Stewart & Co Blog

Over the past two weeks Inland Revenue has received reports of a telephone phishing scam from several hundred customers around New Zealand.

The scam calls have been made to landlines and mobile phones, with messages being left on voicemail if the calls haven't been answered.

The callers state that they are from the Inland Revenue Department and the following scenarios have been reported, that the customer:

• is wanted for historic tax evasion or tax avoidance
• has a red flag on their file
• is in debt

and they or their lawyer must return the call as soon as possible. Some customers have been told to make a payment via Western Union within 30 minutes, or risk arrest. Read more…

Yesterday the New Zealand Government made the 2016 Budget announcement.  Many have commented that this was a very safe budget with not much to discuss.  On the whole more funds are being put into core services such as health and education which is of benefit to all New Zealanders. 

On the tax front there was very little to say.  The pay-as-you-go option for small businesses which we mentioned in our earlier blog was confirmed along with the reduction in use of money interest and penalty charges. However, no tax cuts were announced this year and there was also no mention of introducing a land tax.    Read more…

The IRD have recently reviewed the mileage rate used to calculate motor vehicle expenses incurred in  businesses.   The mileage rate has gone down from 74 cents to 72 cents per km for both petrol and diesel vehicles for the 2016 year onwards.  This, the IRD says, is a reflection of the lower fuel costs and lower overall running costs for vehicles. 

What this means for you: Read more…