Latest news with #InlandRevenueDepartment
Scoop
18 hours ago
- Business
- Scoop
PM's Intervention To Kill Simon Watts' Ute Tax 2.0 Welcomed By Taxpayers
The Taxpayers' Union is welcoming the Prime Minister's intervention to rule out the Inland Revenue Department's proposal to apply Fringe Benefit Tax (FBT) to all utes worth $80,000 or more and other work vehicles — a plan directed by Climate Change and Revenue Minister Simon Watts. In response to media comment issued by the Prime Minister's Office last night, Taxpayers' Union Executive Director Jordan Williams said: 'Simon Watts was pushing a new Ute Tax, without his Cabinet colleagues or the public even knowing. Had it gone ahead, farmers and tradies would have been slammed with thousands of dollars in additional tax each year – not just once like Labour's Ute Tax, but every year.' 'The documents are crystal clear. IRD was instructed by Minister Watts to proceed with and consult with the tax industry on the implementation of a new FBT regime that would capture work vehicles, regardless of how they're actually used. This was a massive tax hike by stealth.' "As far as we can tell, the Revenue Minister didn't consult with any taxpayer, business, or farming groups, despite work having been done on this for nearly a year. Had he bothered to engage, the unfairness and political risk would have been obvious. That lapse saw the Government facing backlash because it was tax boffins who blew the whistle and it took everyone by surprise. Minister Watts should learn the lesson." 'Within hours of our campaign launch yesterday, the National Party was in damage control. Within six hours, the PM's team overruled Watts and confirmed the policy would not proceed.' The Taxpayers' Union yesterday revealed documents showing that IRD had been working on changes to remove the logbook exemption for work vehicles and impose FBT on the assumed private use of double cab utes. According to IRD's own estimates, the tax grab would have cost farmers, tradies and other ute owners $100 million per year. 'We give credit to the Prime Minister and his office for stepping in quickly and pulling the handbreak.' says Mr Williams. 'This is a clear win for taxpayers and proof that grassroots pressure works. We thank the thousands of Kiwis who used our online tool to email National MPs and demand the Ute Tax 2.0 be scrapped."
Scoop
06-06-2025
- Business
- Scoop
Tax Assessment Period A Prime Time For Scams, Expert Warns
Press Release – Inland Revenue Department Mark Gorrie, Managing Director Norton APAC says,Our latest Q1 2025 Threat Report points out that breached data and AI tools are giving cybercriminals just enough personal information and design sophistication to easily manipulate people. Inland Revenue (IR) has begun issuing income tax assessments to New Zealanders, kicking off the annual cycle of tax refunds and chasing up tax owned. With cybercriminals known to exploit this period, Norton experts are warning that Kiwis will soon be targeted with a range of tax scams, from phishing emails to phone impersonations and fake refund promises. 'New Zealand is one of the most heavily impacted countries by a new wave of AI-driven, hyper-personalised cyber threats. That makes tax time an especially risky period,' says Mark Gorrie, Managing Director Norton APAC. 'Our latest Q1 2025 Threat Report points out that breached data and AI tools are giving cybercriminals just enough personal information and design sophistication to easily manipulate people.' Key tips for protecting yourself: IR never includes refund amounts or login links in emails or texts Watch for suspicious domains (e.g. the real one is Be wary of terms like 'fiscal activity', 'excess payment' or 'Department of Taxes' Never give out personal info over the phone unless you've verified the caller – hang up and call IR back using their official number Use strong passwords, enable two-factor authentication, and secure personal documents Limit what you share online. Scammers can use social media info to guess security questions or build convincing fake messages. Consider enrolling in an identity protection service. These services can monitor your financial and personal data, alert you to unusual activity, and help you recover more quickly if your identity is compromised. Common types of tax scams: Phishing emails impersonating IR, often claiming issues with your refund or tax return Fake IR calls demanding immediate payment for tax debts that don't exist Identity theft, with scammers using your IR number to lodge fraudulent returns Social media scams offering fake tax help or posing as IR reps Emails with fake tax documents that install malware when opened Bogus refund offers used to harvest personal or banking info Scam charities asking for 'deductible' donations Tax payment scams involving prepaid gift cards or unusual repayment methods
NZ Herald
04-06-2025
- Business
- NZ Herald
Tax refunds: Inland Revenue Department begins paying overtaxed Kiwis back
The Inland Revenue Department has tallied the tax it has taken from people over the last financial year and has begun the process of giving any extra back - and chasing up tax owed. The IRD issued income tax assessments on Saturday and has sent them out to Kiwis. In
South China Morning Post
26-05-2025
- Business
- South China Morning Post
From salaries to side gigs and audits: how to navigate Hong Kong's tax system
The tax filing season in Hong Kong is in full swing, with June 2 marking the deadline for most individuals. Tax audits have come under scrutiny recently after at least 20 journalists raised concerns about 'unreasonable' reviews targeting them and their families. The Inland Revenue Department (IRD) Commissioner dismissed these claims, stressing that assessment procedures were applied uniformly and did not target specific industries or individuals based on their background. The Post provides a guide on what to pay attention to regarding filing requirements, with insights from taxation experts on the recent audit controversy. 1. How to file your tax return and what are the key deadlines? The government issued the Individual Tax Returns for 2024-25 on May 2, 2025, requiring taxpayers to report their salaries, rental income from solely owned properties and profits from sole-proprietorship businesses. The tax return must be filed within one month from the date of issue, or within three months if the taxpayer solely owned an unincorporated business during the year of assessment. An automatic extension of one month will be given for filing the tax return for the year electronically through a service called eTAX. An eTAX account holder can file their taxes online as long as they do not claim an exemption on their income, does not own any sole proprietorship business with gross income of more than HK$2,000,000, has not claimed double taxation relief, or has not obtained an advance tax ruling for that year.
Time Business News
23-05-2025
- Business
- Time Business News
Work While You Study in NewZealand: Rules & Opportunities
So, you're thinking about studying in New Zealand? Clever choice! This stunning country is not just famous for its stunning geographies and 'Lord of the Rings' vibes, but it's also a seat for grade education and various work options for students. Imagine earning some cash while getting your degree — all while studying mountains, beaches, and vibrant cities. New Zealand universities are globally ranked and known for their creative teaching styles. Plus, it's a super safe country with a laid-back lifestyle and multicultural people. No surprise that thousands of students choose to study in New Zealand every year. Working part-time can help cover living expenses, reduce financial stress, and boost your resume. It's also a great way to meet people, improve your English, and understand the Kiwi work culture firsthand. Most international students on a valid student visa can work: You're allowed to work up to 20 hours per week during semesters. During scheduled holidays, like summer and winter breaks, you can work full-time (up to 40 hours or more). Once you graduate, New Zealand offers post-study work visas that let you stay and work full-time, gaining valuable experience and possibly even permanent residency. On-campus jobs include roles in libraries, cafes, or student unions. Off-campus work is more varied — from cafes to farms and retail. Baristas Waiters Supermarket staff Call center agents Tour guides Farmhands Tutors Most student jobs pay the minimum wage, which, as of 2025, is around $23.15 per hour, though some roles may offer more, especially if they require skills or experience. New Zealand's employment laws protect you. This means you should have a written employment agreement, be paid fairly, and be treated with respect. To work legally, you'll need an IRD (Inland Revenue Department) number. You'll also pay taxes, just like every worker in New Zealand. Never accept cash jobs under the table! These are often illegal and can affect your visa. Always sign a proper employment contract. TradeMe Jobs Student Job Search (SJS) Indeed NZ Most universities offer career advice and help you prep your CV or connect with employers. Sometimes, all it takes is asking around. Many students land gigs through friends, classmates, or community centres. Use tools like Google Calendar, focus on productivity blocks, and prioritize tasks to manage both work and assignments effectively. Please don't overdo it. Your studies should still be your main focus. Take breaks, sleep well, and practice self-care. Working too much can hurt your grades. Make sure you don't let work interfere with your learning goals. Shops, restaurants, and cafes are always on the lookout for student workers, especially during tourist seasons. From picking fruits to working on vineyards, there are loads of short-term, seasonal jobs perfect for students. Good at math, science, or English? Offer tutoring services to fellow students or local school kids. Working more than 20 hours during the semester Not reporting income Taking illegal cash jobs Stick to your visa conditions. Immigration NZ is strict, and violations can lead to cancellations or bans. Even a part-time gig can help pay rent, groceries, and bills, giving you more freedom and less dependence on family support. Weekend getaways to Queenstown? Skydiving in Taupo? With a little savings, New Zealand becomes your adventure playground. Managing your money while studying is a crash course in adulting. Plus, it builds good habits for the future. Even basic jobs teach you time management, teamwork, and responsibility — all gold for your resume. You never know when your part-time boss could become your full-time job referrer or mentor! A good reference from a local employer can help land future jobs or boost your chances for residency. Many students get offered full-time positions after graduating — especially if they worked during their studies. New Zealand values skilled workers. With local experience, you may qualify for work-to-residence or skilled migrant visas. Immigration New Zealand has detailed guidelines on student work rights. Always double-check them before taking any job. Student unions often offer support for employment disputes or questions, and some even provide free legal aid. Working while you study in New Zealand isn't just a financial boost. It's a chance to grow, connect and prepare for a global career. Just follow the rules, stay organized, and soak in every moment of your Kiwi journey. You'll leave with not just a degree but a world of experience. TIME BUSINESS NEWS
