News and Media

Kirsty Keating: Top tax tips for the new year

12th January 2015

While most of us resolve to eat healthy, exercise harder and spend more time with the kids, businesses are making plans for what they hope will be a profitable 2015.

Whether New Zealand has a rock star, rock solid or rocky economy, tax, along with death, is one of the two sureties in life, as Benjamin Franklin famously said. So tax figures prominently in most business plans, particularly tax minimisation - a human instinct once described as a national sport for many Kiwis.

But prudent businesses should be aware our IRD is actively joining overseas revenue authorities to find new ways of limiting or preventing taxpayers (both large and small) from taking advantage of loopholes to reduce their tax bills. It has again released an annual Compliance Focus, setting out issues of concern and flagging likely areas for audit.

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NZ given more power to pursue tax evaders

6th January 2015

New Zealand's tax authorities have been given more power to pursue tax evaders who go offshore under changes which come into effect this year.

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IRD finds $3.73 of tax fraud for every dollar it spends looking for it

8th December 2014

Inland Revenue identified $10.4 million of tax fraud in the year to June, more than double the $4.5 million of tax fraud it identified in the previous 12 months. Revenue Minister Todd McClay said IRD identified $3.73 of tax fraud for every $1 it spent investigating tax evasion.

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Terry Baucher reveals the IRD's failing tax penalty system, says the taxman faces a growing problem with debt management

25th November 2014

There’s no evidence that Albert Einstein described compounding interest as "the most powerful force in the Universe". The phrase appears to have been attributed to him by a financial journalist years after his death in 1955.

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