Scam alert: Fake Inland Revenue tax refund email doing the rounds

16th July 2019

The Inland Revenue Department is unsure how many Kiwis had been scammed off the back of a fake tax refund email requesting bank account details.

IRD client Xavier Wallach showed the Herald the “dodgy” email he had been sent in a bid to alert others not to “fall for the trap”.

Wallach said luckily he had already received his tax refund this year so knew straight away it was a scam.

Will the Government increase the personal tax rate?

15th July 2019

Since Budget day there has been a renewed interest in tax. With capital gains tax (CGT) off the table, speculation has turned toward personal taxation and in particular whether the Government may look to increase the top tax threshold and/or the rate.

None of this speculation has come from what was contained in the Budget, but rather because of what wasn’t covered.  As Aristotle said “nature abhors a vacuum”.

SMEs racking up the hours on compliance

9th July 2019

Kiwi business owners spend more than four hours every week meeting tax, regulation and compliance requirements, according to a new employer snapshot survey conducted by leading accounting software provider MYOB.

Larger businesses – those that employ more than 50 people – spend nearly six hours (5.8) a week meeting regulation and compliance requirements, twice that of smaller organisations (2 to 4 people) which, even though they employ only a handful of people, still spend nearly 3 hours (2.7) on compliance every week.

How New Zealand’s journey with Artificial Intelligence is informing and supporting ‘wellbeing’

8th July 2019

The recent release of New Zealand’s ‘wellbeing’ budget received global attention for its focus on more than just the bottom line and economic growth.

While the previous government was focused on fiscal liability in the context of the global financial crisis and two major earthquakes, the new government under the leadership of Jacinda Ardern has shifted the focus to a much broader range of outcomes that lift wellbeing.

Why businesses have lost confidence in the New Zealand economy

4th July 2019

It’s no surprise business confidence is falling despite the economy being in an “okay” place, according to one economist.

The latest NZIER business confidence survey found a net 31 percent of business owners expect conditions to deteriorate in the coming months, its worst result since the depths of the global financial crisis a decade ago.

IRD turns its focus to hospitality industry

9th May 2018

The Inland Revenue Department has turned its attention to the hospitality industry in its latest campaign targeting undeclared income.The industry is considered a high risk group as part of the IRD’s long running hidden economy programme against tax crime.

Real risk digital IRD watchdog will cry wolf

20th April 2018

The Inland Revenue will turn off some online services today for employers and Thursday for the rest of us, while its new IT systems kick in as part of the tax department’s $1.9 billion transformation project.

IRD left $800m short on under-reporting from self-employed

20th April 2018

New Zealand is missing out on about $800 million in its annual tax take due to the country’s self-employed under-reporting their income by about 20 percent, according to the Inland Revenue Department.

Research by Victoria University and the government’s tax authority estimates New Zealand’s self-employed, which account for 12 percent of the workforce, on average under-report their income by a fifth. The paper, by IRD’s Ana Cabral and Victoria University’s Norman Gemmell, focused on the self-employed due to the lack of third-party reporting and limiting withholding of their income, giving them greater opportunity to dodge tax than people paying income tax through PAYE.