Tag: IRD

Cryptocurrency Scams Targeting Millennials

Blog
Crypto scams are now on the rise, with scammers seemingly setting their sights on younger demographics. A recent press release from Consumer NZ highlighted the case of a tax accountant in Auckland who lost $100,000 to such a scheme. The woman identified as Rachel was approached through a dating site.…

HP New Zealand Reports Increase in Cybersecurity Attacks On SMBs

Blog
The 2021 HP New Zealand IT Security Survey has found that small businesses have this year suffered double the amount of cyberattacks as in 2018. Despite growing investment in IT security in recent years, small businesses have endured additional costs associated with the attacks. The average cost for each attack…

Tax statistics raise questions of fairness and equality

Blog
New data from Inland Revenue (IRD) and Treasury shows that the richest segment of the population – known as high wealth individuals (HWIs) – pay an average of 12% of their income in tax. By comparison, those earning median incomes between $55,000 to $60,000 pay an effective tax rate of…

Privacy Issues Arise as IRD Requests Data on Cryptocurrency Users

Blog
The Inland Revenue Department is asking cryptocurrency companies to hand over their clients’ personal details as well as their digital currency holdings for tax payment purposes. The New Zealand tax agency claims that this kind of data sharing will increase their understanding of crypto assets in New Zealand, “so we…

Inland Revenue Grants Tax Relief For Short-Term Rental Providers

Blog
Short-term accommodation providers, like Airbnb and Bookabach, now qualify for a COVID-19 tax break from the Inland Revenue Department (IRD). To be eligible for this tax exemption, short-term rental providers must have registered for GST and be forced into closure due the novel coronavirus pandemic. In addition, they must also…

New Charter to Regulate the Use of Data in Algorithms

Blog
Statistics New Zealand has begun using an Algorithm Charter for Aotearoa New Zealand that guarantees the secure use of New Zealanders’ personal data by public agencies. This measure, which regulates the use of data and analytics, comes in response to suggestions made within the Algorithm Assessment Report in 2018. The…

New Zealand Announces Small Business Cash Flow Loan Scheme

Blog
The government has introduced the Small Business Cash Flow Loan Scheme (SBCS) to assist businesses as the country re-opens. Even though most businesses can now operate as normal, many still face an uncertain future, and the SBCS is meant to ensure they can continue to operate. The scheme will be…