Our PM Jacinda Ardern (and the government)

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#3010365 15-Dec-2022 14:48

Could have used Grant Robertsons calculator?

The multiplies favorable items by 10 and divides non favorable items by 10 when producing statements

gzt

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#3010368 15-Dec-2022 15:02

sen8or: Something else the majority of middle income NZers will have to fork out for and receive back little if any benefit. This looks to be another solution looking for a problem to fix driven by Labour's increasingly unchecked ideologically driven MPs where cost/consequences be damned, "its for the good of the country".

One key motivator is the level of wage support provided during the Covid period and planning for future contingencies.

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#3010434 15-Dec-2022 17:42

https://www.stuff.co.nz/national/politics/300766273/ardern-seymour-to-auction-arrogant-prick-remark-for-charity

He is being considerably more classy than she probably has any right to expect.

Good cause though :)

Rikkitic

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#3010441 15-Dec-2022 18:09

They both deserve full praise for this. Don't make it into another political jibe.

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#3010479 15-Dec-2022 21:02

Rikkitic:

They both deserve full praise for this. Don't make it into another political jibe.

Heh, full praise? Ardern was unkind, and then put her signature on something someone else suggested would turn the negative event into a positive.

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#3010491 15-Dec-2022 22:00

Jeez man, lighten up. I found the pictures of them laughing together heartwarming and seasonally appropriate. It gave me a genuinely good feeling to see political enemies coming together in this way. Some here, including you, seem blinded by your determination to find nothing good in this government or the Prime Minister. That is the American way. I prefer the Kiwi one.

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#3010580 16-Dec-2022 06:21

gzt:
One key motivator is the level of wage support provided during the Covid period and planning for future contingencies.

Are you sure a key motivator isn't 'clawing more income out of Kiwis to make the books look better'?

sen8or

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#3010591 16-Dec-2022 08:03

networkn:

https://www.stuff.co.nz/national/politics/300766273/ardern-seymour-to-auction-arrogant-prick-remark-for-charity

He is being considerably more classy than she probably has any right to expect.

Good cause though :)

I think Seymour is demonstrating just how clever / savvy he really is. Its 100% a win for him, he looks the better person by not taking the remark seriously or getting down to gutter politics, he also raises his profile with raising money for a worthwhile charity and using the PM for his benefit.

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#3011216 17-Dec-2022 12:06

GV27:
gzt: One key motivator is the level of wage support provided during the Covid period and planning for future contingencies.
Are you sure a key motivator isn't 'clawing more income out of Kiwis to make the books look better?

In some ways yes, it will increase NZs savings rate and increase NZs ability to withstand short-term economic shocks. Some employers are in favor of it because it may lead to redundancy provisions being removed from contracts and off the employer books.

Daynger

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#3011229 17-Dec-2022 13:18

sir1963:

Someone on minimum income pays about 10-15% tax.

HOWEVER, the business claims it back at 30%

Wage tax deductions should be either the amount of tax paid (on PAYE) OR 30% which ever is the least amount.

Could you elaborate here, as your post doesnt make alot of sense.

sir1963

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#3011232 17-Dec-2022 14:02

Daynger:

sir1963:

Someone on minimum income pays about 10-15% tax.

HOWEVER, the business claims it back at 30%

Wage tax deductions should be either the amount of tax paid (on PAYE) OR 30% which ever is the least amount.

Could you elaborate here, as your post doesnt make alot of sense.

Yeah wrote that with too little coffee...

Businesses should only be able to claim back the actual tax that was paid in PAYE for an employee, or claim back 30% which ever is the least.

For example someone on part time earning 14K a year will pay 10.5% PAYE or $1470 p.a

Currently the business can deduct that wage at 30%, ie $4,200

If the deduction was limited to the $1470 of actual PAYE tax paid then the tax system would be better off by $2730.

In effect every other tax payer is subsiding employers of low wage earners. Then on top of this the tax payer then pays out for accommodation supplements etc etc etc for these low income earners. They are in essence tax negative.

When you get up into high income earners, over 100k, then you limit the deductions back to 30%, ie on 200k it would be 60k (approx as we have a progressive tax system) rather than the approx of 78k (@39%)

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#3011415 17-Dec-2022 17:28

Hmmm, not sure I agree with that. The company only pays tax on profits. Wages are a cost, just like any other cost like raw materials. Are you suggesting the company also has a responsibility in some way for covering taxes of companies they purchase from?

If there is no profit there is no tax. Wages are not deducted at 30% from the company taxes. All income is added up along with all costs. The cost are deducted from the income and tax is paid on the difference at 30%.

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sir1963

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#3011476 18-Dec-2022 10:25

Technofreak:

Hmmm, not sure I agree with that. The company only pays tax on profits. Wages are a cost, just like any other cost like raw materials. Are you suggesting the company also has a responsibility in some way for covering taxes of companies they purchase from?

If there is no profit there is no tax. Wages are not deducted at 30% from the company taxes. All income is added up along with all costs. The cost are deducted from the income and tax is paid on the difference at 30%.

Try being a landlord....

Interest can no longer be deducted

Each property is ring fenced

Only form of capital gains via "bright line" test

Forced upgrades (that were capital works so not tax deductible)

Can not get rid of bad customers

No depreciation

Tenant can cause thousands in damages, police are not interested, but an adult stealing a chocolate bar from a supermarket...they are there !

sen8or

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#3011477 18-Dec-2022 10:29

sir1963:

Someone on minimum income pays about 10-15% tax.

HOWEVER, the business claims it back at 30%

Wage tax deductions should be either the amount of tax paid (on PAYE) OR 30% which ever is the least amount.

sir1963:

Yeah wrote that with too little coffee...

Businesses should only be able to claim back the actual tax that was paid in PAYE for an employee, or claim back 30% which ever is the least.

For example someone on part time earning 14K a year will pay 10.5% PAYE or $1470 p.a

Currently the business can deduct that wage at 30%, ie $4,200

If the deduction was limited to the $1470 of actual PAYE tax paid then the tax system would be better off by $2730.

In effect every other tax payer is subsiding employers of low wage earners. Then on top of this the tax payer then pays out for accommodation supplements etc etc etc for these low income earners. They are in essence tax negative.

When you get up into high income earners, over 100k, then you limit the deductions back to 30%, ie on 200k it would be 60k (approx as we have a progressive tax system) rather than the approx of 78k (@39%)

Sorry, you are outright wrong.

Businesses can only claim back the wages paid to employees as a cost against their income. The wage the deduct is the gross wage, this can be separated in the accounting system as wages and PAYE expense (although not necessary), but the amount can not be more than what is actually deducted.

If any business is claiming more than they are deducting, they are at risk of being guilty of tax evasion.

Technofreak

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#3011481 18-Dec-2022 11:01

sir1963:

Technofreak:

Hmmm, not sure I agree with that. The company only pays tax on profits. Wages are a cost, just like any other cost like raw materials. Are you suggesting the company also has a responsibility in some way for covering taxes of companies they purchase from?

If there is no profit there is no tax. Wages are not deducted at 30% from the company taxes. All income is added up along with all costs. The cost are deducted from the income and tax is paid on the difference at 30%.

Try being a landlord....

Interest can no longer be deducted

Each property is ring fenced

Only form of capital gains via "bright line" test

Forced upgrades (that were capital works so not tax deductible)

Can not get rid of bad customers

No depreciation

Tenant can cause thousands in damages, police are not interested, but an adult stealing a chocolate bar from a supermarket...they are there !

I'm struggling to fathom how quoting my reply has anything to do with being a landlord. Two very different discussions.

I agree on the issues you raise of being a landlord. However I think there are ways to deal with taxation on upgrades and depreciation. You might need a different accountant.

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