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A Sikh priest has been sentenced to seven months home detention for molesting children inside a temp…
Nǐ hǎo neighbours. Angeline Tan has been teaching Mandarin for three years and in this time has seen interest soar from 80 students learning the language to 180 students. Are you learning Mandarin? What do you love about the language? How are you celebrating Chinese Language Week?
Waitematā District Health Board has been told to apologise to the family of a man who died of malnut…
The tax department began sending out letters to people who had not paid enough tax on their KiwiSaver investments in May prompting an outcry from people worried about getting an unexpected tax bill. In June, the IRD revealed 450,000 people had been paying the wrong tax rate on KiwiSaver and other … View moreThe tax department began sending out letters to people who had not paid enough tax on their KiwiSaver investments in May prompting an outcry from people worried about getting an unexpected tax bill. In June, the IRD revealed 450,000 people had been paying the wrong tax rate on KiwiSaver and other PIE (portfolio investment entity) investment schemes. But weeks later it updated the figure to 1.5 million people with 950,000 estimated to have overpaid tax of around $42 million and 550,000 underpaying tax of between $45m to $50m in the last tax year. People who have underpaid tax will get a bill telling them how much they need to pay but those who have overpaid won't get a refund. From July, over-payers have been sent letters urging them to change their rates.
An IRD spokeswoman said it had so far sent out just over 930,000 letters to customers who are on the wrong PIR rate for KiwiSaver. "We are sending the letters in batches so not everyone who is due a letter has received one so far." But it expected the mail-out to be complete in November and for there to be more than a million letters in total. "We do not have a definitive final number at this time." Auckland financial adviser Rachelle Bland said she knew two individuals who had now received letters from the IRD advising that they were paying too much tax.
One is on the top 28 per cent tax rate and has been told she should only be paying 10.5 per cent. The woman was told: "Your investment with KiwiSaver scheme [scheme name removed] is being taxed at 28 per cent. We've calculated your rate based on the income details we hold for you and the table below, and suggest for the 2020 tax year you change it to 10.5 per cent. A tax rate of 10.5 per cent is for people who earn $14k or less in taxable income. The letter also stated: "It is important that the rate your KiwiSaver scheme is taxed at is correct. If the rate is too low, you may have a tax bill at the end of the year. If the rate is too high you are unable to claim a refund."
The second is also on the top tax rate but should be on 17.5 per cent because she earns between $14,001 and $48k in taxable income. Both were told to contact their KiwiSaver providers directly to change the rate. But Bland said many of those receiving the letters may not be aware who their KiwiSaver provider is or how to get in contact with them. "I would like to think it will be acted on but I think it is going to take a massive education campaign."
Some people may have been on the wrong tax rate since joining KiwiSaver potentially costing them hundreds of dollars in overpaid tax and lost returns. Bland was part of a group of financial advisers which warned the government about the over-taxation of KiwiSaver more than a year ago. Inland Revenue has said it only became able to identify which KiwiSaver members were underpaying or over-paying tax since switching to a new IT system in April. Bland believes part of the problem lies with auto-enrolment forms which sign people up to KiwiSaver but do not allow them to specify which prescribed investor rate they need to be on. People are automatically put on the highest rate of 28 per cent and then must tell their provider to change it. But Bland said by the time the money got to the provider - three months later - many were not aware they needed to change the rate or had forgotten about it. She is running a parliamentary petition to get the IRD to change its forms so people have to specify what prescribed investor rate they should be on from the start and has written to the IRD and its minister Stuart Nash. In a response from Tony Donoghue, manager of the commissioner's correspondence at the IRD, said the KiwiSaver forms were designed to transfer an employee's contributions to an investment company and the requirements should not be confused with the tax rules which applied to PIEs. "The PIE rules require investors to choose a PIR at the time they invest, so the entity pays the correct amount of tax on investment earnings. This obligation is set out in product disclosure statements issued to investors when they join a scheme.
"Regardless of how people join, every investor receives a product disclosure statement, which provides information on what taxes the investor is required to pay." All PIE providers are legally required to check investors are on the right rate every year. KiwiSaver providers send out annual letters to get people to switch change rates but say they don't have much of a response. Donoghue said officials were considering what legislative changes could be made to improve the PIE regime. "This could include authority for Inland Revenue to automatically notify investment entities when investors have not declared an appropriate PIR." However changes would require parliamentary approval, he added.
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Join us for a day of indulgence by stepping inside the pages of one of New Zealand's favourite magazines.
We've hand picked five fabulous locations to showcase a variety of homes, reflecting local design flare and style. The tours are self-driven, and give attendees the opportunity to … View moreJoin us for a day of indulgence by stepping inside the pages of one of New Zealand's favourite magazines.
We've hand picked five fabulous locations to showcase a variety of homes, reflecting local design flare and style. The tours are self-driven, and give attendees the opportunity to take in the best scenery the region has to offer, try some quirky cafes or eateries along the way, and also visit our Hub; a one stop shop for all your house tour information and where they can meet the editorial team behind their much-loved magazine.
Together let's explore our way to well-being because when it's strong, our whānau, communities and Aotearoa can flourish too.
#NSNZmentalhealth #MHAWNZ
Daylight saving starts when clocks go FORWARD by 1 hour at 2am on 29 September 2019. Daylight saving will end on the 5th April 2020
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When Angeline Tan started teaching Mandarin at an Auckland primary school three years ago, there wer…
Bring a piece of Morocco into your home with this easy pattern DIY. Use it to pretty up a vintage cabinet.
Make the most of this weekend with this easy step by step project idea from Resene.
Find out how to create this quick and easy project yourself
Delve back into some of the west's more recent history by joining a guided walk through the beautiful Gittos Doman and Blockhouse Bay Beach area on 11 October or on 13 October there is a walk join through New Lynn taking in some of the significant places for women who travelled from England to… View moreDelve back into some of the west's more recent history by joining a guided walk through the beautiful Gittos Doman and Blockhouse Bay Beach area on 11 October or on 13 October there is a walk join through New Lynn taking in some of the significant places for women who travelled from England to New Zealand. Part of the Auckland Heritage Festival.
Peter Chan is a Justice of Peace, educated at Auckland University; is married to Audrey with three adult children.
Peter has been extensively involved in community issues for over 20years.
Peter is committed to working to transparency and sustainability in the council's operation seeing … View morePeter Chan is a Justice of Peace, educated at Auckland University; is married to Audrey with three adult children.
Peter has been extensively involved in community issues for over 20years.
Peter is committed to working to transparency and sustainability in the council's operation seeing that it is more responsive to the core needs of our community. Peter believes that local authorities exist for the convenience of the residents and ratepayers and that rates must be adjusted to an affordable level and be fair to all.
Peter founded the Waitakere Ethnic Board and was core founder of the Lantern Festival.
Peter is also a former Waitakere City Councillor and current Deputy Chair of the Henderson-Massey Local Board.
Authorised by: Peter Chan, 20 Piriti Drive, Te Atatu Peninsula
Hi All,
Please join us to a fun filled exercise to Bollywood music at a fraction of the cost. See the attached Flyer
When: Every Saturday at 9 am for one hour
Where: New Lynn Community Center, 45 Totara Avenue, New Lynn,
Cost : $ 5 per session or $30 for 10 sessions
Please bring a bottle of … View moreHi All,
Please join us to a fun filled exercise to Bollywood music at a fraction of the cost. See the attached Flyer
When: Every Saturday at 9 am for one hour
Where: New Lynn Community Center, 45 Totara Avenue, New Lynn,
Cost : $ 5 per session or $30 for 10 sessions
Please bring a bottle of water and a towel
First session absolutely free. Please come and give us a try and I guarantee that you will want more of it. Bring along friends and family. Hope to see you there
If you need more information please contact any one of us on the flyer.
New Season is starting tomorrow. Hurry and join before the spots fill up
We have our sessions through out the year come rain come shine please see our attached schedule
Those who have attended our class in the past can you please post your comments/recommend us
Here are some samples of our exercise
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Hi neighbours, a pet cat who has made a hospital her second home is proving to be the purr-fect medicine for patients who love her visits.
Daisy, a one-year-old ragdoll cross, has been visiting Waitākere Hospital since Easter.
Have you seen Daisy around? Let us know your experience in the … View moreHi neighbours, a pet cat who has made a hospital her second home is proving to be the purr-fect medicine for patients who love her visits.
Daisy, a one-year-old ragdoll cross, has been visiting Waitākere Hospital since Easter.
Have you seen Daisy around? Let us know your experience in the comments.
Please put NFP if you do not want your comments published.
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