More than 4,000 New Zealanders may have paid incorrect tax after Inland Revenue admitted a fault in its myIR system that caused imputation credits on jointly owned shareholdings to be cut in half when automatically pre-populated into IR3 returns.
The issue, discovered by a taxpayer who manually checked his figures and found he and his wife could have lost about $20,000 in credits, affected around 4,500 people who filed without correcting the error. Inland Revenue says the mistake has now been fixed for returns started after 26 November and that the average discrepancy is about $300 per person, all in taxpayers’ favour.
Deloitte tax partner Robyn Walker told state-funded media the failure undermines trust in a system people are expected to rely on and warned that many taxpayers may accept pre-filled data without checking it against source documents.
IRD is now determining the best way to amend affected returns and will contact impacted customers once a solution is in place.
More of a reason for NZ Loyal’s tax plan…
https://nzloyal.com/tax/
Monetary & Taxation
February 4, 2025 Published by Kelvyn Alp
New Zealand Loyal – Monetary and Taxation Policy
New Zealand will adopt a revolutionary economic framework, creating its own coin, credit, and currency, while introducing a 1% transaction tax to replace all other taxes. This policy aims to propel New Zealand to unprecedented prosperity by harnessing its natural resources, eliminating predatory market manipulation, and aligning monetary policy with national interests.
Sovereign Currency Issuance
1. Creation of New Zealand’s Own Currency: The Reserve Bank of New Zealand (RBNZ) will create new money ex nihilo to fund government expenditures, eliminating reliance on external borrowing and interest payments.
2. Monetary Policy Alignment: The RBNZ will be brought under the New Zealand Treasury to ensure monetary policy is aligned with national interests and fiscal policy.
Transaction Tax
1. Replacement of All Other Taxes: A 1% transaction tax will be introduced on all financial transactions, including electronic payments, cash withdrawals, online transactions, and securities trades, replacing all other taxes.
2. Revenue Allocation: Transaction tax revenue will be allocated towards funding public goods and services, including increased infrastructure investment.
Increased Infrastructure Investment
1. Exploitation of Natural Resources: New Zealand will invest in exploiting its natural resources, including the Great South Basin and other oil reserves, to drive economic growth and prosperity.
2. Infrastructure Development: Increased infrastructure investment will focus on strategic sectors, such as transportation, energy, and education, to support long-term economic resilience.
Removal of New Zealand Dollar from Market Manipulation
1. Protection from Predatory Behaviour: The New Zealand dollar will be removed from market manipulation and predatory behaviour, ensuring economic stability and security.
2. Elimination of Inland Revenue: Inland Revenue will be eliminated, simplifying the tax system and reducing administrative burdens on taxpayers.
Benefits and Implications
1. Increased Economic Resilience: New Zealand will enjoy increased economic resilience, driven by sovereign currency issuance, transaction tax revenue, and strategic infrastructure investment.
2. Prosperity and Wealth: By harnessing its natural resources and eliminating predatory market manipulation, New Zealand will propel itself to unprecedented prosperity and wealth.
3. Simplified Tax System: The 1% transaction tax will consolidate and replace various existing taxes, reducing complexity and administrative burdens on taxpayers.
Conclusion
New Zealand’s Sovereign Currency and Transaction Tax Policy marks a significant shift towards a more resilient, prosperous, and sovereign economy. By harnessing the power of sovereign currency issuance and a simplified transaction tax, New Zealand will break free from the shackles of predatory market manipulation and external borrowing.
This policy will propel New Zealand to unprecedented prosperity and wealth, driven by strategic infrastructure investment, exploitation of natural resources, and a simplified tax system. As New Zealand takes control of its economic destiny, it will become a beacon of hope for nations seeking to reclaim their sovereignty and build a brighter future for their people.
With this policy, NZ Loyal reaffirms its commitment to putting the interests of New Zealanders first, ensuring that the country’s economy serves the people, not just the privileged few. Together, we can build a more prosperous, resilient, and sovereign New Zealand for all.
See also: https://nzloyal.com/new-zealand-loyal-1-transaction-tax/
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Leader – avatar
About the author: Leader
Kelvyn Alp is the Leader of New Zealand Loyal.
Yes we need to print our own debt free currency
And not having to resort to having to pay the privately owned and controlled Jewish RBNZ an interest premium for the privilege of using theirs
Make it work for NZ
Not how it works for everybody
Turn over the money changers tables