Gilmore Taylor Associates Ltd Blog

Inland Revenue is warning customers to be on guard against a new and convincing e-mail scam that surfaced over the weekend.

The e-mail offers tax refunds and Inland Revenue spokesperson Sharon Thompson says it appears to be a very wide spread scam.

"We've received more than 900 reports over the weekend.  It looks like the real thing but has some tell-tale mistakes that people can use to tell it's a scam," Sharon Thompson says.

"Embedded links can look quite convincing at first glance as "ird.govt.nz" can be included within the address.  But if you hover over those links, you'll see Inland Revenue is not the destination.

For more information:

https://media.ird.govt.nz/articles/warning-about-a-new-convincing-e-mail-scam/

 


Money your business spends on research and development (R&D) from the 2019/20 income year may be eligible for a 15 per cent tax credit.

Read more

 

 

Inland Revenue will gain greater powers to alert savings providers if a KiwiSaver investor is on the wrong tax rate, under new legislation introduced to Parliament.

 

Revenue Minister Stuart Nash says the administration of the tax system has markedly improved as a result of the new information technology project known as Business Transformation (BT).

 

"Stage three of BT rolled out in April and has given Inland Revenue greater insight into the status of taxpayers, in real time, throughout the year," Mr Nash says.

 

"We propose to use that technology to make the system fairer. We want to ensure taxpayers receive their correct entitlements. We also want to make it easier for people to meet their tax obligations in a timely way.

 

"Currently KiwiSaver investors and others with savings in Portfolio Investment Entities must notify savings providers of their appropriate PIR tax rate (Prescribed Investor Rate). But many don't do this and go on the default rate of 28 per cent. The tax paid is final and any overpayment cannot be refunded.

 

For more information:

 

  https://media.ird.govt.nz/articles/kiwisaver-tax-rates-addressed-in-law-change/

 

 

Pay bump for new parents

Pay bump for new parents

The maximum weekly rate of parental leave payments will increase today from $564.38 per week to $585.80 per week before tax.

The minimum rate for self-employed persons will increase to $177.00 per week, which is equal to 10 hours of adult the minimum wage.

Government-funded paid parental leave is intended to support expectant and new parents during some of the first months of their babies' lives.

Each year, the parental leave payment is adjusted to reflect the rise in the average wage.

Paid parental leave is currently 22 weeks and will increase to 26 weeks from 1 July 2020.

 

 

Know your employment rights

Proof of sickness

I was only sick for two days and my boss asked for proof. Can he do that?

For the answer to this:  https://www.employment.govt.nz/leave-and-holidays/sick-leave/requirement-for-medical-examination

For further information: https://www.employment.govt.nz/

 

Fraudulent direct debit scam shut down

Inland Revenue has moved quickly to shut down a scam where bank accounts appear to have been misused to generate fraudulent transactions.

Inland Revenue has moved quickly to shut down a scam where bank accounts appear to have been misused to generate fraudulent transactions.

Deputy Commissioner Mary Craig said IR had identified a small number of instances where people's bank accounts had been used to set up what look like fraudulent direct debits.

"We know the identities of those involved, many of whom appear to be linked to each other and we've acted to prevent it from happening again," Ms Craig said.

"We're now working with the Police and the banks to investigate further and anyone who has been left out of pocket will be reimbursed.

"What many people may not realise is that we have the ability to track all movements throughout people's secure myIR accounts and there are alerts built in to let us know when anyone is attempting to do anything untoward.

"We take fraud extremely seriously and have the powers to take immediate action when we can see people attempting to take advantage."

Ms Craig said this issue was not related to the automatic tax assessment process currently underway.

"We expect that there will always be people looking for opportunities to defraud the tax system," she said. "This has always been the case with a system like ours that processes millions of dollars every day.

"Automatic assessments are continuing to run smoothly. Customers with tax bills to pay can have every confidence if they choose to pay by direct debit.

"Although, anyone who does notice a suspicious direct debit from their accounts should contact their bank."

 

First wave of automatic tax refunds to be released

 

More than 2.5 million New Zealanders will receive their first ever automatic tax assessment over the next two months with the first batch going out 20 May.

 

From Monday 20 May through to the end of July, Inland Revenue will be letting salary and wage earners know if they have a refund owing, a bill to pay or neither of these.

 

To find out more: 

https://media.ird.govt.nz/articles/first-wave-of-automatic-tax-refunds-to-be-released/

 

Ban on plastic bags from 1 July 2019

Ban on plastic bags from 1 July 2019

 

Single-use plastic shopping bags have already been phased out from supermarkets and large retailers, and from 1 July 2019, they will be banned for all businesses. Here's what you need to know to make the transition.

 

To find out more read:

 

https://www.business.govt.nz/news/ban-on-plastic-bags/

 

Government rules out a capital gains tax

The Coalition Government will not proceed with the Tax Working Group's recommendation for a capital gains tax, Jacinda Ardern announced today.

For more information :

One of the outcomes of last year's levy consultation was the decision to change the way we invoice self-employed customers. From 1 April 2019, we will now be invoicing customers based on their actual income at the end of each year, rather than invoicing them in advance based on last year's earnings.

What you need to know

  • Most self-employed customers will not receive an invoice in the 2019/2020 year.
  • The next self-employed invoices will be sent in the 2020/2021 year (approx. July-August 2020).
  • These invoices cover the 2019/2020 year and are calculated using the 2019/2020 year's actual earnings filed from Inland Revenue.