• Eligible New Zealand entities are now allowed to have a New Zealand Business Number (NZBN). This is aimed at reducing the time and money businesses spend on interacting with the government, this unique identifier will be used for all government interactions.

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  • The Use of Money Interest Rates have been amended to:
    • Decrease from 9.21% to 8.27% the taxpayer’s paying rate of interest on unpaid tax, and
    • Decrease from 2.63% to 1.62% the Commissioner’s paying rate of interest on overpaid tax.
  • Inland Revenue has issued the “National Average Market Values of Specified Livestock Determination 2016”, applying to specified livestock on hand at the end of the 2015/16 income year. See the IRD website for full details.
  • Inland Revenue has issued International Tax Disclosure Exemption ITR27 for the income year ending 31 March 2016. See the IRD website for full details.
  • Inland Revenue has released a CPI adjustment for childcare providers:
    • The variable standard-cost component is $3.43 per hour per child, and
    • The administration and record keeping fixed standard-cost component is $336 per annum for a full 52 weeks of childcare services provided.
    • See the IRD website for full details.
  • Inland Revenue has released a CPI adjustment for boarding service providers:
    • The weekly variable standard-cost for one to two boarders is $257 each, and
    • The weekly variable standard-cost for third and subsequent numbers of boarders of $210 each.
    • See the IRD website for full details.
  • The Inland Revenue has clarified the guidelines surrounding refunds on personal tax summaries:
    • If a personal tax summary indicates a refund greater than $600, you will need to validate the details before receiving your refund.
    • Refunds of $600 or less will be refunded automatically 15 days after the date of the tax summary.
    • More information regarding processing times and how to check on refund progress is located on the IRD website.
    • If taxpayers are due a refund but have other amounts owed to IRD from previous years (which are not under an instalment arrangement), or child support arrears (even if they are under an instalment arrangement), their refund will be used to pay these first before any remaining credit is refunded.
    • The IRD has published more frequently asked questions on personal tax refunds here.
  • The IRD has published conditions concerning the use of Inland Revenue websites and social media pages.
  • On 4th May 2016, Inland Revenue reduced the mileage rate for the 2016 year to 72 cents.

Please contact us if you have any questions regarding any of these tax issues.