Nov 23, 2017 - Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. “Our 100 Day Plan includes the establishment of a Tax Working Group. The Working Group will consider changes that would improve the structure, fairness and balance of the tax system,” says Grant Robertson. “This Government is committed to a fair and progressive tax system. It is important that New Zealanders have confidence in their tax system and know that everyone is paying their fair share.”
“At the moment the tax system appears unfair – for example, it doesn’t treat income from speculation in housing as it does income from work. We want to consider how we can create a better balanced system and can encourage a shift to investment in the productive economy.
“Individual wage-earners, businesses, asset owners and speculators should pay their fair share of tax. Right now we don’t think that is happening. This working group is not about increasing income tax or the rate of GST, but rather introducing more fairness across all taxpayers.
“The Working Group will also consider how the tax system can contribute to positive environmental outcomes and the impact of likely changes to the economic environment, demographics, technology and employment practices over the next decade.
“As former Minister of Finance from 1999 to 2008, Sir Michael’s credentials are impeccable and he will be a huge asset to the Working Group.”
“The other members of the Working Group will be announced before Christmas. They will include a diverse range of tax and finance experts and representatives of the business and wider community. The Working Group will be supported by a secretariat of officials from Treasury and Inland Revenue and have an independent advisor to analyse the various sources of advice received,” says Stuart Nash.
“Final recommendations to Ministers are expected by February 2019. As promised before the election, any significant changes legislated for from the Group’s final report will not come into force until the 2021 tax year.
“It is important to ensure that all sectors of the New Zealand economy can feed into the Working Group’s processes and that all relevant perspectives are considered.”
“As we promised during the election campaign, certain areas will be outside the scope of the review, including increasing any income tax rate, the rate of GST, inheritance tax and changes that would apply to the family home or land beneath it,” Grant Robertson says.
“We also want to thank our government partners, the New Zealand First and Green parties, for their input and support of the Terms of Reference for this important piece of work on the future of our tax system.
"This review is a core part of the government’s programme and I’m confident it will deliver recommendations that will enable us to put in place a tax system that is fair for all New Zealanders,” says Grant Robertson.
| A Beehive release || November 24, 2017 |||
| Related Documents:
Tax Working Group Q&A.docxTax Working Group Terms of Reference.docx
Nov 24, 2017 - The investment group will grow the niche export apple brand Rockit, which is a mini-apple under licence by Rockit Global. One of the Rockit Global's challenges has been growing enough apples to meet global demand despite production lifting 40 per cent on last year. In spite of higher numbers, the crop sold out several months earlier than last year and delivered a price increase to growers.
The miniature snack apples, sold in a plastic tube, are grown under license in nine countries and sold in airports, sports stadiums, and in cafes in 29 countries. MyFarm chief executive, Andrew Watters said it had worked closely with Rockit Global to create a one-off opportunity for New Zealanders to share in its apple success story. He said Rākete Orchards Limited Partnership would lease and fund the planting of 55 hectares across four orchard blocks in the Heretaunga Plains of Hawke's Bay. This would be the only new planting of Rockit apple trees in New Zealand next year. Rockit Global would provide the Rockit apple trees, orchard management services, packing and storing and markets and sell the apples offshore. The Rākete Orchards lease model, with a term of 18 years plus two rights of renewal of five years each, suited the production of the trade marked apple which had a further 22 years to run under its plant variety rights, Watters said. MyFarm is forecasting that the partnership would generate a higher return than the "darling" of New Zealand horticulture, Gold3 Kiwifruit.
Watters said investors were forecasted to receive the value of their original investment back within seven years.
"It's a stunning product and an outstanding, unusual investment opportunity. Rockit has cleverly marketed its niche as a sweet crisp, small apple perfect for snacking and then carefully controlled its licensing and supply." Applications for the partnership offer for 1300 parcels of $10,000 closes on December 15.
Watters said investors had previously responded swiftly to opportunities to access returns from the pip fruit industry.
"MyFarm's $3.6 million capital raise to purchase a Hawkes Bay apple orchard in July was fully subscribed within one week of issue."
The company is a specialist syndication business providing land-based investment opportunities in dairy farms, sheep and beef farms, the horticulture sector and rural commercial property. It has more than $500 million of rural assets under management.
| Source: FreshPlaza || November 24, 2017 |||
Nov 23, 2017 - Seven years after the Pike River disaster and after significant changes to legislation and regulations surrounding health and safety in the workplace, nothing has changed according to the Maintenance Engineering Society of New Zealand at their annual National Maintenance Engineering Conference in Hamilton.
Fronting a groundswell of opinion from industry, society Chair Barry Robinson stated “Prior to Pike River the Maintenance Engineering Society was a lone voice saying that workers were no safer. Pike River provided the opportunity to make major change which has indeed happened but our recent survey and field work confirms that key players have failed to grasp the need to do some essential things differently if we are effect change. Our recent interaction with industry is alarming and disappointing.”
Mr Robinson pointed to health and safety professionals and management who continue to promote a downwardly driven rules based approach to safety (clerical safety) rather than an upwardly driven people based (actual safety) approach. “Health and safety in New Zealand has a major PR problem. You only have to ask a worker to get validation on that point. The opportunity existed to take a fresh approach to managing health and safety, taking heed of the learning’s and challenges of other countries. WorkSafe considered this too difficult and is instead focused on supply chain pressure, incongruous with our local content of 80% small to medium enterprises. Health and safety professional groups are more interested in who is “in” and who is “out” than improving the quality and direction of positive health and safety culture. We have yet to see a single piece of value from this sector after 3 years.”
As a follow up to their 2010 paper, “The Emperor is Wearing Fluro Clothes” in which it was stated that New Zealand’s statistics had worsened by 41%, the society surveyed 5000 New Zealand businesses. While 91% of respondents now have a health and safety system, the issues with staff attitude, culture and managing systems long term remain unchanged.
Maintenance Engineering Society health and safety spokesman Craig Carlyle points out that pivotal changes have been made that underscored the need for a step change, with new legislation, inspectorate, regulations and guidelines. Carlyle is supportive of WorkSafe who are unrecognisable compared with the former Crown Agency and the society is committed to continuing working alongside them. But he adds, “Worksafe are in danger of falling into the same trap as the health and safety professionals. Our survey and ongoing field work clearly shows there is no improvement momentum and illogical and imposed safety controls remain at the forefront. Worse still, small businesses blindly follow the big players, buying into their spin and spreading the illogical management. The answers are very simple and the PR message can be improved but it requires a level of humility that clashes with the ethos of protecting your patch. Health and safety should be a positive continuous learning component of any organisation. There are positive stories out there with organisations empowering staff by providing safety rather than requiring safety, but the mainstream remains occupied by corporate platitudes and health and safety fashion. While health is undeniably scientific, safety is about logic and man management and certainly does not require 3 letters after your name to manage effectively”.
Aside from the professionals, Carlyle pointed to the blossoming health and safety services and supply industries and capital investment in safety related assets. “These sectors continue to feed the smoke and mirrors for their own gain. While the safety theatre looks impressive, without a significant improvement in our statistics it must be judged as a colossal waste of resource. Companies are spending significant money on health and safety controls where no real risk lies.” In their presentation to engineering delegates from around New Zealand, the society offered alternatives to staff faced with safety rules that were not in fact keeping them safe, including using the directors due diligence requirements of the new Act to inform the business owners that the workers are NOT being adequately protected by the problematic management and professionals. They reasoned that downwardly-driven enforcement of illogical and unnecessary rules and actions could be challenged as breaching the requirements of the legislation. They key message is that workers must have major input into, and ownership of, decisions surrounding their own well-being.
| A MESNZ release || November 23, 2017 |||
Palace of the Alhambra, Spain
By: Charles Nathaniel Worsley (1862-1923)
From the collection of Sir Heaton Rhodes
Oil on canvas - 118cm x 162cm
Valued $12,000 - $18,000
Offers invited over $9,000
Contact: Henry Newrick – (+64 ) 27 471 2242
Mount Egmont with Lake
By: John Philemon Backhouse (1845-1908)
Oil on Sea Shell - 13cm x 14cm
Valued $2,000-$3,000
Offers invited over $1,500
Contact: Henry Newrick – (+64 ) 27 471 2242