May 2003
| | Friday 30th May
 The deemed rate of return for foreign investment fund interests has
decreased from 10.46% to 9.90% for the 2002-03 income year. Thursday 29th May
 Many, if not most, cave in before filing a statement of defence because, no matter how unjustified, vexatious or unwinnable the employee's case
might be, in this country it's generally cheaper to cave in to extortion than to win a case in court. Wednesday 28th May
 The interest rate used to calculate fringe benefit tax for
low-interest, job-related loans drops from 7.83% to 7.74% with effect from 1 April 2003. Tuesday 27th May 
The IRD has sent us an IR23 Special Tax Code Certificate asking to deduct student loan at 12 cents in the dollar. How do we do this? Monday 26th May
 Inland Revenue is sending out Summary of Earnings to 683,000 people who file IR 3 income tax returns this week.
Friday 23rd May 
A Sydney traffic controller is suing his former employer for unfair dismissal, claiming he was sacked via text message. Thursday 22nd May
 Sometimes the IRD asks you to deduct tax at a rate which is not a whole number, plus the earner premium. An example of this is a request to deduct tax at 22.5%, as asked of one of our clients
recently. When the IRD does this, they have made a mistake. Wednesday 21st May
 The Internal Revenue Service told lawmakers Tuesday it can't go after every overdue tax bill and needs help from collection professionals who specialize in making persistent phone calls.
Tuesday 20th May
 A clever way of financing the purchase of residential investment property may yet prove too clever by half. Monday 19th May
 From 24th March 2003 the adult minimum wage increased to $8.50 an hour and the youth rate to $6.80
Friday 16th May  Budget 2003 was released yesterday. Thursday 15th May
 Is that expense deductible? In this article Chris Lindsay, tax director,
Horwath Porter Wigglesworth Ltd, Auckland, answers questions on deductibility including expenses incurred after a business has ceased, expenditure incurred before commencement of a business, shareholders'
salaries, sponsorship, legal fees, fines, relocation expenses and more. Wednesday 14th May

New Zealand businesses need to crack down on internet misuse by employees, a new survey says. Tuesday 13th May
 IRD agents answers - Issue 45 May 2003 is now available online.
Monday 12th May  The Holidays Act 2003 is currently before parliament - it is presented here in
browsable format should you wish to become familiar with it. Friday 9th May

Employers are extremely worried by a Government proposal to limit their ability to check the validity of claims for sick leave. Thursday 8th May

New Zealanders' wages and the number of hours they worked rose in the first data released this year, but the number of workers stayed the same. Wednesday 7th May

Since Monday, employers have been obliged to contend with the Health and Safety in Employment Act. Tuesday 6th May
 Twenty-eight boys aged between 13 and 15 who have fathered
children are being forced to pay child support - the tax department will even seize the money from their paper round. Monday 5th May
 Employers cannot rely on contractual restraint-of-trade clauses to prevent former
employees using their skills for a competitor. Friday 2nd May 
The government will introduce legislation enabling employer contributions to superannuation funds on behalf of employees earning less than $38,000 a year to be taxed at a lower rate than the present 33%, Revenue Minister Michael Cullen told the
Savings and Fund Management Conference in Wellington. Thursday 1st May
 Employers who do not take steps to block offensive spam from
arriving in workers' inboxes may be open to sexual harassment claims from their staff. |