Accounting and tax news round up

www.NetProphet.co.nz

Friday 20th November 2009

Specialist accountancy website Netprophet.co.nz reports this week on what the government thinks of the Residential Withholding Tax changes and how it's starting to back away. The Tax Working Group announces it's holding a public conference entitled "A Tax System for New Zealand's Future" and is inviting discussions on creating a world-class tax system.

Other stories include the 69% increase in tax evasion and fraud over the past year and what steps the IRD is planning to take to reduce this issue. We also take a look at the rising overseas overdue student loan debt.

The NZICA has elected its 2010 Council and we acknowledge the winners of the NZICA awards which was held last week in Wellington and our practice management piece looks at better utilising your accounting team, including the directors!

Here is a selection of the stories from Netprophet this week:

Tax evasion and fraud nearly doubles

Tax evasion and fraud increased from $75 million to $127 million over the past year showing the effect of hard economic times. >>Read more

Tax Working Group invites public discussion

The Tax Working Group is holding a public conference to discuss creating a world-class tax system for New Zealand. » Read more

Govt pulls back from 38% RWT rate

The government has partially backed off proposals to set a default Residential Withholding Tax (RWT) rate of 38%. » Read more

Overseas student loan debt out of sight and out of mind

Overdue student loan debt increased by a third over the last year because of overseas student loan borrowers. » Read more

BNZ on the back foot with its personal money manager

ASB has beaten BNZ to the punch with its financial help tools as both banks battle for customers with new technologies. » Read more

Peter Dunne reveals where tax policy is heading

Peter Dunne outlined United Future's tax policy today which included discussion on the scope of gift duty and an explanation of how the administration of student loan repayments will be simplified. » Read more

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