Indian Newslink October 1 2018 Digital Edition

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OCTOBER 1, 2018 16 Businesslink IRD affirms close watch over property investors Richard Owen Any suggestion that the Inland Revenue Department (IRD) has taken its eye off the ball when it comes to property investors is thoroughly misleading. Just under 100 Inland Revenue compliance specialists are focused on making sure property investors are aware of their tax obligations – including the brightline test. The Property Compliance Programme was established in 2008. Some big changes this year in the way we work saw many of the job titles change, but the focus has stayed the same. Bright Line Rule on priority Enforcing the Bright-Line Rule is a priority among those working on property compliance and they are following a comprehensive strategy, designed to help customers meet their obligations from the start and to catch the cases where no profit is declared from a sale. We find that in a majority of cases, our customers want to get their tax affairs properly in order. Inland Revenue compliance staff aim to make it as easy as possible for customers to comply by focusing on supporting them upfront, before issues arise, rather than just responding to non-compliance when it happens. Unfortunately, there will still be some customers who ignore those messages and fail to comply. It is highly likely that those people will be picked up in our audit work, which is intensifying over the next year. Customer awareness The Bright-Line Rules came into effect in October 2015 and we are finding many customers remain unsure of their obligations. Awareness appears to be building all the time. Following the government’s decision to extend the Bright-Line period from two to five years, IRD ran social media promotions and newsletter drops pointing to updated information on our website. The marketing was specifically targeted so that customers with a property interest knew about the change. During the month-long campaign, our social media content reached over 200,000 people and approximately 40,000 people visited the bright-line campaign webpages, which has links to all the information they need to know. Focus areas Property speculation is a centre of attention, especially in and around new developments, infill housing, regional hot spots and properties that have been sold within a short duration. Additional revenue of $117 million was assessed in the 12 months to June 30, 2018 as a result of audit activities on property compliance issues. Bright-line is of course an area of focus and along with ongoing audit activity, data analytics techniques are being used to identify our bright-line cases early. This allows us to target our interventions to help our customers get it right from the start. In 2017–2018, over $7 million of Resident Land Withholding tax was deducted and paid from properties sold by overseas-based vendors who are subject to the bright-line test. Customer compliance New processes have been developed to allow property transactions to be monitored in real time. This helps compliance staff develop an early reading of trends and hot spots so they can monitor and make initial judgements about whether a customer is complying with tax rules. Data from Land Information New Zealand help us determine the amount of tax that’s likely to be due. This information is then used to remind property owners so they can understand what to put on their tax return. The data also reveals the customers who have bought and sold residential properties within two years and have not claimed an exemption on the tax statement provided with the sale. Again, contact is made with these customers to discuss their filing requirements so that they comply with the bright-line obligations voluntarily. Long game Bringing in the tax revenue from a property transaction is a long game. Depending on the point at which a property is sold, it can be up to three years before Inland Revenue receives the payment. Separating out the revenue that’s collected from a bright-line transaction is difficult to report as currently the taxpayer is only required to list it as amongst ‘other income’ on their tax return. Compliance with the Bright- Line Rules is improving all the time. We expect this to continue as more customers have greater certainty about their obligations and our property compliance specialists will remain on hand to help them get it right. Richard Owen is a Customer Segment Leader at Inland Revenue Department based in Wellington. Franchising Opportunities This is your opportunity to become part of a successful international brand, partnering with the expertise of Restaurant Brands here in New Zealand and the Yum brand worldwide. With 98 stores NZ wide including 69 franchised stores and sales exceeding $90m, Pizza Hut is currently enjoying strong growth and franchisee success. We make fresh dough daily which results in great tasting pizzas. We provide a comprehensive training program over 12 weeks where we will train you in all aspects of making great pizzas and running a successful business. We are committed to expanding the brand and store numbers in NZ and revitalizing the brand. We invite prospective franchisees to join to success story. We are offering new store opportunities on a turnkey basis, meaning that we will build, design and fully set up new stores ready for you to open and start trading. We offer assistance to get your business successfully underway, and then provide ongoing operational support throughout the franchise term. We provide dedicated franchise support managers free of charge in addition to access to online tools and procedures to assist you to run a successful franchise. We provide a dedicated head office team providing support with local marketing, business improvement, property and regular franchisee meetings. We are looking for franchisees with passion, commitment and business skills. Comprehensive training and support will be provided. Store prices vary from $550,000 to $600,000 depending on the location and size of the outlet. Bank finance is generally available. Current Opportunities exist in: Auckland, Kaitaia, Palmerston North, Christchurch and other regional locations. For a confidential interview and for an information memorandum. Contact Alan Brooks Franchise Manager, Restaurant Brands Limited | 666 Great South Road, Penrose, Building 7, Level 3 PH 09-525-8785 | Mob 021-2769769 | Email: alan.brooks@rbd.co.nz
OCTOBER 1, 2018 PM-FM meetpaves way forstronger Indo-Fiji ties Venkat Raman Fiji’sPrime Minister Josaia Voreqe Bainimarama has exalted his country’s relationship with India, saying that the world’slargest democracy has always been a friend and supporter. Followingameetingheld with India’sExternal Affairs Minister Sushma SwarajinNew York on September 25,2018 he acknowledged ‘India’s manycontributions to Fiji’sdevelopment, culture andpeople-to-people exchanges.” Mr Bainimarama, who is also Foreign MinisterofFiji, praised Ms Swaraj, saying that she is only the second woman to hold the high office of External Affairs after IndiraGandhi (who was also Prime Minister), overseeing the foreign policy of 1.3 billion people under the Cabinet of Prime MinisterNarendraModi. Election in Fiji “Wediscussed Fiji’sextensive national election preparations,” Mr Bainimarama said, referring to the ensuing generalelection in his country. “Wethank theIndiangovernmentfor itsassistance(past and present), supporting and overseeing the electoral process. India is taking alead rolein this year’selections as Co-Chair, with Australia andIndonesia, of the Multinational Observation Fiji’s Prime Minister Frank Bainimarama with India’s External Affairs Minister Sushma Swaraj at their meeting in New York on September 25, 2018 (Picture Supplied) Group. Ihave stressed theimportanceoffree andfair elections,” he said. Generous Supporter Mr Bainimarama described the Indian government as ‘a generous supporter’ofFiji’s COP 23 Presidency and the country’s national defence and disaster relief efforts. “India has alsobeenparticularly generous in its backing of Fiji’smicro,small andmedium enterprises, lending its vast technical expertise andcontributing over F$ 5.9milliontothe government’shighly successful Microand Small BusinessGrant (MSBG) Programme.This Programme has helpedthousands of entrepreneurial Fijians who have used thegrantstogrow their businesses andbyextension, the Fijian economy,” he said. Ms Swaraj discussed withMr Bainimarama her proposed visit to Fiji in February 2019, where she plans to follow up on India’s commitments from the Forumfor India-PacificIslands Cooperation and other development assistanceprogrammes. Increasing interest As mentionedinour recent editorial, people of Fiji are beginning to evince more interest in the ensuing general election as days roll, there is increasingcertainty that thepolling daywouldbe sometime in November. Noone is howevermaking any guesses as to the outcome. While followers of the FijiFirst Party believe that Prime Minister Josaia VoreqeBainimarama will return, albeit perhaps with a decreasedmajority,partiesinthe oppositioncamp seem to be too weak to be formidable. Political equity Incessant to sanctions and ultimatums to restore parliamentary democracy from the developed worldincluding his powerful neighbours Australia andNew Zealand, Mr Bainimarama and his Government have worked over the past twelve years to make Fiji amore inclusive polity and economy.They have given the countrya new Constitution, whichpromises the long-cherished political and economic equity,making allFijians eligible forequal treatment. Australian government has expressedits satisfaction that Election 2018 would be free and 2018 Businesslink Celebrate your success with us 17 fair, based on the experience of the 2014exercise.New Zealand has expressedits viewonsimilar lines, while India, the largest democracy in the world, has been the only country that has continuously stood by Fiji, offering its support and assistance. While Delhi has desired Fiji to follow democratic ideals, it has always respectedthe country’sright to chooseits own form of Government through its own processes. No Template There is no template fordemocracy as the concept andpractice differ between countries. That said, FijiansinFiji and elsewhere with the eligibility to vote, must exercisetheir franchise in the coming election, which would steer the country towards calmer seas and progressive future. GalaBlack TieAwards Nightwith CocktailsandDinneron Monday,November26, 2018, Sky City Convention Centre, CornerVictoria &Federal Street, Auckland City Cocktails and Networking from5pmto6.10 pm For tickets,pricedat$150 plusGST (including cocktails and dinner) Contact us on Phone(09) 533 6377oremail: editor @indiannewslink.co.nz
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