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postheadericon IRD News Feed

Tue, 22 Aug 2017 23:51:14 +0000 | Sharon Andrews

A new information sharing agreement between Inland Revenue and the Ministry of Social Development signed in July will come into effect later this month. The new agreement brings together current information sharing arrangements into one agreement, and enables sharing of information for targeted housing assistance and verifying income for student allowance entitlements. For more information see the Order in Council, the text of the agreement and the regulatory impact statement.

Tue, 15 Aug 2017 02:20:46 +0000 | Wendy Watkin

An Inland Revenue report into targeted consultation on section 81BA of the Tax Administration Act 1994, which is one of the information sharing provisions, was tabled in Parliament today. The review is a requirement built into legislation. As part of the review, opinions were canvassed on the operation of section 81BA; its impacts and whether the section should be removed or whether any amendments to the section were required. The report discusses the findings and recommends retaining the section pending a wider review of the Tax Administration Act.

Tue, 08 Aug 2017 22:05:37 +0000 | Wendy Watkin

Revenue Minister Judith Collins has today welcomed the release of a tax officials’ issues paper, which presents options on how PAYE errors may be corrected and adjustments made, in the context of more frequent filing of PAYE information. The issues paper follows more frequent filing of PAYE information proposed in the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill, which is currently before Parliament.

For more information see the media statement, and the issues paper, PAYE error correction and adjustment. Submissions close on 15 September.

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Mon, 07 Aug 2017 22:30:21 +0000 | siteadministrator

Two Orders in Council signed yesterday, to give effect to agreements with India, and San Marino, will help pave the way for greater sharing of information to prevent tax evasion. For more information see the media statement.

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Wed, 02 Aug 2017 22:52:50 +0000 | siteadministrator

Finance Minister Steven Joyce and Revenue Minister Judith Collins have today announced the Government’s final decisions on proposals to tackle base erosion and profit shifting. For more information see the media statement and background documents.

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Mon, 17 Jul 2017 00:29:53 +0000 | Wendy Watkin

The Government has released proposals for making social policy processes administered by Inland Revenue simpler and more certain by basing payments on better information.

For more information see the Ministers' media statement, the discussion document Making tax simpler - Better administration of social policy and the online forum. Consultation closes on Friday 15 September 2017.

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Wed, 28 Jun 2017 04:31:28 +0000 | Wendy Watkin

A new tax protocol between New Zealand and Hong Kong was signed today, which updates the current double tax agreement between the two jurisdictions to allow full exchange of tax information. For more information see the media statement and the text of the new Protocol.

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Wed, 21 Jun 2017 22:33:18 +0000 | Wendy Watkin

The threshold over which information about businesses with an unpaid tax debt may be reported to an approved credit reporting agency has been set by Order in Council at $150,000. For more information see the media statement.

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Mon, 19 Jun 2017 01:50:47 +0000 | Wendy Watkin

The Government is seeking feedback on proposals that would reduce the number of people who have to provide information to Inland Revenue, and give many people their tax refunds or tax bills automatically.

The package of proposals would make tax simpler and more certain for more than three million people who receive income only from salary, wages, interest or dividends.

For more information see the Ministers' media statement, the discussion document Making tax simpler - Better administration of individuals’ income tax and the online forum. Consultation closes on Friday 28 July 2017.

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Thu, 08 Jun 2017 00:02:16 +0000 | siteadministrator

The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (referred to as the Multilateral Instrument, or MLI) was signed by the Minister of Revenue Judith Collins in Paris today. This OECD measure targets base erosion and profit shifting (BEPS). It will enable signatory countries, including New Zealand, to quickly update existing double tax treaties to include articles on permanent establishment avoidance, treaty abuse, dispute resolution and hybrid mismatches.

New Zealand’s position on which of its tax treaties should be covered and which provisions it will adopt was contained in the officials’ issues paper New Zealand’s implementation of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS, and this final position remains virtually unchanged. The OECD has published the full MLI positions of all signatories (including New Zealand) on its website. A report providing full details of the process for implementation and the effect of the MLI on New Zealand’s treaty network will be published on this website soon.

For more information see the Minister's media statement and OECD's information about the MLI.

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Tips & Info

KiwiSaver - exemptions from automatic enrolment rules
At times you may employ temporary or casual employees. If the employee is employed for 28 continuous days or less you don't need to enrol them in KiwiSaver.

Here's a quick refresher about who's eligible for KiwiSaver and the enrolment process.

You must automatically enrol eligible new employees who aren't already members. They must be:

•at least 18 and under 65 years old, and
•a New Zealand citizen or entitled to remain in New Zealand indefinitely.

Read more on the IRD website in their Sept Business Tax Newsletter