National tagged posts

John Key Doubtful on Capital Gains Tax

September 14, 2009 New Zealand Taxation  No comments

John Key has voiced his feelings opposing the idea of introducing Capital Gains Tax in New Zealand.

In a speech given on the 14th of September it was made adamantly clear by the comments of John Key, New Zealand Prime Minister, that he does not support the idea of introducing Capital Gains Tax into the New Zealand taxation system.

Capital Gains Tax and the feasibility and benefits of their possible introduction is being investigated be the Tax Working Group. Previously, John Key had been hesitant to give full comment on the idea of Capital Gains Tax so as not to affect the Tax Working Groups opinions prior to the investigation.
Having started their investigation, John Key has revealed his opinions...

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Taxes Cut Today

April 1, 2009 New Zealand Taxation  No comments

The National promised tax cuts came into effect on the 1st of April, 2009.

As of the first of April, 2009, a number of changes are taking place in the New Zealand taxation system both in regards to business and personal taxation.

To the everyday individual, most noticeable amongst these will be the introduction of the Independent Earners Tax Credit, which will deliver a net $520 ($10 per week) to those earning between $24,000 and $44,000. This decrease at 13 cents per dollar above the $44,000 bracket. Also, the 33% marginal taxation bracket begins from $48,000. The above $70,000 earnings bracket tax is decreased from 39% to 38%.

Changes also come into effect for small and medium enterprises. Provisional tax estimation uplifts are now removed...

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Crime Tax Proposed

January 20, 2009 New Zealand Taxation  No comments

The Government has proposed a $50 tax to be enforced upon anyone who commits a crime.

The national-led Government is set to bring forward for discussion a new tax which will be levied on anyone coming to court and being charged with a crime. The new tax will be charged regardless of seriousness of offence, extending from murder to traffic offences.

The collected $50 is aimed at repaying victims of crimes. It will be collected alongside other court fees and is reputed to hold very little extra administrative cost with it. It is expected to garner $5 million per year.

Those opposing the tax claim that in some cases the cost of collecting the fee will surpass the final $50. Deputy Leader of the Opposition, Annette King has said that this move is a “piece of pure political theater’...

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New Goverment’s Tax Plan Revealed

December 10, 2008 New Zealand Taxation  No comments

The new government released their new personal tax plan on Tuesday 9th of December, featuring altered tax levels and earning brackets.

The new personal tax plan is set to come into effect on the 1st of April 2009, with changes on the same date of each of the next three subsequent years.

The first year saw will see the earnings brackets change to $0 to $14,000, $14,001 to $48,000, $48,001 to $70,000 and above $70,001. The personal tax rates will become 12.5%, 21%, 33% and 38% respectively.
On the 1st of April 2010, the brackets will become $14,000 and under, $14,001 to $50,000, $50,001 to $70,000 and $70,001 and above. The tax rates for each bracket will be 12.5%, 21%, 33% and 37%.
The 1st of April 2011 will not see a change in the income brackets but a drop will be seen in the tax rate of ...

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