Tradies crackdown yields 'outstanding' results

A crackdown on tradies’ cash jobs is yielding “outstanding” results, says the tax department.Inland Revenue has launched an advertising campaign targeting cash jobs in a bid to recoup unpaid income tax from the country’s multimillion…

NZ spending on credit, debit cards slips in April

New Zealanders spent less on their electronic cards in April, snapping nine consecutive monthly gains, as a drop off in spending on durables weighed on an otherwise flat month.The value of core retail spending, which strips out…

Treasury reports Budget deficit NZ$856 mln better than forecast in 9 mths to March, but only due to early returns from corporates and SOEs; English says still on track for 2014/15 deficit

Tweet By Bernard Hickey Treasury has reported a Budget deficit of NZ$358 million for the nine months to March, which was NZ$856 million better than the Treasury’s forecast in December. However, Treasury said more than NZ$500 million of the improvement related to earlier than expected corporate tax receipts and SOE dividend payments. Finance Minister Bill English said Treasury still expected …

Smith announces 10-20 year delay to rules on assessing and fixing quake-prone buidings; Expected cost almost halved to NZ$777 mln; Auckland, Dunedin big winners

Tweet By Bernard Hickey Building and Housing Minister Nick Smith has announced major changes to the Government’s rules for assessing and repairing earthquake prone buildings that will slash the number of buildings to be assessed from 500,000 to 30,000. The changes will cut the estimated earthquake assessment and repair bill to NZ$777 million from NZ$1.36 billion and means some provincial …

The Opening Bell: Where currencies start on Monday, May 11, 2015

Tweet By Dan Bell The NZDUSD is little changed from Friday‚Äôs close after the U.S. Non-Farm-Payrolls came in just shy of market expectations. U.S. non-farm payroll employment increased by 223K jobs in April (expected 225k) helping to push the unemployment rate down to 5.4 percent in April from 5.5 percent in March its lowest level in almost seven years. However …

Taxman closes in on accountants $485m debt

Inland Revenue now has a clear path to try to bankrupt an accountant who owes it nearly half a billion dollars.Only $5.7 million of this amount is John George Russell’s original tax bill, and the rest is penalties and interest that…