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The Latest Breaking News from Inland Revenue

Yes, landlords gain from the repeal of interest deductibility rules – but it was a flawed law from the outset

The new coalition government has announced a suite of tax reforms, including reintroducing the ability for property investors to deduct the interest costs on their mortgages against their rental income.

The Conversation

Unclaimed money doubles to $400m in three months

A law change has led to surge of unclaimed funds held by the government, reports Andrew Bevin

Newsroom.co.nz

The Labour-National consensus on family support means the election won’t change much for NZ’s poorest households

Casual observers could be forgiven for thinking the National Party’s recently released Working for Families tax policy had been cut and pasted from the Labour Party’s own policy. The similarities are certainly striking.

The Conversation

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Wage subsidy gets pass mark for engaging Māori – in inexplicable change

Ministry of Social Development bosses pushed back against original performance score in wage subsidy scheme assessment, reports David Williams

Newsroom.co.nz

Taxed after selling her home – four times

A battle over tax on a Southland woman's capital gains highlights the election debate over fixing 'inadequate' bright-line test policy settings, says advisor. Jonathan Milne reports.

Newsroom.co.nz

Failed NZ businesses leave a trail of destruction. Here are 3 things Inland Revenue could do to minimise damage

It feels like there is a high-profile liquidation every other week. Media coverage has included stories on the collapse of tiny home companies, construction firms and homeware retailers, among many others. In just the past week, a failed pool company was under the spotlight.

The Conversation

Dissenters Robertson and Parker ought to resign as ministers

Grant Robertson is just as compromised as David Parker in his position on the wealth and capital gains tax and should also stand aside. But because Hipkins has already faced more Cabinet upheavals than any modern PM, Robertson survives

Newsroom.co.nz

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Nash donor lobbied for high-wealth tax study exemption

A friend of the former minister asked to be excused from government research into high-wealth tax practices, saying it would distract from his role as the chair of an advisory council.

Newsroom.co.nz

Celtic to access tax records of sex abuse coaches in bid to prove they didn't work for club

Club lawyers were given permission to review files as they fight legal action brought by around 25 survivors of abuse at Celtic Boys Club.

Daily Record

Budget 2023: No ‘major’ new taxes but $80b more tax revenue

High-earning New Zealanders moved nearly $6 billion income a year into trusts after the Government introduced a new 39c personal tax rate – but now Inland Revenue will chase it down.

Newsroom.co.nz

NZ 'too small' for PwC-style tax rort

Despite the tax advice scandal rocking the Australian business community, experts say the symbiotic relationship between the big four accounting firms and the New Zealand Government is apparently no cause for concern.

Newsroom.co.nz

Wealthy NZers offer to pay more tax – but Inland Revenue says no thanks

Expressing disappointment at the PM's reluctance to impose a capital gains tax, one of Labour's biggest donors Phillip Mills is a signatory to a new open letter offering to pay more tax. Jonathan Milne reports.

Newsroom.co.nz

IRD applies to liquidate large aged care provider

An aged care provider with nearly 300 beds in six rest homes across the country is in financial difficulty and facing insolvency proceedings later this month.

Newsroom.co.nz

Proving the wealthiest New Zealanders pay low tax rates is a good start – now comes the hard part

If nothing else, the just released Inland Revenue study of the tax rates paid by the wealthiest New Zealanders should put to rest the notion we have a progressive tax system. We don’t.

The Conversation

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The Guardian - AU

New Zealand’s millionaires pay lower tax rates than cashiers – it’s time to fix the system

Inland Revenue report finds New Zealand’s 311 wealthiest families pay 8.9% of their income in tax, compared to 10.5% paid by minimum wage workers

Newsroom.co.nz

A taxing exercise for NZ's wealthiest 0.01 percent

Kitted out with new research into the shares, property and trusts of nearly 400 of the country's richest families, the Government will today discuss how to level the taxation playing field. Jonathan Milne reports.

Newsroom.co.nz

Read my lips: No new major taxes, Govt must live within its means

PM Chris Hipkins' economic focus will not be on extracting more tax from wealthy ageing moguls, but increasing productivity from young workers

Newsroom.co.nz

Large nationwide childcare provider faces liquidation

Education union and ministry are also hot on Rainbow Corner, owner of home-based care operation Porse.

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The Guardian - UK

Les Benton obituary

Other lives: Tax officer who delighted in helping out his local community in the Yorkshire town of Baildon

Newsroom.co.nz

'Dream turns to nightmare' as foundations of building industry erode

Civil construction firms are hitting rock bottom, caught between this summer's tropical downpours and rising concrete prices, reports Jonathan Milne.

The Guardian - UK

Ailsa Irving obituary

Other lives: Founder in the 1980s of the UK Endometriosis Society, which eventually became the national charity Endometriosis UK

The Guardian - AU

New Zealand authorities apologise for encouraging parents to ‘tax’ Halloween sweets

Inland Revenue Department faced criticism online after tweeting a tax on ‘treat hauls’ could teach kids responsibility

The National (Scotland)

Strong tax system is vital for success of Scottish currency, says Richard Murphy

AN economic justice campaigner has said Scotland must have a clearer and more effective tax system than the UK does if it is to adopt its own…

Newsroom.co.nz

Targeted living cost payments no bullseye, say advocates

Voices from community groups are questioning the target audience of cost of living payments rolling out from this week

Newsroom.co.nz

'She'll be right' attitude dangerous for struggling construction businesses

Insolvency experts say some operators in financial trouble are burying their heads in the sand when it comes to their business finances

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