tax credit tagged posts
December 3, 2012 New Zealand Taxation
A tax scam which netted three individuals approximately NZDD 55 000 has also earned them earned them fines, community work and community detention.
Last week three member of a Lower Hutt based church were sentenced for their involvement in a tax scam which saw them receive NZD 56 378.27 from issuing false donation receipts and claiming tax rebates belonging to 33 other people.
The accused, Faalemalo Ipiniu Letoga, Mau Veletaloola and Ita Vienna Aiomata, were ordered to serve 150 hours of community work each, sentanced to six months community detention each and also ordered to pay the Inland Revenue Department NZD 10 000 in reparations.
Explaining the actons taken by the trio, the group manager of investigations and advice at the IRD Patrick Goggin said that “…the actions of these individua...Read More
August 17, 2012 New Zealand Finance
A new Bill in Parliament could soon see unemployed students and beneficiaries receive in-work tax credits.
On August 16th the Income Tax (Universalisation of In-work Tax Credit) Amendment Bill was drawn from the ballot for voting by Parliament. The Bill proposes that the current In-Work Tax Credit (IWTC) system be extended and offered to all individuals receiving Working for Families tax credits.
Under present regulations, the IWTC is set at NZD 60 per week and can be claimed by families who work a total of 30 hours per week, or individuals working 20 hours per week. The new Bill sets forward that the IWTC should be extended to individuals who do not meet the minimum work requirements, and, if passed, could see unemployed students and beneficiaries also receive the tax credit.
Explaining t...Read More
May 23, 2011 New Zealand Taxation
The Labour Party and the National Party are set to clash over the issue of taxation, with both parties breaking into their election year campaigns and promises, in which the Labour Party is promising a comeback to research and development tax breaks.
The Labour Party revealed one of its primary election year promises on May 22nd, promising to boost the national economy by billions per year through the renewal of the research and development tax credits.
At the Labour Party’s Congress in Wellington, party leader Phil Goff delivered the keynote speech, revealing that it is his intention to see a 12.5 percent tax credit restored on research and development activities carried out in New Zealand...Read More
January 6, 2010 New Zealand Taxation
New Zealanders can now receive automatic tax credits for their charitable donations.
From January 7th donations made automatically from an employees pay package will be eligible for automatic tax credits, bypassing the previous system of end of year claims. Employees will receive a third of the donation amount back through a PAYE tax credit. Describing the ease of use of the new system Peter Dunne, Revenue Minister of New Zealand, said “…it’s really convenient for workers, is low-cost and effective for charities, and helps employers and their staff become more engaged with the community”.
The new law was enacted in the Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill, which received Royal assent on October 6th...Read More