Australia tagged posts

New Zealand OCR Remains Unchanged

January 31, 2010 New Zealand Finance

Wellington, New ZealandThe New Zealand Official Cash Rate (OCR) was left unchanged at its latest review.

At the quarterly Reserve Bank OCR Review, on January 28th, it was announced that the rate would remain at its current level of 2.5 percent. Alan Bollard, Reserve Bank Governor, said that the decision comes as a result of the economy remaining consistent with projections made in the December Monetary Policy Statement. He continued on to say that the annual CPI inflation is situated squarely in the target band and is expected to remain within the area over the medium term.

The New Zealand OCR has remained at 2.5 percent since April 30th, 2009. It has been unchanged through six OCR review announcements...

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Australian-New Zealand Superannuation Portability Even Closer

July 16, 2009 International FinanceInternational TaxationNew Zealand FinanceNew Zealand Taxation  No comments

New Zealand and Australia have signed a Memorandum of Understanding, bringing the idea of superannuation portability between the two countries one step closer to reality.

New Zealand Finance Minister Bill English and New Zealand Finance Minister Bill English singed a Memorandum of Understanding on the 16th of July, indicating that both governments formally acknowledge their intent to implement into law provisions for superannuation portability.

Legislative changes are still required before the superannuation portability can become a reality, this is expected to occur mid-2010. Conditions upon the portability are still to also fully be determined, although some have already been determined in regards withdrawal ages and the matter of Kiwisaver member benefits and kick-start amounts.

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Australia Could Promp NZ Tax Decisions

July 15, 2009 International TaxationNew Zealand Taxation  No comments

Indication has been made that New Zealand could change its tax policies depending on the outcome of the Australian taxation system review.

At the New Zealand Herald’s Moods of the Boardroom meeting, on the 14th of July, Finance Minister Bill English commented on potential repercussions of the Australian Government’s taxation system review. In light of the need to stay internationally competitive in regards to personal taxation and investment, any significant change in Australia’s policies could see changes in New Zealand.

Bill English made further comment about the need to stay competitive internationally because of the ease with which business and investment can be switched between Australia and New Zealand. He added further that while many countries like the U.K...

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Australian Superannuation Portability Talks

July 7, 2009 International TaxationNew Zealand FinanceNew Zealand Taxation  No comments

Talks between Finance Minister Bill English and Australian Treasurer Wayne Swan regarding superannuation portability will commence on the 16th of July.

An agreement in these talks could see a complete set of portability rules in regards to the superannuation of residents of either country permanently moving to the other. Bill English has stated that the envisaged set of rules will allow for the movement of Kiwisaver funds an appropriate compatible Australian counterparts. As the details have yet to be discussed between appropriate parties, future solutions are purely speculation, but it is thought that portability will work both ways with no strong restrictions, and serve to aid the Single Economic Market Programme between Australia and New Zealand.

The Australian Tax Office currently ove...

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