Displaying 1 - 6 of 6 results.

The $119.3 million allocated over four years in Budget 2010 to help Inland Revenue chase down tax evaders has already helped assess or bring in an additional $115.2 million of tax in the first nine months.

“This is well ahead of the targets set,” Revenue Minister Peter Dunne says.

The extra funding has been used for Inland Revenue audits focused on seasonal workers, the hospitality industry and the property sector, with an additional $46.8 million of tax assessed between July 2010 and 31 March 2011.

  • Peter Dunne
  • Revenue
  • Budget 2011

Budget 2011 signals measures to ensure fairer treatment of employee benefits, new rules for mixed-use assets, and a new approach to livestock valuation elections for farmers, Revenue Minister Peter Dunne 

Employee definitions of income

Building on the Budget 2010 changes to improve the integrity of the tax system, two further aspects of the tax and social assistance treatment of non-cash benefits are to be examined for fairness.

  • Peter Dunne
  • Revenue
  • Budget 2011

The Government will change the thin capitalisation rules for foreign-owned banks, with the minimum prescribed percentage of equity for tax purposes increasing from 4 per cent to 6 per cent from 1 April 2012.

“The change is part of the Government’s continuing focus on ensuring that all taxpayers pay their fair share of tax,” Revenue Minister Peter Dunne says.

“The effect of these rules is to limit foreign-owned banks’ interest deductions against the New Zealand tax base.

  • Peter Dunne
  • Revenue
  • Budget 2011

Encouraging personal responsibility and getting better value for taxpayers are key features of Budget 2011 changes to the student loan scheme, Tertiary Education Minister Steven Joyce and Revenue Minister Peter Dunne say.

The interest-free nature of the student loan scheme means that every dollar lent out today is worth only around 55 cents in today’s dollars. In 2010/11, the Government will lend out about $1.58 billion in student loans.

  • Steven Joyce
  • Peter Dunne
  • Revenue
  • Tertiary Education
  • Budget 2011

Changes to KiwiSaver will encourage a higher level of private savings, make the scheme more financially sustainable and build a large pool of local capital, Finance Minister Bill English and Revenue Minister Peter Dunne say.

“While KiwiSaver has been very effective in attracting new members, it has done so at a high cost to taxpayers, with the scheme costing the Government over $1 billion a year in subsidies and tax breaks," Mr English says.

  • Bill English
  • Peter Dunne
  • Finance
  • Revenue
  • Budget 2011

The Government is making changes that will better target Working for Families to lower income earners and ensure its cost remains sustainable into the future, Finance Minister Bill English, Social Development Minister Paula Bennett and Revenue Minister Peter Dunne say.

Working for Families will be altered over time so that eventually the scheme has:

  • Bill English
  • Paula Bennett
  • Peter Dunne
  • Finance
  • Revenue
  • Social Development and Employment
  • Budget 2011