The Week In Tax

A quiet week in the tax world - but is this the calm before the storm of this year's Budget? The latest OECD report on taxing wages shows the tax wedge rising in most countries including New Zealand.

This week a special episode with guests Rob McLeod, Robin Oliver & Geof Nightingale in which we discussed the following: What does make a good tax system and where does New Zealand presently sit? The current broad-base, low rate approach is under strain. How do we address that? What can we do to keep/ preserve that as far as possible? Rob McLeod about the risk-free rate of return method as an alternative to a capital gains tax How effective is current oversight of Inland Revenue - 30 years on from the Richardson review is it time for another look? What surprises them in the tax world right now? What one proposal from your respective tax working groups would you like to see implemented?

The Government is considering a review of the charitable exemption for religious organizations this term Canada loses patience and imposes a Digital Services Tax effective 1 January 2024 Inland Revenue appears to be gearing up for a fringe benefit tax initiative.

This week Inland Revenue gets tough with the construction industry over outstanding debt and tax evasion Inland Revenue releases three special reports regarding the changes to the platform economy rules, the 39% trustee tax rate and the new 12% Offshore gambling duty

The new Apps Tax causes confusion for some non-GST registered operators Treasury Analytical Note examines the effects of taxes and benefits for the 2018-19 tax year The Australian Tax Office gets heavy with the Exclusive Brethren – will Inland Revenue follow suit?

The IMF suggests a CGT & gets rebuffed Bright-line test red flags How to tax wealth IMF and Climate Change Commission suggest changes to the Emissions Trading Scheme are needed

This week, clarity about the application of the 39% trustee rate and the timeline restoring interest deductibility for residential investment. Inland Revenue does not consider removal of commercial buildings depreciation "to be a fair and efficient way of raising revenue". New 12% online Gaming Duty still leaves $500 million gap in the Government’s tax package.

The UK's Spring Budget drops a big change which will affect tens of thousands of Kiwis and British expats with the end of the remittance based taxation regime More on UK trust filings and why are there so many trusts in New Zealand Financing local government, time for change?

Hints that the new 39% trustee tax rate might not apply to all trusts and tax stats indicate New Zealand may have more trusts than the UK despite having only a 13th of the population What connects Pillar One & Pillar Two with the collapse of Newshub New draft Inland Revenue guidance on employee share schemes

Highlights of this year’s International Fiscal Association conference; A suggestion for the new Minister of Revenue about tax simplification; and What tax tattoo would you have?

This week our guest is Tracey Lloyd, Service Leader Compliance Strategy Innovation at Inland Revenue, and we discuss how Inland Revenue's new START system enables it to detect fraud.

This week Treasury talks about the elephant in the room, capital gains tax, in its briefing for the new Finance Minister; Inland Revenue releases consultation on the extent to which business income a charitable entity derives is exempt from tax; and A Waikato sharemilker who used COVID support money on online gambling gets found out by CSI Inland Revenue.

A busy start to the tax year with the release of the first (and only) draft report under the now repealed Tax Principles Act and the Briefing to the Incoming Minister of Revenue; Inland Revenue give some initial guidance about the implications of the likely 39% trustee; and tax rate threshold adjustments or tax credits - we discuss ACT's tax proposals.

The Climate Commission & COP28, A useful suggestion from the UK on taxing EVs An interesting case on staff retention payments Another tax case shows how not to use ChatGPT in a tax case What’s the character of the year?

Inland Revenue launches a campaign targeting potential tax avoidance by higher rate taxpayers What deductions can you claim when you rent a room in your home to a flatmate Inland Revenue approves a product ruling enabling employees to provide e-bikes & e-scooters free of FBT An interesting Official Information Act release on interest deductions.

This week, more on the Coalition Government’s tax policies and the accelerated restoration of interest deductibility, To raise revenue, why not tax marijuana? Several Inland Revenue Technical Decision Summaries illustrate the perils of omitting income

The Coalition Government reveals its tax policies and there’s a surprising new Revenue Minister, Two recent Inland Revenue reports may be of interest to the new Government Happy 20th Birthday to the New Zealand Super Fund

This week, is Inland Revenue gearing up for a review of GST registrations where there are consistent refunds Updated guidance on when a subdivision project a “taxable activity” for GST purposes Good news for those who may have been non-compliant in relation to reporting Foreign investment fund income

How did Inland Revenue fare during the year? What challenges lie ahead for it and the incoming minister of revenue, whoever that might be?

This week is a new multilateral convention a step forward towards an agreement on international tax or are we just spinning wheels? An interesting Inland Revenue technical decision summary on the foreign investment fund regime How practical is a financial transactions tax? What now after the election?