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Public Consultation On New Build Tax Exemption Opens

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The government has revealed proposals to have new builds exempted from planned changes in the taxation of residential investment properties. Public consultation is being invited on the details of these proposals which would see to an end of claims against interest deductions for residential investment properties, except for new builds.…
inflation

NZ Reserve Bank Signals Normalizing Of Interest Rates In 2022

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The Reserve Bank has retained the official cash rate (OCR) at 0.25%, in keeping with the government’s stimulatory support for the economy. It has however also hinted at a possible one 25-basis-point rate increase as early as September of next year and a further 150-basis-point hike by 2024. This would…

New Zealand man tries to fool NZ customs by falsifying documents

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A businessman in Dunedin, Paul Lambert Clarke used some white-out pens and glue to change documents to avoid paying more than $1.3m in tax. Clarke was changing the value of imported machinery and was found out, appearing in court and pleading guilty on charges of altering documents and producing false…

Business Sector Hopes For 2021 Budget

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As the nation digests the latest budget, the business sector is already weighing in on areas it hopes the government will focus on. Businesses are hoping for stronger spending on infrastructure that will support economic growth. BusinessNZ chief executive, Kirk Hope, supported this action and called for the government to…
jail

NZ’s Biggest Tax Fraud Cheat Sentenced

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The country’s biggest tax fraudster has this week been sentenced to a term of eight years and six months. John Bracken, a Matawai farmer and an exporter, has been convicted of carrying out a crude but effective $17.4 million tax scam in the form of GST refunds he was not…
taxtime

New Zealand Raises Minimum Wage and Increased Taxes On The Rich

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The minimum wage for New Zealand has officially increased by 5%, now at $20. Many sectors of work have been affected by the Covid-19 pandemic, mostly those in hospitality, tourism, retail and construction. The people most likely to be affected by the Covid19 pandemic are the same people who are…
covid

NZ Government Shifts Focus From Wellbeing To Covid Recovery

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The Labour government’s 2019 “wellbeing budget” received much acclaim around the world. It sought to change how government spending was considered. Rather than focus on facts and figures like GDP, it opted to measure its success in terms of social outcomes like safety, human health and flourishing. A living standards…