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IRD's Latest Unclaimed Money List

This list names tax payers who are owed cash that has been left untouched for six or more years in companies such as financial institutions and insurance companies, or is an unpaid wage or salary.

After six years of trying to locate a person, a company must hand over the cash to IRD under the Unclaimed Monies Act (1971). There is no time limit to when money can be claimed. The IRD has put together an alphabetical list of 18,500 people owned $21 million unclaimed cash. The site is easily accessed and is in alphabetical order: 

Just go to www.ird.govt.nz/unclaimed-money if you think they may have some of your money?

There is another huge list (still in paper form) of $57 million owed to 193,000 people from pre-2005, and not is accessible online.

How Long Do You Keep Business Records?

When it comes to keeping business records the question is often asked what should be kept and for how long.

Tax records include any information or document about sales, income, expenses, assets, and liabilities. Records can be paper-based or stored electronically. 

Examples of paper records:

  • Cashbook, journals, ledgers
  • Wagebook
  • Invoices
  • Receipts
  • Cheque books / deposit books
  • Lists of debtors and creditors
  • Bank statements / dividend statements
  • Lists of assets and liabilities
  • Depreciation schedules
  • Profit and loss statements
  • Balance sheets
  • Till tapes

Examples of electronic records:

  • Accounting software
  • Payroll system
  • Spreadsheets
  • Scanned invoices
  • Online bank statements
  • Online interest and dividend statements
  • Invoices received by email
  • Lists of assets and liabilities
  • EFTPOS transactions

Records must be kept for seven tax years. Electronic records should be backed up, and kept in a secure place. If you change to new software check that you can still read your old records using the new system.

Keep all your records throughout the year. Everything is important. This includes records of cash and non-cash sales and expenses. All records, including those in electronic form, must be kept for seven tax years.

Your records must be in English unless you get approval to use another language.

New Zealand Ranks 22nd In World For Easy Tax Paying

Countries are assessed on the time a company takes to prepare, file and pay its taxes, the number of taxes that it has to pay, the method of payment and the total tax liability as a percentage of its commercial profits.

It is the second consecutive year New Zealand has ranked 22nd, with PwC tax and private business leader Geof Nightingale citing the country's consistent tax policy for the steady result.

He said there had been "no radical shifts having occurred in the way New Zealanders pay tax or in the way in which it's administered in the last year".

But, there is still work to be done.

"Inland Revenues (IR) business transformation project will be key to making paying taxes easier in the future and is on the right trajectory, remaining a key priority for IR."

"Transforming New Zealand's tax administration system will be crucial to ensuring we remain a country that is easy for businesses to operate in and pay tax."

Against its major trading partners, New Zealand is ranked behind Singapore (fifth) and the United Kingdom (15th) but ahead of Australia (42nd), the US (53rd), Japan (121st) and China (132nd).

Qatar and the United Arab Emirates were ranked the easiest countries to pay tax while Bolivia is the hardest.

New Zealand has ranked 22nd out of 189 countries when it comes to how easy it is to pay company tax according to the 10th annual Paying Taxes 2016 report by Pricewaterhouse Cooper and World Bank Group.

GST Treatment Of Credit Card Fees & Surcharges

Some retailers charge an additional fee or surcharge as reimbursement for the fee they are charged by their credit card processing company.

If your business is registered for GST and you charge a fee or surcharge to customers who pay by credit card you must include that fee or surcharge as income (Box 5) on your GST return.

When you pay the amounts of the surcharge to the credit card company you can claim these charges in (Box 12) as an expenses.

The Current Housing Market - Where Is The Next Opportunity

With much ado being made over Auckland's heated housing market, Wellington properties have been identified as having the best long term value in the country, according to Bank of New Zealand senior economist Tony Alexander.

"Auckland is due for a plateauing and I expect that a couple of years from now," he said.

"So if you gave me $10 million and said go forth and buy a bunch of houses you reckon will produce the best capital gains in the next five years, where would I look? I'd sink it into Wellington, Hamilton, Tauranga and a tad in Nelson."

"I expect to see a lot of talk soon about the good city life which Wellington offers, the ability to buy a reasonably priced house to raise a family, the fact few head offices are planning to shoot north now, the coming long term benefits of the Transmission Gully Motorway, IT sector, culture, runway lengthening, film sector and so on."

Despite his predictions for an impending plateau, Mr Alexander said he would happily maintain or even add to housing investments in Auckland. "But the easy gains from the repricing of Auckland's housing stock have probably already been made," he said.

Source: Tony Alexander - BNZ Economist

Gilligan and Company Limited

PO Box 9606
Newmarket
Auckland 1149

Level 4
20 Kent Street
Newmarket
Auckland 1023
New Zealand

Ph +64 9 522 7888
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Latest News

IRD's Latest Unclaimed Money List
Thursday, 07 July 2016
This list names tax payers who are owed cash that has been left untouched for six or more years in companies such as financial institutions and insurance...
When it comes to keeping business records the question is often asked what should be kept and for how long. Tax records include any information or document about...
Local Auckland time is currently: Thursday, 19th October 2017 11:36:pm