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Tax Talk Newsletter Summer 2020

Government Improving Protections for Consumers and Workers when businesses fail On Monday 4 November 2019, Minister Kris Faafoi released a statement announcing changes that will favourably affect consumers and workers of failed businesses. Changes to insolvency law announced by the Government on 4 November will include requirements to honour up to 50 per cent of the value of gift cards or vouchers ...

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Higher Bank Capital means Safer Banking System for all New Zealanders

5 December 2019 The Reserve Bank of New Zealand today released its final decisions following its comprehensive review of its capital framework for banks, known as the Capital Review. Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. ...

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Mandatory Barcodes for customers paying over the counter at Westpac

Customers can choose to pay their taxes over the counter (OTC) using cash or EFTPOS at a Westpac branch/smartATM even if they don’t bank with Westpac. Currently OTC payments make up less than 1% of all payments. From 1 July 2020, all OTC payments at Westpac must be accompanied by a barcode which identifies the customer, tax type and period. The ...

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