[IRD] [taxpolicy] Budget tax bill introduced

The Taxation (Annual Rates and Budget Measures) Bill was tabled in Parliament this afternoon by Revenue Minister Peter Dunne. The bill introduces changes to KiwiSaver and Working for Families announced in Budget 2011.   For more detailed information about the changes see the Minister’s media statement, the bill and regulatory impact statements at: http://taxpolicy.ird.govt.nz/

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KiwiSaver cuts ‘affordable for most’

The Government says most workers and employers will be able to afford the larger KiwiSaver contributions announced in today’s budget, but there are also warnings that the scheme’s compliance costs for businesses are continuing to climb. The Government has announced it will halve the member tax credit – the subsidy it pays to savers in

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[IRD] [taxpolicy] Budget 2011 tax announcements

Budget 2011 announced changes to KiwiSaver, Working for Families and Student Loans. The proposed changes to these schemes are intended to make the schemes more sustainable.   Also announced were changes to the thin capitalisation rules, reviews of livestock valuation election rules, the taxation of high value assets used for mixed business and private use,

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Govt cuts KiwiSaver tax credit

Prime Minister John Key this morning confirmed his Government will reduce KiwiSaver’s Member Tax credit – the 2 per cent subsidy the Government pays to savers in the scheme – in a move to make it more affordable. Individuals and employers would be expected to make up the difference, he said in a pre-budget speech

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Nelson employer stung for underpaying workers

A Nelson employer has been stung for more than $30,000 for underpaying his workers. The Employment Relations Authority found Bun Thuon Lam, a horticultural labour contractor, failed to pay five of his former employees the minimum wage and also took deductions from their wages without their agreement. He was ordered to pay each of the

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[IRD] [taxpolicy] Earthquake bill tabled

Revenue Minister Peter Dunne today tabled a bill aimed at providing earthquake relief through the tax system.  The bill provides businesses with exemptions from tax and gift duty for trading stock donated up to 31 March 2012.  Also exempted from tax would be certain welfare contributions provided by employers, within eight weeks of either the

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