Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


IRD will be too little, too late

9 February 2005

IRD will be too little, too late

Labour's claims that families have 'nothing to worry about' when calculating their annual income for the purposes of Working For Families grants are rubbish, says National's Finance spokesman, John Key.

"Michael Cullen claims they have 'anticipated this risk and provided against it'.

"If that's the case, perhaps he might like to tell us just how much IRD has spent on software and extra staff so they are ready to contact the 250,000 families who risk incorrectly calculating their income," Mr Key says.

"Is the Finance Minister telling families they will be indemnified for overpayments if IRD fails to adequately notify them?

"And can he confirm IRD intends to charge penalties to the thousands of low-income New Zealanders who have no chance of calculating their income correctly and end up to their eyeballs in debt?

"How can IRD protect a family that receives a one-off unanticipated Christmas bonus?

"How can IRD know that a low-income self-employed worker is going to get one more lucrative job in the last few months of the financial year?

"The truth is that Working for Families is a ticking time-bomb waiting to explode in Kiwi families' faces, " Mr Key says.

"The Australian experience proved just how hard it is when only 4% of families correctly calculated their income, and just how wrong it can go when, within two years, 1.3 million families ending up owing the taxman $1 billion."


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news