News
New GST rules for low-value imported goods
From 1 December 2019 overseas businesses selling low-value goods to consumers in New Zealand must charge GST at the point of sale if they meet the GST registration requirements, including a NZ$60,000 turnover threshold. Low-value goods are physical goods valued at NZ$1,000 or less (excluding GST), such as books, clothing, cosmetics, shoes, sporting equipment and electronic items. Goods sold for more ...
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 ...
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 ...
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. https://www.youtube.com/watch?v=a9a2HtaeNFE#action=share Source: www.comcom.govt.nz ...
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 ...