In brief - Other

Tax Watch: Edition 1, 2014

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KiwiSaver default scheme providers

The Minister of Commerce has announced this month the default KiwiSaver providers for a seven year term starting 1 July 2014.

These providers are allocated to schemes to manage temporary holding funds which have a conservative investment approach, allocating between 15% and 25% of the funds to growth assets.

These providers are also required to offer investor education to equip KiwiSaver members with the best information to be able to decide which fund best suits their individual circumstances.
Read the release from the Beehive.
 

Tax conference to address simplification

On 17 April 2014, the Revenue Minister announced that a tax conference will be held on 12 and 13 June 2014 to address the simplification and modernization of tax administration in New Zealand.

The conference, New Zealand’s Tax Administration for the 21st Century, involves the collaboration of Inland Revenue, the Treasury and Victoria University of Wellington and will address current issues around PAYE, compliance costs, penalties, debt and enforcement.

Details of the conference can be found here.