IRD Issues More Refunds

The IRD has issued almost NZD 50 million mre in tax refunds this year compared to last year. Last week the Inland revenue Department issued a new statement providing details on the increasing number of taxpayers who are opting to use the IRD’s online services, and, subsequently, leading to a greater number of tax returns […]
 

new Property Tax Bill Introduced

New regulations have been introduced to ensure that the sale of property is taxed properly. On June 23rd the Taxation (Land Information and Offshore Persons Information) Bill was introduced with the aim of tightening the regulation and taxation regarding the purchase and sale of property. Under the details of the new bill, any buyer or […]
 

New Property Rules May Lower Houses Prices Eventually

The government’s upcoming rule changes may have a positive effect of property availability, but they fail to tackle the issue of housing supply or to incentivize first-time buyers. In a recent online interview the managing director of Barfoot & Thompson Peter Thompson suggested that the measures being taken by the government to ease the conditions […]
 

Capital Gains Tax Applies to Only 4 800 Sales

The upcoming capital gains tax is not likely to raise more than NZD 70 million per year, with property sales in Auckland being hit the hardest. Last week the consultancy firm CoreLogic released a report on the potential effect of the upcoming regulations regarding the taxation of capital gains from the sale of property, showing […]
 

Government Toughens Stance on Property Gains

Property investors will now be eligible to pay tax for any capital gains made from the sale of their investment property. Over the weekend the government announced that new rules will be instated regarding the taxation of the sale of investment properties, in an effort to help control the upward spiralling property market. Under the […]
 

New Zealand Won’t Rush into Online GST

New Zealand will wait to see if Australia can effectively implement a GST on intangible online goods before evaluating the feasibility such a measure for New Zealand. The Finance Minister Bill English has stated that the government will not rush into copying the updates the GST recently announced in Australia. Australia now plans to amend […]
 

Tax Revenues See Marginal Spike

Tax revenues have risen, but the spike in collections may be only temporary. On May 11th the Treasury of New Zealand released the Financial Statements of the Government of New Zealand for the nine months ending March 31st 2015, showing that tax revenues are up over the time period. According to the information released by […]
 

Retailers Push for GST Reform

Retailers are campaigning for online purchases to become more expensive, with GST to be levied on all purchases above NZD 25. On April 14th Retail New Zealand and Booksellers New Zealand launched a collaborative campaign to pressure the government into enacting GST on low-valued goods and service purchased overseas. Currently, GST is not levied on […]
 

New Zealand Exports Drop

The tumbling price of dairy products has reduced the total value of New Zealand exports over the month of February. Exports coming out of New Zealand fell to a level of NZD 3.9 billion in the month of February, down by approximately NZD 608 million compared to the same period in 2014, according to information […]
 

Student Loan Repayments are Due

Student loan borrowers living overseas have weeks to make one of their two bi-annual payments. Late last week the Inland Revenue Department issued a statement reminding overseas-based student loan borrowers that their bi-annual payment obligations are due at the end of the months. In the statement the IRD noted that with the recent changes to […]