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 Stewart & Co Blog

Scammers Are At It Again

We have had a number of clients contact us in the last couple of weeks regarding scam emails purportedly sent to them by the IRD.  As it is the end of year filing date for those people without a tax agent it is likely that the scammers will be ramping up their attempts to obtain your information. 

Please remember, IRD will never email you directly requesting information.  They will now send emails letting you know that you have correspondence in your MyIR online site to read but the email to you will not detail what it is about. 

Things to watch out for in scam emails:

  • The email address looks wrong.  Any emails from the IRD should be coming from @ird.govt.nz.  Often scammers will use a @ird.gov.nz or @ird.co.nz. 
  • The refund figures will be quoted in NZD.  As the IRD is a New Zealand based organisation, they do not need to quote the currency. 
  • The email will mention the Fiscal Year.  We do not use this term in New Zealand.
  • They will ask for your debit or credit card when issuing a refund or that you should use your debit or credit card for making payment. 

What to do if you receive a scam email:

  • Do not click on any links
  • Do not reply to the email
  • Delete the email
  • To report it to the IRD:

o   Create a new email.

o   Insert the suspicious email as an attachment (either drag and drop, or attach item in Outlook)

o   Send the new email to phishing@ird.govt.nz

o   Alternatively, you can print the email and send it to:
IT Security Team
Inland Revenue
PO Box 2198
Wellington 6140

Below is an example of a scam email one of our clients recently received (with their contact details removed).  As you can see, they can look very authentic.  If you are not sure if the email is genuine or not feel free to get in touch with us and we can check it for you. 



We're Going Pink For A Day This October

October is Breast Cancer Awareness Month and to show our support for the Breast Cancer Foundation NZ, we are going Pink For A Day on 17 October 2018.  We are raising money for this great organisation and have set up a fund raising page so that all the funds raised go directly to Breast Cancer Foundation NZ.  If you would like to make a donation and help us reach our goal please click on the image below.  All donations over $5 entitle you to a tax rebate so remember to print off your receipt and include it with your end of year tax information. 

Alternatively, you may like to set up your own page and have your workplace go Pink for a Day in October.  Click on the image below to find out more

  

 

1 in 9 New Zealand women are affected by Breast Cancer in their lifetime and today 8 New Zealand women will be diagnosed with breast cancer.  It seems now that every person you talk to has a story of someone they know who is affected by this. 

 The New Zealand Breast Cancer Foundation works to:

  • Promote awareness and education of what breast cancer is and how to detect it;
  • Provide support for those going through treatment; and
  • Fund research into detection and treatment.


Budget 2018 - Foundations for the Future

 

As anticipated, there were no big surprises in this year's budget with the main winners being:

 

Health

The biggest winner in this year's budget is the health sector. 

A $3.2 billion increase in operating funding over the next 4 years and $850 million in new capital spending.  This includes $2.2 billion over the next 4 years to go to District Health Boards so that they can maintain standards of care, mental health services and support of New Zealanders. 

Community mid-wives, elective surgery and the national bowl screening programme are all set to get extra funding. 

Free GP visits have been extended to include 13-year olds and under.  

Community Services Card holders should also see a decrease in GP visit costs of $20 to $30. 

 

Education

The education sector will receive some $1.6 billion to be spent on 1,500 extra teachers and 200 new classrooms. 

Learning support will receive an additional $133.5 million over the next 4 years to go towards speech language therapists and psychologists.  As well as $30.4 million over 4 years for children who are deaf or hard of hearing. 

Early Childhood education is to receive $590.2 million over the next 4 years. 

 

Housing

6,400 extra state houses are to be built by 2022.

$170 million is also earmarked for emergency housing. 

$142 million of funding is to go to low income families in insulation subsidies. 

 

Police/Corrections

920 more police officers and 240 support staff to be funded with nearly $300 million of new spending. 

$200 million is to go towards building pop-up jail cells by the end of 2019, to be able to hold an additional 600 inmates. 

 

Conservation

DOC is to receive $181.6 million in funding over four years, the largest boost to its funding since 2002. 

$100 million Green Investment fund to be set up to stimulate investment from the private sector into low-emission projects. 

 

 

Other Points

The Government have confirmed their commitment to the ring-fencing of tax losses on rental properties.  This will have a significant impact on many property investors.

No fundamental changes have been made to tax rates. 

An additional $31 million is to go to the IRD to ensure that company tax returns are filed to combat tax avoidance, resulting in an estimated $183 million in additional taxes collected over four years.

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