Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

SFT Bank Rorts May Be Ongoing

Business Editor

Structured Financing Transactions May Not Be A Thing Of The Past For Aussie-Owned Banks

In light of IRD’s recent victory over BNZ’s structured financing transactions (described by IRD as a “rort” and by the judge as having “no commercial rationale, logic or purpose”), it is worth investigating whether the Australian-owned banks are still engaging in them, or have done so more recently than the period covered by IRD’s court actions against all of them.

We recommend that you check out this article “Westpac’s Financing Transaction: Is This Another Tax-Driven Arrangement?” by Sue Newberry, Associate Professor of Accounting at the University of Sydney. It was published in Foreign Control Watchdog 115, August 2007.

http://www.converge.org.nz/watchdog/15/06.htm

The deal detailed in her article took place after the July 1, 2005 start of the Taxation (Base Maintenance and Miscellaneous Provisions) Act which was aimed at preventing the banks engaging in structured financial transactions. Her conclusion was: “The arrangement does, therefore, seem to be one that warrants closer scrutiny”.

We urge the media to subject it (and any other similar deals) to closer scrutiny. This is no small matter –the structured financial transactions that are the subject of IRD’s court actions involve a potential tax and interest bill of $2.4 billion. The taxpayers of New Zealand, who are currently guaranteeing their deposits, are entitled to know if these rorts by the Aussie-owned banks are still going on.

www.cafca.org.nz

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Scoop Covid-19 Coverage: Auckland To Remain At Level 3 Restrictions, Rest Of NZ At 2 For 12 More Days


Auckland will remain at level three restrictions and the rest of the country at level two for 12 more days Prime Minister Jacinda Ardern announced.
She said this would be reviewed on August 21, but there was no indication yet anywhere was required to go to level four restrictions.
Ardern said a good start had been made in stamping out the infections associated with the Auckland family cluster and it appeared it had been picked up early. There was still no certainty about where the virus had come from, but it appeared to be new to New Zealand and not a sign the virus was dormant.... More>>

 

Government: Plan To Tackle Problem Plastics

Following the success of the phase out of single-use plastic shopping bags, the Government now has plans to phase out more single-use and problem plastics to reduce waste and protect the environment announced Associate Minister for the Environment ... More>>

ALSO:

Gordon Campbell: On The New Lockdowns, Leadership And Lebanon

As Melbourne has shown, the webs of urban life overlap so extensively that community transmission can be very hard to trace, let alone control. Each of the family members in the South Auckland family at the centre of the current outbreak will have had ... More>>


ALSO:

National: Emma Mellow As Auckland Central Candidate

Tonight the National Party has selected Emma Mellow to stand in the Auckland Central electorate for the 2020 General Election. Emma Mellow replaces retiring MP Nikki Kaye who first won the seat from Labour in 2008. Emma leads a team of communications ... More>>

ALSO:

Travel: Update On New Zealand And The Cook Islands Bubble

The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Henry Puna have welcomed the completion of phase one in the establishment of a travel bubble between New Zealand and the Cook Island. More>>

Election 2020: Labour Launch

E ngā mana e ngā reo Ngāti whātua ngā mana whenua o Tāmaki Makaurau, e tika te kōrero Ehara taku toa he toa (taki tahi) he toa (taki tini) No rēira tātou e huihui mai nei, ka ‘Hoake tonu tātou’ Thank you for that welcome. And thank ... More>>

Gordon Campbell: On Political Twins, And On Labour Extending Its Wage Subsidy Scheme

A quick quiz for the weekend. Which political party currently represented in Parliament issued a press release yesterday that contained these stirring passages: “[We have] long supported a free trade and free movement area between Canada, Australia, New ... More>>

ALSO:

Democracy 2.0: NextElection Partners With Scoop For Exciting Democracy Tech

Joint Press Release: NextElection, Scoop.co.nz, ScoopCitizen NextElection , a technology platform empowering democracy and Government accountability, and Scoop Independent News have partnered to strengthen citizen participation in the 2020 New Zealand General ... More>>

ALSO:


Covid-19: Poll On Management Approval

New Zealanders’ overall trust in the Ministry of Health and Government to manage the COVID-19 pandemic is at 82%, down from 91% during April. Overall distrust that the Ministry and Government will manage it in ways which best protect themselves More>>

Election 2020: National Releases 2020 Party List

National’s 2020 Party List is a strong mix of experience coming up through our Caucus, and new and exciting talent joining our team from communities across New Zealand, Party President Peter Goodfellow says. “The National Party is incredibly ... More>>

Horizon Research Limited: How Judith Collins Stopped The Bleeding

Horizon Research includes questions on voting from time to time in its surveys – for both forthcoming referenda and general elections. More>>

Your Vote 2020: Bringing Election Coverage To Viewers Across TVNZ Channels And Platforms

As New Zealand gets ready to head to the ballot box this September, 1 NEWS is bringing voters comprehensive coverage and analysis of this year’s General Election. TVNZ’s coverage will draw on the depth of experience held across the 1 NEWS team, says Graeme ... More>>

Economy: 30% Believe Households Worse Off, 298,000 Expect To Lose Jobs

64% of New Zealanders feel the economic position of their households is the same or better than a year ago – and 30% think it is worse or much worse, while 298,000 think they will lose their jobs in the next 12 months. Households’ perceptions ... More>>

State Services Commission: Findings Of Investigation Into COVID-19 Active Cases Privacy Breach

Deputy State Services Commissioner Helene Quilter has today announced the findings of an investigation into a breach of privacy regarding sensitive personal information. The investigation looked into who or what caused the disclosure of the information, ... More>>

International Security: New Zealand Suspends Extradition Treaty With Hong Kong

The New Zealand Government has suspended its extradition treaty with Hong Kong and made a number of other changes in light of China’s decision to pass a national security law for Hong Kong, Foreign Affairs Minister Winston Peters says. More>>

ALSO:


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels