Podcasts about Inland Revenue

This week Inland Revenue consults on the taxation of mutual transactions of associations, including clubs and societies. We discuss its latest update about n its crackdown on student loan debt. We look ahead to next week's Budget and the Green Party's alternative. Finally, it's Tax Freedom Day and also a Happy Anniversary to me.

Inland Revenue says attitudes are shifting among student loan holders living overseas. More than $200 million has been collected from overseas borrowers since July last year – a big annual increase. More than 24,000 people are thought to be overseas, collectively owing $1.3 billion on loans going back more than 15 years. IRD's Jane Elley told Kerre Woodham since they received additional funding they've been able to ramp up their workforce, enabling them to be a lot more targeted when chasing debt. Her advice to anyone struggling with their loan is to get in contact with the IRD – ignoring the problem only makes it bigger. LISTEN ABOVE See omnystudio.com/listener for privacy information.

In this spirit of taking the good news where we find it, I was absolutely delighted to see the results of Inland Revenue going after student loan defaulters. At the end of April, there were 113,733 people with student loans believed to be based overseas. If you're based overseas, you don't get the student loan automatically taken out of your pay packet. Overseas, it's up to you to make repayments, and more than 70% of those are in default on their loans – so it's up to them to make the repayments. Despite the extraordinarily expensive tertiary education they receive, they don't seem to understand what a loan is. They owe $2.3 billion, of which more than $1 billion is penalties and interest. Even if you wiped the penalties that is still $1 billion, owing to the taxpayer. We paid for the lion's share of the education, around 70% of the true cost of the education, they took out a loan which was paid for by the taxpayer, and $1 billion is owing to us. For about 24,000 of these overseas based borrowers, the debt is more than 15 years old. Inland Revenue has collected more than $207 million in repayments since July last year from student loan borrowers living overseas, and that's 43% up on the same period the previous year. And the reason for the sudden flurry of productivity and getting the money back? Inland Revenue was given the money, student loan compliance funding, to go after the little thieves, so they finally had the resource to be able to do it. According to Inland Revenue, they've contacted more than 12,000 borrowers – 1,320 of them have entered repayment plans, 960 have fully repaid their overdue amounts. Inland Revenue has seen a collective repayment of $9 million once they took an interest. Thank God. The department is also looking at borrowers who own property in New Zealand – there are just over 300 of them. And ever since “hello, it's Inland Revenue on the phone. We understand you owe us money. We also understand you have property in New Zealand”, shockingly, these people are suddenly able to find the money to repay the New Zealand taxpayer. So they've paid up $1.7 million. Any defaulters within the group who have refused to engage and resolve their defaults, says Inland Revenue, will see further legal enforcement taken, which may include New Zealand based bankruptcy or charging orders over their properties. They're doing the same for student loan defaulters who have investments or bank accounts receiving interest income in this country. Just watch these people suddenly come up with the money they owe once they realise Inland Revenue will be able to go sniffing around in their accounts. And as a last resort there'll be arrests at the border. This is so overdue. In the past there seems to have been a reluctance to go after overseas based student loan defaulters. What about when they all flocked back to New Zealand during the Covid times? That was the perfect time to collect the money owed. It is a kindness to the borrowers to keep that student loan debt at the front of their minds. If you can forget about a big debt, if there are other people screaming at you for money who are up in your grills, you'll park it and put it to one side and think I'll do that when I get a bonus at work, or I'll do that one day, and then it gets so big that it becomes terrifying and you just don't think about it. You will remain in blissful and wilful ignorance of the monies owed, and then the penalties and interest that blow out that original loan. Keep it at the forefront of their minds. There are all sorts of arguments that have been put up by student loan thieves over the years. We're the best and the brightest. If you come after us, we won't come home. We'll keep our enormous intellects overseas. Well, you can't be that bloody bright if you don't understand what a loan is, can you? It's not a gift. It was a loan. You have to pay it back. Another argument is, “it's all right for you, your generation got free university education we had to pay for it”. Well, it was really the generation before that received free education. But back then, they really did only take the best and the brightest, numpties need not apply. Total enrolments at all universities in New Zealand was 16,524 in 1960. Today there are 177,000 university students in New Zealand. I'm quite happy to have a discussion about making unit centres of academic excellence and restricting access once again to only the very best and the brightest and pay for that education, absolutely. If we reduce it down from 177,000 to 16,000, we can afford that. Happy to have a chat about means testing but not until you do what most of us manage to do, even the most lowly qualified of us ... pay your bills and pay what you owe. 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.

What has Mickey Mouse got to do with our tax system, Inland Revenue uncovers more than $150 million in undeclared income tax and GST from the property sector, and I have five suggestions to improve our tax system.

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.

This week Inland Revenue consults on FBT changes, reports on the results of its recent audit activity, and calls in Baycorp. Meanwhile, is GST a tariff and removing GST from fresh fruit and vegetables a well-meaning but inefficient policy?

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. 

Send us your feedback In this episode, MinterEllisonRuddWatts' Senior Associate Briar Richardson speaks with IP Partner Chris Young and Tax Partner Simon Akozu about some important intellectual property and tax considerations for cross-border transactions.Chris and Simon discuss the rationales for centralising IP ownership and highlight critical factors to evaluate when structuring IP arrangements from both commercial and tax perspectives. They also address recent comments from Inland Revenue that bundled intangible property transactions are the 'highest risk category' of intangible transactions, and emphasise the need to assess the nature of IP rights being transferred.Recent cases PepsiCo (Australia) and Country Road (New Zealand) also have potential significant impact on the characterisation and tax treatment of IP rights. Chris and Simon will discuss these in more detail in a future Tech Suite episode following on from this introduction.[02:47] Simon highlights the critical role of tax considerations in IP centralisation, discussing key aspects such as tax amortization, attribution of taxable value, and the importance of aligning business strategies with global tax frameworks.[04:01] Chris underscores the importance of early IP strategy planning, highlighting the need for IP audits, as well as policies and processes to identify and protect the intangible assets a business creates.[09:15] Simon and Chris discuss the tax implications of IP characterisation within the New Zealand context. Simon highlights that accurately defining IP from the outset is crucial, as it can significantly impact tax treatment, particularly during restructures or cross border sales. [14:24] Chris talks about the classification of IP in a sale and purchase situation, noting how this may differ from an IP and tax perspective, with Simon noting how New Zealand tax authorities scrutinise classification in IP transfers.[17:01] They lastly highlight the need for ongoing IP arrangements once the IP is transferred, focusing on registration, licensing, and ownership of IP rights, while considering jurisdiction-specific rules and tax implications. They also emphasize the importance of addressing licensing-back agreements and royalties, particularly in light of recent cases like PepsiCo (Australia) and Country Road (New Zealand). These cases (currently under appeal) will be covered in a future episode.Information in this episode is accurate as at the date of recording, 3 December 20For show notes and additional resources visit minterellison.co.nz/podcasts

This week, the Finance and Expenditure Committee reports back on the Taxation (Annual Rates for 2024−25, Emergency Response, and Remedial Measures) Bill, Inland Revenue releases its long-awaited consultation on the taxation of not-for profit organisations and an update on data-sharing with the United States and the nominee for the Internal Revenue Service Commissioner once proposed its abolishment.

Around 9000 clubs, societies, trade associations, professional and regulatory bodies and industry councils are in line to possibly be slapped with a tax bill. Inland Revenue has changed its interpretation of the law, and now believes the subscriptions and levies members pay to some not-for-profit organisations should be taxed. Independent tax expert Geof Nightingale joined the Afternoons team to explain further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

On the Matt Heath and Tyler Adams Afternoons Full Show Podcast for the 27th of February, tourism spending is back up, but we are already getting people worrying about capacity. Are you worried about the number of tourists? Or should we get as many as we can and milk 'em? Inland Revenue is setting its sights on taxing 900 clubs and societies and other not for profits. The Afternoons duo talked to a heap of people involved in running clubs. And later - your biggest cockup you have had moving something after a driver is being sought after a house fell off a truck in the Far North. Get the Matt Heath and Tyler Adams Afternoons Podcast every weekday afternoon on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Around 9000 clubs, societies, trade associations, professional and regulatory bodies and industry councils are in line to possibly be slapped with a tax bill. Inland Revenue has changed its interpretation of the law, and now believes the subscriptions and levies members pay to some not-for-profit organisations should be taxed. Independent tax expert Geof Nightingale joined the Afternoons team to explain further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

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.

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.

This week tax guru Robin Oliver on the pros and cons of a possible cut in the corporate tax rate, Netflix's tiny tax bill and what it and Uber have in common, and Inland Revenue guidance on the treatment of repairs to newly acquired assets.

The Government announces a new Digital Nomads visa but will it make any difference to the existing tax treatment? Potentially big changes afoot for US citizens tax resident outside the US and the latest Inland Revenue consultation on depreciation.

President Trump sets the tone for the tax year by withdrawing America from the OECD Two-Pillar international tax proposal and fires a warning shot about retaliatory tax proposals. Meanwhile is the recent increase to the International Visitor's Levy a harbinger of things to come? Inland Revenue's crackdown on parents receiving overpayments of working for families credits.

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.

Inland Revenue releases an issues paper on addressing the problems the foreign investment fund regime presents for migrants and US citizens and we look back at the year in tax

This week the Minister of Finance reveals that changes to the tax treatment of charities will be announced in next year's Budget, more feedback on Inland Revenue's proposed long-term insights briefing and are cryptoassets held in offshore exchanges covered by the transitional resident's exemption?

2024 peer review update from the OECD on the Automatic Exchange of Financial Account Information and how Inland Revenue is using that data Inland Revenue releases feedback on the scope of its next long-term insights briefing together with a summary of the submissions we received. What has Roger Douglas got to say? More on last week's podcast with guest Andrew Paynter

My guest this week is Andrew Paynter, a policy advisor at Inland Revenue and co-winner with Matthew Seddon of this year's Tax Policy Charitable Trust Scholarship. The Tax Policy Charitable Trust was established by Tax Management New Zealand and its founder Ian Kuperus to encourage future tax policy leaders and support leading tax policy thinking in Aotearoa. Andrew's proposal is to increase the rate of GST to 17.5% and introduce a GST refund tax credit for low- and middle-income individuals.

This week, the Government's tax and social policy work programme is announced, more on Inland Revenue's crackdown on Student Loan debt, and why we might need to pay more tax

Inland Revenue is cracking down on outstanding student loans - and has doubled its team working on overseas collections. It's also putting more money into collecting debt in Australia and the UK. The number of borrowers has risen by more than 5,000 The IRD's project lead Andrew Stott says about 150 people could face an arrest warrant. "It's really about whether they're engaging with us or not. So if they're just ignoring all of our communications or they're leaving us no way to get in touch with them, then that's our last resort." LISTEN ABOVESee omnystudio.com/listener for privacy information.

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.

Inland Revenue has admitted to providing Facebook owner Meta with the names, addresses and other contact details of 268,000 taxpayers in 'raw' unencrypted form. This news comes after an investigation into the IRD's use of social media companies to target taxpayers. Queenstown employment relations consultant and initial complainant David Buckingham was surprised by this development. "I did actually think they had some pretty good processes around at least hashing it - that wasn't really the focus of my initial complaint." LISTEN ABOVESee omnystudio.com/listener for privacy information.

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.

As part of Inland Revenue's consultation on the future of the tax system, it's asking questions about what we should be taxing - including capital gains. Money correspondent Susan Edmunds spoke to Ingrid Hipkiss.

Questions to Ministers STUART SMITH to the Minister of Finance: What recent reports has she seen on the cost of living? Rt Hon CHRIS HIPKINS to the Prime Minister: Does he stand by all his Government's statements and actions? CHLÖE SWARBRICK to the Prime Minister: E tautoko ana ia i nga korero me nga mahi katoa a tona Kawanatanga? Does he stand by all his Government's statements and actions? RIMA NAKHLE to the Minister of Justice: What actions is the Government taking to reduce harm caused by gangs and to make communities safer? Hon Dr AYESHA VERRALL to the Minister of Health: Does he stand by his decision to appoint a Health New Zealand commissioner, and does he stand by his commitment not to cut front-line services at Health New Zealand? JOSEPH MOONEY to the Minister of Police: How many members of the Comancheros motorcycle gang are facing charges following recent Police operations? TEANAU TUIONO to the Minister for Treaty of Waitangi Negotiations: E tautoko ana ia i tana ki taurangi ki te whakatika i te Ture Takutai Moana 2011; mena ae, he aha tana whakaritenga ki te whakautu ki te Urgent Inquiry Stage 1 Report Takutai Moana Act 2011 na te Taraipiunara o Waitangi? Does he stand by his commitment to amend the Marine and Coastal Area Act 2011; if so, what is his plan to respond to the Waitangi Tribunal's Takutai Moana Act 2011 Urgent Inquiry Stage 1 Report? Hon GINNY ANDERSEN to the Minister of Police: What advice, if any, has he received on gang members either getting unlawful access to firearms or using shooting ranges? TIM COSTLEY to the Minister of Commerce and Consumer Affairs: What announcements has he made regarding company director identification? Hon Dr DUNCAN WEBB to the Minister of Justice: Does he stand by all his statements and actions in respect of the Gangs Legislation Amendment Bill and the bills into which it has been divided? JAMIE ARBUCKLE to the Minister for Resources: What announcements has he made regarding critical minerals? Hon Dr DEBORAH RUSSELL to the Minister of Revenue: Does he stand by his statement that Inland Revenue will "deliver on the real priorities for our tax system"; if so, does he support all their work?

The cock up that the Inland Revenue Department has engineered gives us a good insight into how the public service is run.  They hand my information, and yours, over to Google and Facebook etc, and they do this so they can better tailor their advertising.  Even at this point there are a couple of large red flags.  Firstly, I would argue there is a patriotic duty for all Government funded agencies to at least pause and ask themselves, given the relationship with social media and the local media and ripping off of locally created content and making money from it, whether the Government should be throwing more money at them, while at the same time allegedly trying to cut some sort of revenue deal where the international players come to the table and actually pay for the content they are ripping off.  Secondly, and more importantly, the info the IRD have has been gained by compulsion. We have no choice but to hand over our details to them. At what point did they gain the right to on sell them to another party, far less an international one?  An international one that, as the record shows in multiple jurisdictions, has not a lot of interest in behaving in a way that doesn't attract an outsized amount of attention to their ways of doing business.  From America to Europe to Britain - how many times have these players been called before committees and tribunals and inquires to answer questions about their practices, records, business approach, revenue generation and general omnipresence in people's lives?  IRD will tell you our details are safe and the names, ages and serial numbers are confidential. They have been 'hashed', I think the term is. That's where they take letters and turn them into numbers and keys. But have they? Are they really?  Now people, especially those on social media, give a lot of themselves away without often even realising it.  But the IRD are different. We had no choice. We weren't asked. We didn't give permission.  That needs to be addressed. See omnystudio.com/listener for privacy information.

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

Inland Revenue is being asked not to seesaw on its stance, with rising liquidations across the country. Centrix's July figures reveal business liquidations are up 19 percent overall year-on-year. They sparked spiked sharply in Auckland in the second quarter, up 33 percent annually. Auckland Chamber of Commerce CEO Simon Bridges says he thinks IR's hard-line approach is behind a majority of closures. "I think it's probably a movement from Covid settings, where, like the RBNZ, they realised they overdid it one way and they came back in hard on the other way." LISTEN ABOVESee omnystudio.com/listener for privacy information.

28th Aug: Crypto & Coffee at 8

Alexa welcomes UK tax accountant, Andy Muckett, to the podcast, to demystify the complexities of tax for self-employed vocal coaches and singing teachers in the UK. They discuss why taxes can feel overwhelming for creative professionals, the differences in tax responsibilities between employed and self-employed individuals, and practical tips for managing tax-related challenges. The conversation offers insights on estimating tax liabilities, understanding taxable income, and navigating the transition to self-employment.QUOTE ‘If you were to take 20% of all your top line income before any expenses…and put it away in a savings account, then in theory that would give you more than enough money than you need to pay your tax when it comes around.'Link to presenter bios: Click HereRELEVANT MENTIONS & LINKSHMRC: gov.uk/government/organisations/hm-revenue-customsCompanies House: gov.uk/government/organisations/companies-house(Podcast) Singing Teachers Talk - Ep.159 How Toys and Props Can Create Dynamic Singing Lessons with Kaya Herstad-Carney Vibrant Voice Technique: vibrantvoicetechnique.comInformation Commissioner's Office (ICO): ico.org.uk/for-organisations/data-protection-feeDEXT Solo: info.dext.com/welcome-to-dext-soloMyMusicStaff: mymusicstaff.com(Podcast) Singing Teachers Talk: Ep.93 How to Organise Your Singing Studio Business with My Music StaffThe Musicians Union: musiciansunion.org.ukIndependent Society of Musicians: ism.org(Podcast) Singing Teachers Talk: Ep.117 The ISM: What Singers and Singing Teachers Need to Know with Ruth McPhersonABOUT THE GUESTAndy has been involved in the tax world since he left school as a 16 year old. He originally worked for the Inland Revenue (now HMRC) for 5 years before moving into the accounting profession where he specialised in personal taxation and gained accreditation as a Chartered Tax Advisor. He set up AKM in 1992, mainly supporting individuals with their tax compliance needs and always with an eye towards finding opportunities to reduce client tax bills within the confines of the law. Andy loves performing on stage (mostly local panto) when the opportunity arises and when time allows.Website akmaccountingsolutions.co.ukBAST Training is here to help singers gain the confidence, knowledge, skills & understanding required to be a successful singing teacher. Website: basttraining.com | Subscribe | Email Us | Join the Free FB Group "I am so glad I took the course! It has given me the confidence to move forward in my teaching knowing that I am practising safely, with a wealth of knowledge and support that I simply didn't have before! The training is comprehensive, immediately applicable, massively informative and so engaging! LOVED it!" Hayley Ross, UK...more testimonials

Have you been caught out by a tax bill from Inland Revenue? Many Kiwis on salaries at the end of this financial year have tax to pay, with some owing thousands of dollars. Employees on parental leave seem to be the hardest hit, with one teacher saying she owes IRD two thousand three hundred dollars, despite being on maternity leave. As Matthew Hutching reports, in the midst of a cost of living crisis it's a extra expense most can ill-afford.

Thousands of parents owe more than $1 billion in child support debts that in some cases date back more than 30 years.  The amount is owed by 97,597 debtors as of April 30 this year. Nearly half a million of the debt is penalty fees.  Family lawyer Sharon Chandra tells Mike Hosking that active steps aren't always taken to recover debts that are owed. Inland Revenue do not have the resources to allocate to debt recovery, resulting in the accumulating debt.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Kiwis are being urged to check if Inland Revenue has any unclaimed funds in their name.  Almost 416,000 Kiwis are owed more than $477 million from forgotten funds, unknown debts, or unclaimed inheritance, which eventually goes to the Crown if unclaimed.  That includes the inheritance of Kiwis who died without a will and with no known relatives.  Lawyer Joanna Pidgeon told Mike Hosking that people have to know where the will is, and the estate then has to claim it.  She says everyone should have a will to make things easier for locating, accessing, and distributing.  LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Inland Revenue is sending the construction sector a final warning to get on top of business tax obligations. 40,000 businesses with outstanding debt and overdue returns will be sent emails and letters in the coming months. Inland Revenue spokesperson Richard Philp says the current outstanding tax debt sits just shy of a billion dollars. "We'll be writing to most - some we'll try to prompt with a text message, but most of them we'll be writing to. It won't be the first contact we've had with them." LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Mother of two Kelly Watts is hoping the Government's 'FamilyBoost' rebate will mean she can afford to have her three-year-old in kindy for longer. Her husband works full time, while she works part time from home - often with her three-year-old and younger toddler vying for her attention at the same time. But there will be delays to her pay as parents will have to submit invoices through Inland Revenue's website to get their rebate. Watts spoke to Ingrid Hipkiss.

Data released by Inland Revenue shows a new multi-million dollar technology upgrade is making a big difference in curbing tax fraud. 

The Retirement Commissioner is joining budget advisors in raising alarm over the steep rise in people withdrawing money from Kiwisaver as they struggle with rising prices and paying the mortgage. Inland Revenue's latest figures show more people in financial hardship are withdrawing their savings - taking out a combined $21.5 million in October, double that of the same time last year. Amy Williams reports.

Close to half of what New Zealanders owe in child support is made up of late payment penalties, prompting questions from tax and budgeting experts over its effectiveness for both halves of the family it serves. Inland Revenue, which acts as an intermediary collection if no private agreement can be reached, says as of the end of August outstanding debt amounted to $1.079 billion dollars. 488 million dollars of that was made up of penalties incurred from not paying on time. In 2021, the IRD wrote off close to one billion dollars in debt, and readjusted incremental penalties to an initial fine of 2%, and another 8% after 28 days. However tax expert Terry Baucher says on a monthly payment, this can mount up incredibly quickly - adding the sheer amount owing shows the system needs a rethink. Tauranga's Bay Financial Mentors manager Shirley McCombe deals both with clients who become snowed under mounting penalties, and those awaiting the payments to support their children. Terry Baucher and Shirley McCombe speak with Kathryn Ryan.