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 […]
 

Number of Building Consents on the Rise

The number of consents being issued in Ne Zealand is increasing since last year, and a significant portion of the growth can be attributed to a rising number of apartments. Late last week Statistics New Zealand issued a new statement showing that the number of building consents issued in New Zealand in January 2015 has […]
 

Tourist Spending up in 2015

International tourists coming into New Zealand spent NZD 7.3 billion in the country last year, a significant rise over the total spending in 2013. Late last week the Ministry of Business, Innovation and Employment issued a statement showing that over the course of 2014 international visitors coming to New Zealand spent an average of 13 […]
 

New Zealand Winemakers May lose Australian Tax Rebates

Winemakers throughout the New Zealand may soon lose out on as much as AUD 23 million, as the Australian government reevaluates a selection of tax rebates. According to a recent statement by the chief executive of the Winemakers’ Federation of Australia Paul Evans, the government of Australia may soon scrap the Wine Equalization tax rebate […]
 

Drought Afflicted Farmers Get Tax Relief

South Island farmers are being allowed to pay taxes late, as a means of helping them cope with drought conditions. Late last week the Inland Revenue Department issued a new statement that tax relief will be provided to farmers in selected drought-stricken regions in the South Island. The tax relief will come as the Inland […]