is believed that the eased filing system will ease the administrative burdens for businesses, allowing owners to concentrate on o...Read More