Podcasts about Inland Revenue

At what point, when you're a business owner, do you decide that you've had enough? There was Covid, then there were the boom times, then there was the recession that seems to have gone on and on, there's a crisis in consumer confidence, there's global uncertainty that too has gone on and on. There are problems finding staff, there are problems keeping staff, there are problems finding work, problems with cash flow. At what point, which 3 in the morning wake up do you think, "I can't do this anymore?" Do you look at your life and realise that for the past five years you haven't had a life, and you call it quits or do you look at your books, and find yourself hoping for a good summer, then realise that hope is not a strategy, and decide to pull the pin? Business liquidations hit a 10-year high last year, with 2,500 companies folding, and that's the highest annual figure since 2014. Retail and construction suffered the most. But this year it's even worse. The number of companies put into liquidation so far in 2025 has surpassed last year's total for the same period, as economic pressures and low consumer confidence impact business viability. Dry words to describe heart palpitations, terror, dry mouth, sleeplessness, fractiousness. Very dry words to describe a terrible time in your life. Analysts say the recent rise in liquidations can be attributed to an increased focus on enforcement by Inland Revenue, as well as a lag of companies that were in distress during Covid but were propped up with government money, so it gave them a false second life. There's a long-held belief that recessions and shocks like Covid clear the dead wood, that there are many companies that shouldn't be in business, that fall by the wayside. But behind that, every business that closes its doors are people who put their hopes and their dreams and their labour and their hard work and their life savings into it. But does deciding to call it quits bring its own freedom? If you have been in a lather, desperately hoping that you're going to turn the corner for years now, not months, but for years, can deciding to call it quits be liberating? If you've had to make the tough decision to call it, it's done, can it be a relief? There are many people who, you know, through the GFC, it was similar. There were businesses that went by the wayside as people suddenly found they had no spare cash in their pockets. The stock market crash in New Zealand. Now that saw people with astronomically high interest rates, mortgage interest and business interest rates. Again, people with no disposable, lack of consumer confidence, a time of austerity. There were plenty of businesses that went under in the 80s as well. '87 was the stock market crash, and then from, I think it was really about 1990 that I remember that it was just a very, very grim, grim, austere, brutal time. So people have been through it before, and if you have, is there life after insolvency, after a liquidation, after closing your doors and saying, "I cannot do this anymore. I just can't?” There are more important things. My health is more important, my family is more important. Is there, and this is where I'm going to need you to tell me because I've never owned my own business, but I've certainly heard from a number of you over the years who love being your own boss. You can't imagine working for anybody else, but by God, that comes at a price, especially in times like these. So, if you've made the decision to call it, does insolvency mean the end and a new beginning? See omnystudio.com/listener for privacy information.

At what point, when you're a business owner, do you decide that you've had enough? There was Covid, then there were the boom times, then there was the recession that seems to have gone on and on, there's a crisis in consumer confidence, there's global uncertainty that too has gone on and on. There are problems finding staff, there are problems keeping staff, there are problems finding work, problems with cash flow. At what point, which 3 in the morning wake up do you think, "I can't do this anymore?" Do you look at your life and realise that for the past five years you haven't had a life, and you call it quits or do you look at your books, and find yourself hoping for a good summer, then realise that hope is not a strategy, and decide to pull the pin? Business liquidations hit a 10-year high last year, with 2,500 companies folding, and that's the highest annual figure since 2014. Retail and construction suffered the most. But this year it's even worse. The number of companies put into liquidation so far in 2025 has surpassed last year's total for the same period, as economic pressures and low consumer confidence impact business viability. Dry words to describe heart palpitations, terror, dry mouth, sleeplessness, fractiousness. Very dry words to describe a terrible time in your life. Analysts say the recent rise in liquidations can be attributed to an increased focus on enforcement by Inland Revenue, as well as a lag of companies that were in distress during Covid but were propped up with government money, so it gave them a false second life. There's a long-held belief that recessions and shocks like Covid clear the dead wood, that there are many companies that shouldn't be in business, that fall by the wayside. But behind that, every business that closes its doors are people who put their hopes and their dreams and their labour and their hard work and their life savings into it. But does deciding to call it quits bring its own freedom? If you have been in a lather, desperately hoping that you're going to turn the corner for years now, not months, but for years, can deciding to call it quits be liberating? If you've had to make the tough decision to call it, it's done, can it be a relief? There are many people who, you know, through the GFC, it was similar. There were businesses that went by the wayside as people suddenly found they had no spare cash in their pockets. The stock market crash in New Zealand. Now that saw people with astronomically high interest rates, mortgage interest and business interest rates. Again, people with no disposable, lack of consumer confidence, a time of austerity. There were plenty of businesses that went under in the 80s as well. '87 was the stock market crash, and then from, I think it was really about 1990 that I remember that it was just a very, very grim, grim, austere, brutal time. So people have been through it before, and if you have, is there life after insolvency, after a liquidation, after closing your doors and saying, "I cannot do this anymore. I just can't?” There are more important things. My health is more important, my family is more important. Is there, and this is where I'm going to need you to tell me because I've never owned my own business, but I've certainly heard from a number of you over the years who love being your own boss. You can't imagine working for anybody else, but by God, that comes at a price, especially in times like these. So, if you've made the decision to call it, does insolvency mean the end and a new beginning? See omnystudio.com/listener for privacy information.

"Dinner or debt"; that's the choice some people receiving the pension say they're forced to make after taking on student loans later in life. One Taupo woman says she's still got a $58,000 student loan, from a business degree two decades ago. Her super's now being docked to pay the debt and she says she's sacrificing the basics just so she can pay for rent and power. It's prompted calls for better guidelines on student loan eligibility and better communication between Inland Revenue and older students. Bella Craig reports.

This week Labour announces its Capital Gains Tax policy; the Government releases a “refreshed” Tax and Social Policy Work Programme and Inland Revenue's updated draft interpretation statement on the deductibility of repairs and maintenance expenditure has a controversial take on the treatment of leaky buildings.

Every year, thousands of New Zealand bank accounts are closed and the money is transferred to Inland Revenue. Money correspondent Susan Edmunds spoke to Ingrid Hipkiss.

This week an important decision regarding the taxation of cryptoassets, Inland Revenue's crackdown on debt continues., a new report from Tax Justice Aotearoa on the taxation of capital gains in the OECD and comparable nations and the Governments new job seekers policy results in an effective marginal tax rate of 1,394,200%

Inland Revenue has got millions of extra funding in recent years, which is helping it get tax debt under control as well as cracking down on anyone who's dodging their responsibilities. That's seen Baycorp used to chase tax debt, student loan debtors facing arrest at the airport and money being taken from bank accounts at a much faster rate. Some experts say it's a big shift in approach but also a necessary one. Money correspondent Susan Edmunds explains.

The IRD is set to be cracking down harder on those who don't pay their taxes properly, and they've unveiled new measures for people who ignore correspondence. The department will start taking money out of people's bank accounts if they owe over a certain amount - and they've recovered at least $17 million so far. The IRD's Tony Morris says they aim to phone people at least twice before they start directly taking money out of accounts. "Other times, we might just contact people once or twice and then take money out of their accounts so they don't squander it." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The IRD is set to be cracking down harder on those who don't pay their taxes properly, and they've unveiled new measures for people who ignore correspondence. The department will start taking money out of people's bank accounts if they owe over a certain amount - and they've recovered at least $17 million so far. The IRD's Tony Morris says they aim to phone people at least twice before they start directly taking money out of accounts. "Other times, we might just contact people once or twice and then take money out of their accounts so they don't squander it." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Thousands of people have had money deducted from their bank accounts in recent months as Inland Revenue steps up its efforts to collect the tax it is owed. Money correspondent Susan Edmunds has been looking into it and spoke to Ingrid Hipkiss.

On its own, you wonder what's the point of moving in this direction when we have perfectly good drivers licences in our back pockets. But it's not really about the driver's licence, it's about creating an app like NSW has, which allows people to do a whole lot of government related transactions simply and easily from their phones. Things like: car registrations, a WOF, paying road user chargers, road tolls, Inland Revenue and tax payments, dealing with superannuation and benefit payments – maybe even paying parking tickets. The lot! Which makes sense. We deal with so much of this online already, why not put in an ‘all-in-one' place. NSW rolled out the digital drivers licence in 2019 and today over 80% of drivers use their licence via the app. It's good to see the Minister acknowledge we need to have choice around this. A digital licence system can't exclude those who don't have access to the necessary technology or simply prefer to keep things offline. Groups like the elderly, rural communities in areas with poor connectivity, and people with low incomes could be disproportionately affected by a full switch to digital. So, it's good Kiwis will be given the choice to go digital or stay with the plastic. Digital licences may be a modern, forward-thinking move, but they also come with privacy risks. You can put all the security in place you like, but no system is entirely immune to cyberattacks, or accidental or intentional leaks. As I mentioned, much of what we do is already online, and I appreciate IDs will be decentralised and stored next to no personal information, but as our use of the app increases, will that remain the case? I'm probably sounding a little paranoid, but after having almost fallen for a sophisticated scam which used hacked information, I'm not relaxed about the amount of data I have online. So if we're going to do it, we do it well. This can't be rushed. It must be the best version it can be from the start. I'm a person who never buys the first version of a new piece of tech. I always give a provider time to sort out the kinks, and buy the second or third generation version. I feel the same about digital drivers licences. I can understand how practical they could be. I can appreciate how bringing everything together could make dealing with numerous government departments easier. It will even make creating fake licences harder for the kids to get into RNV. So I'm up for it. As long as I can make the move when I'm ready. See omnystudio.com/listener for privacy information.

This week more on the Taxation (Annual Rates for 2025−26, Compliance Simplification, and Remedial Measures) Bill and last week's NZLS Tax Conference, "Big Tech, Little Tax" a report on tax minimisation in the technology sector highlights the low income tax bills of companies such as Amazon and Google, and how do tax agents rate Inland Revenue's performance?

Inland Revenue is cracking down on student loan borrowers who are overseas, and while it is pulling in the money, people based offshore say they are struggling with its approach. Money correspondent Susan Edmunds spoke to Lisa Owen.

Inland Revenue is stepping up efforts to track down overseas student loan debtors.

Tonight, on The Panel, Wallace Chapman is joined by panellists Verity Johnson and Patrick Phelps. First up, the Government is set to axe Inland Revenue's powers to investigate how much tax is being paid by the rich. The Taxpayer's Union agrees with the move, but Tax Justice Aotearoa says it's shielding the rich. Should tax be private? Then, is the US a rouge state? The Panel talks to Chris Ogden, associate professor and director of Global Studies University of Auckland and asks, does the US meet the definition?

When the IRD knocks, will you be ready? In this episode, we unpack how Inland Revenue investigations work, the triggers that set off audits, common tax mistakes property investors make, and the steps you can take to protect yourself and stay compliant.Next Steps: If you're worried about making the wrong move with your taxes, talk to Lighthouse Accounting - we'll make sure you're compliant, keep every deduction you're entitled to, and help keep the IRD off your back.For more money tips follow us on:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The content in this podcast is the opinion of the hosts. It should not be treated as financial advice. It is important to take into consideration your own personal situation and goals before making any financial decisions.

My guest this week is Casey Plunket formerly of Inland Revenue NZ after 25 years as a tax partner in major law firms. Casey is now off to Paris to work at the OECD.We discussed Casey's career, what prompted his move to Inland Revenue and his reflections on the state of the New Zealand system and the tax landscape here in New Zealand.

My guest this week is Angus Ogilvie, Managing Director of Auckland based Generate Accounting and also the chair of accounting body CPA Australia's New Zealand Tax Committee. Angus joins me to discuss Inland Revenue's long-term insights briefing Stable bases and flexible rates: New Zealand's tax system

More businesses are reporting losses but things may not be quite as bad as the numbers make it seem. Inland Revenue data shows one in five businesses aren't turning a profit. But ABC Business Sales Managing Director Chris Small says most of those are businesses structured to make a loss, like trusts and property companies. He told Mike Hosking the situation he's seeing is far more positive. Small says 90% of businesses that are coming to see him are making a profit, with others making a paper loss. LISTEN ABOVE See omnystudio.com/listener for privacy information.

More businesses are reporting losses but things may not be quite as bad as the numbers make it seem. Inland Revenue data shows one in five businesses aren't turning a profit. But ABC Business Sales Managing Director Chris Small says most of those are businesses structured to make a loss, like trusts and property companies. He told Mike Hosking the situation he's seeing is far more positive. Small says 90% of businesses that are coming to see him are making a profit, with others making a paper loss. LISTEN ABOVE See omnystudio.com/listener for privacy information.

This week rising overdue tax debt reveals inconsistencies in Inland Revenue's management of the issue, could a capital gains tax help solve the house-price affordability crisis? And how many taxpayers are reporting overseas income?

A tax expert says there is a concerning trend as businesses owe more and more to Inland Revenue. Businesses owe more than $1.4 billion in unpaid GST and PAYE from the 2025 tax year. Only $66 million of that is from businesses or individuals that are bankrupt or in liquidation. Deloitte Tax Partner Robyn Walker told Mike Hosking the construction sector alone owes about $1 billion. She says it is difficult to say how it stacks up against other industries. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A tax expert says there is a concerning trend as businesses owe more and more to Inland Revenue. Businesses owe more than $1.4 billion in unpaid GST and PAYE from the 2025 tax year. Only $66 million of that is from businesses or individuals that are bankrupt or in liquidation. Deloitte Tax Partner Robyn Walker told Mike Hosking the construction sector alone owes about $1 billion. She says it is difficult to say how it stacks up against other industries. LISTEN ABOVE See omnystudio.com/listener for privacy information.

In recent months, everyone from Treasury to Inland Revenue and an organisation representing accountants has suggested New Zealand needs a rethink of its tax settings. Money correspondent Susan Edmunds spoke to Corin Dann.

How a family earning under $60,000 can face an effective marginal tax rate of 71.2%, the Green Party and the Taxpayer's Union agree on a tax change and Inland Revenue updates its guidance on when a taxpayer is carrying on a "business" for income tax purposes.

The Police Minister is defending the focus of a new anti-corruption taskforce. The Serious Fraud Office will aim to understand threats to the public sector. The six-month pilot will be limited to six Government agencies - Inland Revenue, ACC, Corrections, MSD, Land Information NZ, and Sport NZ. Mark Mitchell told Ryan Bridge that globally, some of the biggest recent corruption issues - relate to sporting codes. He wants to ensure there's best practice to maintains the country's low-corruption reputation. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Yesterday we were talking about Chlöe Swarbrick's grand plans for economic reform, and today brings another interesting suggestion for economic reform, this time from Sir Roger Douglas and Professor Robert MacCulloch. I wonder if now is the time to be seriously looking at reforming our taxation system. Over the years, we've experimented with, we've dabbled in various taxes on wealth: estate duties, gift duties, stamp duties on property sales, the sort of things that other countries have and have adapted, but most were eventually abolished. The absence of a general wealth tax, capital gains tax, or inheritance tax has been a recurring topic of debate. No New Zealand government has been able to introduce a wealth tax and maintain it, but it's a staple of the Green Party's proposed Green Budget. Chlöe Swarbrick says we've done really big things in the past and there is no reason why we shouldn't again. She says in the 1930s and 40s, after world wars and the Great Depression, we came together as a country and decided to build a nation which looked at the foundations of public health care, public education, and public housing. Now, Sir Roger Douglas, former finance minister and the architect of the most sweeping economic reforms since the establishment of cradle to grave social Security and the one who did away with the high taxes, and Professor Robert MacCulloch, who you will have heard from time to time on the show, have released their plan for an economic reform. They first developed the plan for economic reform in 2016 but have updated it for 2025. They point out that by 2060, 26% of New Zealanders will be over 65, up from 16% in 2021. Professor MacCulloch and Sir Roger said that income tax on earnings up to $60,000 a year should be redirected into individual savings accounts to fund each person's health care, pension, and risk cover, and that would replace much of the current public system with private provision. This needs to be done, they say, because Treasury and Inland Revenue have both raised questions in the past year about how the government will be able to collect enough tax to fund the increasing cost of NZ Super and healthcare, the Superfund notwithstanding. People who didn't have enough in their individual accounts could still be helped by the public system, which would be funded on taxes collected on income over $60,000 a year. So under $60,000, you pay tax of a sort, but it's for you and it goes into a savings account to fund what you'll need in the future. So this would mean larger numbers of middle and higher income people paying for themselves while the system helped lower income people. MacCulloch said that would mean government costs were reduced, the quality of outcomes would be increased, and the plight of low-income earners would be improved. He says too many low-income people have no savings in KiwiSaver because they're going from paycheck to paycheck, this model would help to address that. And if you look at his model, it shows that an individual could save around $21,000 annually. You'd put $9,450 into a health account, $7,350 for superannuation, and $4,200 for risk cover. And they'd drop the corporate tax rate to help fund employer contributions. Robert MacCulloch argues that savings, not taxation reform, offers the ability to gain efficiencies in healthcare. A drop in corporate taxes would help fund employer contributions and rather than the government dictating where to go, people could choose their preferred public or private supplier. So bold suggestions. Douglas and MacCulloch's more bold than Swarbrick. But does Chlöe Swarbrick have a point that we can initiate institutional reform if we want to? It's been done before. It's bold and it's visionary and it's scary. The bigger question though, is: should we? Is the tax system that we have right now working? Chlöe Swarbrick, Sir Roger, and Professor MacCulloch argue it's not. Unlikely bedfellows, but bedfellows they are in terms of saying what we have right now is not fit for purpose and certainly will not be fit for purpose at all in the future. Do we need to make institutional change around our tax system and the way we pay for health care, the way we pay for superannuation as we get older? The cradle to grave Social Security plan, devised in the 1930s is still pretty much around in the year 2025, nearly 100 years later. Times have changed, does our tax system need to change with it? See omnystudio.com/listener for privacy information.

The Finance Minister eyes up the major banks for a tax increase, announces changes to the FamilyBoost scheme, Inland Revenue releases submissions on the taxation of not-for-proftis and a major report on climate adaptation ducks a key issue.

To start the morning, I wondered about looking at the fairness - or otherwise - of the corporate tax rate. The Finance Minister, according to a New Zealand Herald story, has quietly asked Inland Revenue to look at the appropriateness of the tax settings being applied to banks. Nicola Willis confirmed to the Herald a wide range of options is being considered to ensure the major banks are paying their fair share of tax. She wants advice back ahead of next year's Budget, which is expected to be delivered just months before the 2026 general election. She said, “our work to enhance banking competition is wide-ranging and as part of this of sought advice on whether the major banks are paying their fair share of tax,”. I've been interested, she went on, in how New Zealand's bank tax regime compares with Australia and elsewhere, particularly in light of the significant profits Australian banks make from Kiwi customers. No decisions have been made, recommendations have not yet been taken to Cabinet, so she's not going to comment on specific proposals at this stage. I would have thought if the company tax rate was a set amount and the banks are paying that, then they're paying their fair share of tax. I was listening to Heather talking to Claire Matthews, the banking expert from Massey, this morning. Claire Matthews said the way she thought it might work would be the corporate tax rate would be lowered for all corporates except the major trading banks. Everybody else will be lowered, but banks, so they wouldn't in effect be punished, they just wouldn't benefit from any changes to this tax regime. But as Claire Matthews pointed out, banks already contribute a significant amount to the New Zealand economy. They pay a very large portion, something like 20% of total tax, total corporate tax in New Zealand. So they're paying a huge amount of tax, so if you drop the corporate tax rate but keep the bank's tax at a higher level, you, the Government could manage to avoid the actual impact on their tax take. I think there's a real danger here. Are they going to suddenly make supermarkets pay more because they, too are Government's favourite whipping boys and girls? Why are they being singled out? Sure, I would love it if I didn't have to pay the house price twice over, but I understand that when you're lending money to individuals and to businesses, there is risk involved with that so you have to pay for that risk. I don't imagine the banks would just close their doors, decamp and head back over the Tasman, there's still money to be made. But I just don't understand why banks would be asked to pay more while the rest of corporate New Zealand pays less. I don't want a bank to fail. It's not in the country's best interest for a financial institution to go under. We've seen the damage done when the BNZ had to be bailed out, and then the different finance companies were bailed out, why on Earth would we want to see banks fail if they're paying their fair share of tax? I have no skin in the game other than a hefty mortgage, which I would love to see reduced, but I don't necessarily see it's the bank's fault that they are the ones who profit from lending money. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There appears to be a feeling we don't like the fact that banks make money. Inland Revenue's digging into the tax settings being applied to banks at the Government's request - as it seeks to ensure they're paying their fair share. But Massey University banking expert Claire Matthews told Heather du Plessis-Allen she believes it's motivated by a general bad attitude towards banks. She claims the Government's looking to take more money off them, as they're perceived as big organizations that make a lot of money. LISTEN ABOVESee omnystudio.com/listener for privacy information.

This week, Inland Revenue's draft long-term insights briefing goes out for consultation, have the G7 killed off Pillar Two and is it time for a major rethink of the Student Loan scheme?

Positive signs when it comes to consumer arrears, but some businesses are still doing it tough. The latest Centrix data for June shows the number of people behind on payments is down on last year, for the fifth consecutive month in a row. At the same time company liquidations have risen 27% year-on-year. Chief Operating Officer Monika Lacey says that's partly due to increased enforcement, after a softer approach from credit providers during Covid. She says Inland Revenue is among those businesses which is now taking a normal approach again, and that's having an impact. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A draft Inland Revenue briefing supports lifting the GST rate if required - and notes tax credits could help people on lower incomes. The IRD briefing also brought up the lack of a capital gains tax, but did not endorse any specific view on it. Tax expert Geof Nightingale told Heather du Plessis-Allan that lifting GST is a fast and efficient way to raise revenue. But he says while quick, it's much harder on lower-income people.See omnystudio.com/listener for privacy information.

The Inland Revenue Department has unveiled the horticulture sector hasn't paid their fair share of taxes. Over the last 10 months, the IRD has found $45 million dollars of undeclared tax - and almost 100 audits are in the works now, within the sector. Inland Revenue spokesperson Tony Morris says the department is seeing people being paid under the table, undeclared cash sales and withholding tax going unrecorded or not being deducted correctly "It's quite a complex industry - if there's payments going through with cash or what else, it's easy to get lost or for things to happen intentionally, where it's hard to track the money." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Inland Revenue's cracking down on unpaid tax bills. It's been allocated an extra $35 million in Budget 25 to boost its tax compliance and collection activities. The tax department expects to return an additional $4 for every dollar in the first year, and $8 in year two. IRD Commissioner Peter Mersi told Mike Hosking it's hard to estimate how much tax is owed across the board. He says they don't really know the size of the gap, but believes it's around $9 billion. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Inland Revenue has collected more than $207 million in repayments since July last year from student loan borrowers living overseas in the past 9 months. This is a 43 percent increase on the same period from the previous year. Currently, 71 percent of overseas student loan borrowers are in default - and together, they owe about $2.3 billion in loans, penalties and interest. Deloitte tax partner Robyn Walker explains why the IRD is so invested in getting these repayments back. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Time is running out for businesses who took out a Covid Small Business Cashflow Scheme. It's five years today since Inland Revenue introduced the loans. They were issued to more than 129,000 businesses and totalled $2.4 billion. The IRD says they're now reaching their cut-off point, and default loans not paid in full will be enforced. ABC Business Sales managing director unveils how many businesses are still owing - and by how much. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The IRD has uncovered more than $150 million is undeclared tax and GST from the property sector. Developers and rental property owners haven't been paying the correct GST, income tax and bright-line test taxes. Inland Revenue Senior Manager Tony Morris talks to Heather du Plessis-Allan about the revelation. LISTEN ABOVE. See omnystudio.com/listener for privacy information.

Officials from Inland Revenue and Treasury have told the Government there is no proper evidence that hundreds of millions of dollars of subsidies to some of our biggest carbon polluters are needed. Climate Change Correspondent Eloise Gibson reports.

An increase in crackdowns has paid dividends for Inland Revenue. It collected $600 million in extra taxes from 3,600 audits between July and December last year – 50% more audits than the same time period in 2023. Half of the money came from fewer than 10 audits. Deloitte Tax Partner Robyn Walker told Mike Hosking it shows the investment at the last budget was worth it, New Zealand getting $11 for every dollar invested. She says because of a previous slowdown in audits there's probably a lot of fruit to pick. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Inland Revenue took a softer line with debt of all kinds through the Covid years, but now it's coming down hard on those who owe it money. One tax expert says there's a looming problem with GST in particular, and some companies are in a situation they can't come back from already, even though their other creditors may not know it. Money correspondent Susan Edmunds has more.

Nearly one billion dollars is still owed as the deadline for Covid-era loans approaches. Inland Revenue says many Small Business Cashflow loans will default in June if not paid off. About 130,000 businesses were issued the loans, totalling $2.4 billion. ABC Business Sales Managing Director Chris Small told Mike Hosking he's not surprised so many owners haven't paid it back yet. He says there were no personal guarantees or general security agreements, so it was a free hit for business owners. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Inland Revenue consultation is underway on the taxation of charities and not-for-profits, in particular charity run businesses and donor-controlled charities. But experts working in the not for profit and charitable areas are worried the government is looking to the sector to increase tax revenue. 

New reports indicate over 9000 clubs, societies, trade associations and industry councils could be looking at a significant tax bill. Inland Revenue has changed the way it interprets a law - and they're keen to crack down on businesses they believe are 'masquerading' as charities to reduce their taxes. NZ Herald Wellington business editor Jenee Tibshraeny explains what this law change could mean going forward. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A woman was left with a 9000 dollar tax bill after making a mistake on one of the forms she needed to fill out after the birth of her first child. She's one of many people left in debt to Inland Revenue after mispayment of Working For Families tax credits. Money correspondent Susan Edmunds has been looking into this.

The Inland Revenue department has doubled the size of its team responsible for chasing down overseas-based student loan debt and is taking more legal action in both New Zealand and Australia. Overdue student loan debt has grown to a record $2.37 billion dollars - with $2.2 billion of that owed by overseas borrowers - most of whom are based in Australia. Only 29 percent of all overseas student-loan borrowers met their repayment obligations in the past 12 months. Inland Revenue was allocated 116 million dollars in this year's Budget to bolster compliance and enforcement, with some of that ring-fenced specifically for overdue student loan debt. The rest of the funding is being used across other areas of the tax system including cryptocurrency, trusts, the so-called hidden economy and organised crime. Andrew Stott, Marketing and Communications group manager at the IRD, discusses the department's compliance work with Susie.

Privacy experts are shocked and astounded Inland Revenue had no idea it had breached the privacy of more than a quarter of a million taxpayers. Reporter Phil Pennington spoke to Guyon Espiner.

What happens tax-wise if you're investing in foreign shares? Holding shares listed outside of New Zealand means you might fall under the Foreign Investment Fund (FIF) rules. Haydn Clark from Inland Revenue and Ross Nelson from PwC explain when and how the rules apply, based on investment amounts and types. This conversation explores scenarios where FIF tax takes effect, exemptions that may apply to ASX shares and cryptocurrency, and methods like the Fair Dividend Rate (FDR) and Comparative Value (CV) for calculating FIF income.  Get clear explanations and examples on tax submission and voluntary disclosure, including free online tools to help with calculations, and helpful features in Sharesies. Find out how to work out and report FIF income, when to claim a tax credit, and where to go to file taxes on foreign investments. Sharesies does not provide tax advice. If you have any questions about your FIF or any other tax reporting obligations, you should seek professional tax advice.  For more or to watch on youtube—check out http://linktr.ee/sharedlunch Brought to you by Sharesies Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own. Shared Lunch is not financial advice. We recommend talking to a licensed financial adviser. You should review relevant product disclosure documents before deciding to invest. Investing involves risk. You might lose the money you start with. Content is current at the time.See omnystudio.com/listener for privacy information.

Te Ara Ahunga Ora Retirement Commission and Inland Revenue are joining forces to help teach young students about money. Corin Dann spoke to Learning Lead at Te Ara Ahunga Ora Yasmin Frazer.

Child support arrears and penalties sit at nearly a billion dollars. That's comparatively good news, according to the tax department.