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

 

NZers work longer to pay off annual tax burden

Media release
For immediate release


New Zealanders work longer to pay off annual tax burden


New Zealanders’ personal tax debt is worsening according to early research by leading national accounting firm, Staples Rodway.

Tax Freedom Day(TM) - the day you’ve officially paid off all your taxes and every dollar earned goes into your own back - pocket is likely to fall in late May/very early June.

Roger Thompson, Staples Rodway Tax Director, says it appears the average New Zealander may have to work even longer this year just to pay off their direct and indirect tax debts.

Staples Rodway’s Tax Freedom Day(TM) research – which is the only internationally benchmarked research to compare New Zealanders directly with taxpayers in Australia, the United Kingdom and the United States of America - paints a bleak picture for New Zealand taxpayers. Mr Thompson says New Zealand’s Tax Freedom Day(TM) has deteriorated significantly since 2002.

“Over the last few years the deterioration has occurred despite strong GDP growth. This year though, the combination of strong tax revenue growth and a sharp slowing in GDP growth indicates we are facing a further decline,” he says.

Last year it took the average New Zealander 143 days to pay off his or her income tax, local body rates, and other taxes such as petrol tax, cigarette tax and alcohol levies.

“The research also indicates that Australians are better off than New Zealanders when paying their tax debts, which will further compound the argument persuading Kiwis across the ditch. Our research takes into account all indirect taxes Australians pay and can be compared to our New Zealand data. At this stage it is not looking good,” says Mr Thompson.

The Staples Rodway research is based on international methodology, which enables an accurate comparison between New Zealander’s tax burden and those of other countries.

Staples Rodway expects to announce a definitive date for Tax Freedom Day(TM) 2006 in May and people will be able to determine their own personal Tax Freedom Day(TM) by visiting the Staples Rodway website www.staplesrodway.com and going to the Tax Freedom Day(TM) calculator from that date.

ENDS

About Staples Rodway
Staples Rodway is New Zealand’s leading independently owned accounting firm that provides a full range of intelligent business services to successful New Zealand Businesses. It has offices in Auckland, Hamilton, Christchurch, Hawke’s Bay, New Plymouth and Tauranga.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>