Monthly Archives November 2016

Tax Rules Loosened For Quake Victims

November 24, 2016 New Zealand Taxation

Taxes of Kaikoura quake victimsTaxpayers in and around Kaikoura will have some reprieve, as their tax filing requirements are eased during the recovery.

On November 22nd the Minister of Revenue Michael Woodhouse announced that special measures have been enacted to ease the filing burdens of taxpayers impacted by the earthquake in Kaikoura.

The Minister explained that following an Order in Council the IRD will waive the Use-of-Money-Interest on any late payments, which are a result of the earthquake.

The waiver is currently scheduled to last until January 31st, although it is not impossible that the deadline may be extended further if such a step is deemed necessary.

The Minister also noted that the Inland Revenue has opted to drop its own late-filling and late-payment penalties for anyone affected by the recent quak...

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NZ Businesses Spending Less Time on Tax Filing

November 16, 2016 New Zealand Taxation

New Zealand business tax complianceTechnology is helping New Zealand businesses vastly reduce the amount of time that they spend on their tax filling.

On November 16th the Revenue Minister Michael Woodhouse and Small Business Minister Craig Foss announced that the results of new survey have shown that small businesses in New Zealand are spending a decreasing amount of time each year on their tax filing obligations.

On average businesses in New Zealand spend 27 hours each year on their tax compliance.

The current time spent on compliance is 25 percent less than the amount of time which was spent in 2013.

The results of the survey showed that business owners found that recording information was the most time consuming aspect of their tax obligations.

GST was found to be the most time-consuming tax type, requiring an averag...

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