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Demand for new build properties looks set to increase with the Government’s confirmation they will be exempt from its new rules for investors.

The number of refunds made hit 21,465 in early April. As at May 14, $708.8 million had been repaid. But that was down from the $762.9 million the Government had previously said was repaid to March 30. Ministry of Social Development group general manager for client services George Van Ooyen said it had identified a data entry issue with one of the figures entered for wage subsidy repayments. “We found the discrepancy as part of checks being done as part of ongoing development of our repayments reporting system. We have done further quality assurance checks and updated the figures.” Ec...

Even if MSD can find fraud in the wage subsidy scheme, it may be reluctant to prosecute.

With median gains of about $280,000 on every profitable investment property sale, according to CoreLogic, that means a significant portion of investors’ gains are likely to have a 39 per cent rate applied, if they are captured by the bright-line test. Geof Nightingale, tax partner at PwC, said 39 per cent was a higher rate than would be applied to capital gains made in Australia or the United States. “In Australia, the top tax rate is 45 per cent plus 3.5 per cent Medicare so 48.5 per cent. Capital gains are treated as ordinary income. ALDEN WILLIAMS/Stuff People whose investment prop...

Damien Venuto: Social media influencers receiving freebies in for a tax surprise from IRD 22 Apr, 2021 01:59 AM 5 minutes to read Influencers will need to brush up on their tax obligations in the coming years. Photo / 123RF Influencers will need to brush up on their tax obligations in the coming years. Photo / 123RF OPINION: Social media influencers better think twice about accepting all the free swag they're offered. A draft statement published this week by the Inland Revenue Department suggests that in certain circumstances so-called content creators could be liable to pay...