03/09/2010 GST and PAYE rate changes

With the GST set to increase by 15% and the PAYE rates to decrease by the 1st October, businesses and organisation are planning for the change. The changes to the GST and the PAYE rates will mean changes need to be made to accounting and payroll systems, software and receipts. The ird also recommends that considerations [...](read more)

14/07/2010 Voluntary disclosure of offshore income

In this new financial year, Inland Revenue will be closing in on individuals and businesses that fail to report taxable income from offshore. Undisclosed international bank accounts, assets, life insurance policies and superannuation accounts held overseas will be of particular interest in 2010/11.(read more)

Australia and New Zealand’s Double Tax Agreement

New Zealand and Australia’s new double tax agreement entered into force on the 19th of March this year. For cross-border dividends, the provisions of the agreement will apply to amounts paid or credited from 1 May 2010. Article 10(3)(c) of the agreement provides that a competent authority determination may be made on whether a zero-rate of [...](read more)

Penalties for non-payment of employer monthly schedules

The IRD has been reinforcing its position with employers not meeting their payment obligation. Non-payment penalties are issued by the IRD to employers who fail to pay their employer monthly schedule (EMS) obligations in full or on time. A non-payment penalty is 10 % of the amount outstanding and applies when non-payment continues after the IRD [...](read more)