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Tax efficiency in the spotlight

New Zealand tax system has been ranked the 27th most efficient out of the 183 countries surveyed in a report compiled by PricewaterhouseCoopers, the World Bank and the International Finance Corporation.

New Zealand’s average tax rate of 34.4 compares favourably with the average global rate of 44.8 per cent, and Australia’s rate of 47.7 per cent.

New Zealand also rates well on the 8 taxes business must pay when compared with Australia’s 11 and the world average of 28.5. Read more

It’s happening everywhere ..

An EY global survey, highlighted in a recent article in the Sydney Morning Herald indicates that increases in audit activity are part of a broader global trend.   The paper writes:

An annual survey by the global accounting firm Ernst & Young found tax authorities are becoming more aggressive and forcing companies and governments into more clashes over tax laws,  The survey, based on interviews with 541 senior tax and finance executives, concludes that the world has entered a period of elevated risk for tax controversy.  Findings were that audits are more frequent and aggressive, making them more costly to defend or litigate.  Tax assessments and penalties have now entered the realm of billions of dollars.  Companies [also] face unprecedented scrutiny and reporting of their tax affairs by advocacy groups and the media. Read more

Falls Road – when GST is not just part of the purchase price

A recent HC decision has interesting implications for the payment of GST in property settlements that involve nominees.   In this case:

(a)    Fletcher agreed to sell land to the Hulls, who nominated Falls Road to complete the transaction.

(b)   The GST ($650k) was payable before settlement and so a GST invoice was issued by Fletcher and Falls Road paid the GST to Fletcher.

Read more

Taxation of UK Pensions – Ignorance is bliss?

Last weekend’s NZ Herald has an article on the IRD’s approach to the taxation of UK pension schemes.

The way NZ taxes foreign pension schemes is complex and (as a consequence) poorly understood.  The IRD have had an overhaul of the regime on their (very long) to do list for quite some time.   The IRD have apparently indicated that audit and enforcement action against NZ tax residents with UK pensions will be suspended pending the outcome of a more general policy review of this area.

Read more

Recent comments

  • Peter: When you have more than one job all your income is added up and you pay tax on the total income amount. For...
  • Joanne Martin: Hi Would you be able to email me to discuss a small company that is an LTC which I need some advice on...
  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
  • bryan: as a group of employees we get paid meal money if we exceed 11hrs on any day. Employer says he wants to tax...
  • linda: My mother is 94 and has dementia. With govt assisted carers she is still living in a home gifted within the...
  • Sharon: Hi Daniel, Can you please advise how owners of a profit-making LTC pay themselves? The owners used to pay...
  • Another Anne: My Dad is in care on full subsidy. I am EPOA. Are we able to gift some money to my brother in UK so...
  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
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