Terry’s Tax Roundup – 23 – 31 January 2019
New Zealand Dollar coin
Terry’s Tax Roundup – 1 – 7 February 2019
OECD Tax Inspectors without borders,
Terry’s Tax Roundup – 16 – 22 January 2019
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Terry’s Tax Roundup – 23 – 31 January 2019

The week’s tax news in one handy summary. 

New Zealand Tax

  • Some valid points raised but I can’t see assets acquired pre-introduction being excluded. Australia did this & it’s widely regarded as a mistake | Accountants call for changes in capital gains tax draft


  • Will be interesting to see what the TWG says on this crucial issue | Andrew Coleman probes whether New Zealand’s productivity performance has been adversely affected by the way capital income is taxed


  • I was on @Breakfaston1 talking about this with Hayley Bolt. My answer was yes. And soon.


  • Indeed. There will be much special pleading ahead. Incidentally, those capital transactions which are taxed now (such as the bright-line test) are taxed at the full rate | Brace yourself – the capital gains tax debate is about to go nuclear


  • I discussed this @Breakfaston1 yesterday. A major shake up is needed & is long overdue | $70,000 no longer the benchmark for ‘high earning’, critics say


  • A quick heads up that I will be talking about this with @wallacelchapman on @ThePanelRNZ this afternoon


  • Here’s a little more on the issue of tax rates and thresholds | Low and middle-income earners ‘deserve tax break too’


  • So what did you do this morning? Fiscal Drag is a growing issue for the government #nztax #terrybaucher #tax #WhileYouWereSleeping


  • Here’s the audio from my discussions with @ThePanelRNZ yesterday afternoon. @wallacelchapman asked about a financial transactions tax something which pops up regularly but was rejected by the TWG in its interim report for much the same reasons as I stated


  • Err not quite, but the headline demonstrates the politics behind the move. That said automatic threshold adjustments would be a good move in my view | National promises three-yearly income tax cuts in first major speech of 2019


  • A slightly misleading headline – this is the estimated one-off cost of adjusting thresholds for inflation since 2010 | The $1.7bn ‘stealth’ tax grab – work out how much ‘extra’ tax you have been paying?


  • This week I’ve spoken to three separate news outlets about indexation so here’s a recap on how the last National government used inflation & other measures to increase its tax take


  • Fairly routine case of tax evasion highlights the issue of how effective penalties & interest are beyond a certain point | Christchurch businessman on tax evasion charges faces bill of $1.3m


  • The TWG’s final report will be released on 21st February | Government may wait until April before deciding on capital gains tax


IRD news

  • Here’s @JeneeTibshraeny with more on the change to the bright-line test | Investors to benefit from proposed clarification of bright-line test rules


  • IR wants everyone to use digital channels, but ducked the issue of its responsibility if fraud occurs when I raised it in a submission to the Finance & Expenditure Committee | Always use IR secure channels to update bank details


United Kingdom Tax

  • The witch’s curse is a new one. Deserves marks for originality! | HMRC reveals some of the most bizarre excuses it has received for not paying on time


I follow interesting tax news stories from around the world and share them on Twitter. 

These are a selection of our best tweets from the previous week. 

If you’d like to see all of our tweets, feel free to follow us @BCLTax


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