income tax tagged posts
February 16, 2015 New Zealand Taxation
South Island farmers are being allowed to pay taxes late, as a means of helping them cope with drought conditions.
Late last week the Inland Revenue Department issued a new statement that tax relief will be provided to farmers in selected drought-stricken regions in the South Island.
The tax relief will come as the Inland Revenue Department has opted to use its powers of income equalization discretion, following the an announcement by the Primary Industries Minister Nathan Guy that frames in the eastern South Island were facing a medium-scale adverse event.
Effected farmers will now be given extra leniency in filing their tax payments late, and will be eligible to apply to receive any tax refunds early.
The leniency is intended to allow farmers to shift their tax burdens to a time when co...Read More
May 11, 2012 New Zealand Finance
Future discussions regarding income inequality in New Zealand need to consider income mobility over time in order to better target economic policies.
On May 9th the University of Otago published new research which was commissioned by the Treasury of New Zealand in order to attain greater information on income movements across different demographics in the country. The authors of the research examined data collected in Statistics New Zealand’s annual Survey of Family, Income and Employment, to determine how the incomes of New Zealanders changed over the period between 2002 and 2009.
The research indicates that over the time period New Zealanders saw significant mobility in their incomes, both in terms of upward and downward movements...Read More
May 20, 2009 New Zealand Taxation
Revenue Minister Peter Dunne gave a speech on the 15th of May, updating the government’s tax policies.
Revenue Minister Peter Dunne gave a speech to the New Zealand Institute of Chartered Accountants in Masterton. He addressed the current state of the economy as an opening for his update of the government’s current tax policy plans.
Peter Dunne restated his plans to instate a 30% tax alignment policy between company, top personal and trustee tax. Although he did say that this currently limited to a medium term plan on account of the Government’s financial position, unless an unexpected and large financial turnabout occurs.Read More
He mentioned the Income splitting bill, which is scheduled to be introduced in 2010...
May 19, 2009 New Zealand Taxation
Man extradited from Australia and sentenced for 25 charges revolving around GST, family support, income tax fraud.
Pravin Kumar Patel was discovered to be attempting to commit tax fraud after a tax audit on his business. In 2002 he purchase a dairy in Auckland, only to sell it the subsequent year, and repurchase a similar store in Hamilton. In 2006 an audit was conducted on his business, and it was discovered that in three years of the Hamilton business’s lifetime $370,000 was undeclared and deposited into accounts held by Pravin Kumar Patel or his family.
In the March of 2007, Mr Patel mislead his tax agent and claimed he was leaving the country to take car of his sick father in India, he left to Australia instead. He also transferred $370,000 into a Melbourne based bank account...Read More