Safer banks and strengthened bank accountability

News release issued by the Minister of Finance The Coalition Government today announced moves to make New Zealand’s banking system safer for customers through a new deposit protection regime, and work to strengthen accountability for banks’ actions.The in-principle decisions are part of Phase 2 of the Review of the Reserve Bank Act, which is making sure the 30-year old laws regulating ...

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Prison for evading to pay Taxes

A former security guard and company director has been sentenced to 13 months in prison for evading or attempting to evade personal income tax and GST. The taxpayer was sentenced in the Manukau District court on April 11. He was earning income and GST; knew he had to file income tax and GST returns but chose not to do so. The total ...

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If you can’t back it up, don’t say it

Watch this video from the Commerce Commission regarding False, Misleading and Unsubstaniated representations. Be careful with what you are claiming. You must be able to back up your claims of the products you are selling. Watch here. Source: ...

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Compliance strengthened for property speculation

Inland Revenue is to gain greater oversight of land transfer information to ensure those buying and selling properties are complying with tax rules on property speculation. Cabinet has agreed to implement recommendation 99 of the Tax Working Group’s (TWG) final report. It will require most people who buy and sell properties to supply their IRD number on land transfer documentation. Revenue Minister ...

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Tax Talk Newsletter Winter 2019

Help Your Accountant, and Yourself   - Here are some of the problems we strike when preparing your annual accounts and what you can do to help us: Avoid supplying too much information – our questionnaire will list what we need. Too much information means we have to wade through it, in case there is something you intend us to see. Respond to our ...

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What's the future for cash in New Zealand?

If cash becomes less accepted and available as a means of payment, then the Reserve Bank says that New Zealanders who are already left out of the banking or digital worlds may be severely disadvantaged. That prospect is one of five key issues in a paper on the Future of Cash Use published by the Bank on its website today. “We see ...

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