Category: Business

Source: Radio New Zealand

Almost 7000 pensioners have been affected by another Inland Revenue error.

Last week, RNZ reported that 4500 people had overpaid tax after their imputation credits had been incorrectly recorded in their prep-populated tax returns.

Others got in touch and said they had also experienced a problem, this time with the way that NZ Super was recorded for ACC purposes.

One man said he had been charged $301.68 in ACC earner levy for $18,854.98 of gross income from NZ Super that should not have attracted a levy at all.

He said he was not able to control this when he completed his return and did not realise the error until the process was complete.

He said he did not think a lot more about it but when he saw RNZ’s reporting of the other error, he realised that there had been at least two this year.

“This really starts to suggest a deficiency in change control of IRD systems.”

Another couple said they wanted assurance that Inland Revenue had taken steps to stop it happening again.

Inland Revenue said 6778 people were affected.

“There was an issue identified earlier this year where we were not populating the ‘earnings not liable’ figure correctly for some customers. We fixed those returns for the customers in July 2025.”

Chartered Accountants Australia New Zealand tax leader John Cuthbertson said ACC was not paid on NZ Super because it was not liable income.

“However, if you’re working and receiving NZ Super, your earnings from that work do attract levies.”

“The advancements in digitalisation and MyIR have been quite incredible, except when it goes wrong like this. You shouldn’t need a Chartered Accountant to check prepopulated forms, but the average person might not know that super income does not attract ACC levies. We used to say ‘google it’ but many taxpayers are now using AI to do a basic check of their tax returns, asking simple questions like ‘Should I pay ‘x’ levy on ‘y’ income?”

Angus Ogilvie, managing director of Generate Accounting Group, said it was concerning that issues seemed to be leading to erroneous data being prepopulated into Inland Revenue’s system.

“The new software employed was a very costly and complex project. However, taxpayers should expect that there is a high level of diligence applied to get their tax obligations right. Let’s hope that the department is devoting urgent resource to correct these issues”.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

A leading economist says it’s “galling” to see government planning a rates cap for councils when it is imposing no restraints on the taxes it levies.

The government announced earlier this month that it planned to introduce a variable target band for council rate increases, probably starting with minimum increases of 2 percent and maximum of 4 percent from 2027.

But Infometrics chief economist Brad Olsen said there was a certain irony about the cap.

“It seems like it’s good enough for the government to cap rates for local government, but it’s not willing to do the same to itself.

“There’s no proposal for a tax cap that’s been put forward, which seems highly ironic, given that the government is still spending more than it’s earning for the next five years or so on most forecasts.

• What is productivity? And are Kiwis really so bad at it? [ https://www.rnz.co.nz/podcast/no-stupid-questions/2025/What-is-productivity-And-are-Kiwis-really-so-bad-at-it? Listen to No Stupid Questions with Susan Edmunds]

“That suggests that if, as it’s been put out, that the idea of the rates cap is to limit levels of spending to more reasonable levels, then government should take a leaf out of its own book and look in the mirror a bit more.”

Infometrics calculated the average tax bill of a household with two median income earners, earning $71,760 per person before tax, not including any Working for Families credits.

Olsen said they would pay $39,080 to the government, made up about $13,750 in income tax each, and $11,600 in GST. They might pay another $3800 a year in local government rates.

He said the cost that local governments had been facing were driven by increases in spending on things like bitumen, concrete and structural steel.

“From 2019 till now, you’ve seen a 40-plus percent increase in the cost of building water infrastructure and running water infrastructure and constructing a bridge… And all of that’s now got to be funded.

“I worry that sometimes the points that are being made around the rates capping policy have been oversimplified, particularly given that there’s no recognition in the current policy for any of the differences in how different councils are currently situated. Some councils have had considerable and still have considerable growth that they’re going through, yet they’re only going to be able to change rates between inflation and headline national GDP.”

He said Wellington was an example of an area where there had not been the right level of investment into various infrastructure over time.

“For all of the challenges that are there around rates affordability, and I very much hear them every day, that’s also often what households want. They want the services that are being provided by the councils. And the challenge now with the rates capping policy likely to come into play is going to be that communities will not get what they got before.

“Something’s got to give, something will not be funded. And I think if there’s one silver lining in my mind of the rates capping policy, it will force the community to be very clear over what it’s happy to give up and it will require that there is no additions that come in without other changes.

And that means that from a council point of view, someone’s going to have to front up to some members of the community and say, you used to get something, now you don’t. What is that? Is that community halls that now don’t get funded? Is it alcohol licences that don’t get supported? Do dog registrations go on hold for a year because there’s no money? I mean, those are potentially some of the trade-offs that have to be made.”

He said part of the solution could be more willingness from the government to fund the work that it requires of councils but provides no money for, or paying rates on things it owns around the country to keep money flowing to councils.

“Because at the moment, you’ve got central government over time has continued to push more and more on to local government. There’s never any money that comes from central government to do much of that work.

“All of the various changes and rules and regulations that come through over time, they are expected to be paid for locally by the community.

“There’s a huge amount of money, time and effort that goes into reviewing council budgets every three years. The community has to be consulted. It has to go through all this detail. We don’t do a lick of that when it comes to central government funding, and it takes a whole heap more money out of us every year.

So, I find it a little bit hard to stomach and understand the sort of restrictions that are being put on rates here without any sort of constraint on how much taxes continue to take out from people. It’s a whole lot more than rates ever will.”

Local Government New Zealand said the move away from a rates cap to a rates band would offer more flexibility but the band will restrict investment in core services like roads, bridges and public transport.

“We will be working through the policy detail and with our members – and taking that feedback to the government.”

Vice-president Rehette Stoltz said councils like Gisborne District were rebuilding their infrastructure following multiple severe weather events, so the policy needed to recognise different, specific needs.

“Keeping rates low is a priority for all elected members. Our community’s expectation is also that we deliver the critical infrastructure and services they rely on in a timely way,” Stoltz said.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

People shopping from IKEA are having to wait for their orders – but one marketing expert says it probably won’t stop them going back for more.

The home furnishings giant opened its first New Zealand shop in Auckland last week, with online deliveries around the country.

A spokesperson said it had been “bowled over” by the response from New Zealanders.

“The sales and orders secured over the first few days have surpassed our expectations, but as a result our fulfilment operations are taking longer than anticipated to meet these orders.

“As a brand new team, we are learning quickly and adapting our operations to meet this incredible level of demand, and we are working around the clock to secure optimal operations as soon as possible. Customers who have placed delivery or click and collect orders will be contacted by our customer service team in the coming days to agree on a convenient time for delivery or collection.

“Thank you for bearing with us during these busy opening days and rest assured, we are committed to getting all orders to customers as quickly as possible.”

Bodo Lang, a marketing expert from Massey University, said a delayed delivery would take some of the shine off the fascination that New Zealand shoppers had with Ikea.

“But it won’t stop them from shopping there again. If IKEA responds to these delays it is an opportunity for IKEA to turn these slightly disappointed shoppers into IKEA loyalists. Adding a voucher or even a personalised note can turn a slight disappointment around.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The finance minister says mortgage holders should shop around after Westpac increased its fixed-term home loan rates.

Westpac is increasing its home loans over two-to five-year terms by 30 basis points, taking a two-year fix to 4.75 percent.

It comes after a period of falling interest rates that the government has made a point of publicising to say its economic plan is working.

Asked about Westpac’s move to increase its rate, Finance Minister Nicola Willis said people should investigate what bank can offer them the best deal.

“My message to New Zealanders is shop around. Westpac have made that choice. Other banks have not.

“I really want to see New Zealanders seeing that they have some power when it comes to where they take their mortgage.

“Don’t just look at the headline rates, go and hold your bank’s feet to the fire. See if another bank will give you a better rate. Make them compete with each other.

“Don’t just accept that you’re getting the best deal right now. Let’s make them compete.”

Prime Minister Christopher Luxon said the wider context was important.

“We’ve been managing spending so we can manage inflation down so we can get interest rates down. For a New Zealander that’s on an average mortgage that’s $10,000 a year of savings that they’ve got through nine interest cuts already under our government.

“Each bank will make its own decision about its assessment of the medium term but the Reserve Bank will continue to monitor that. What’s important is that after a world of twelve interest rate rises, we’ve had nine interest rate cuts.

“Interest rates are relatively low compared to where they sit in other parts of the world now. Inflation is under control and you’re seeing signs of growth in the economy.”

Labour leader Chris Hipkins said Westpac’s higher rate proved the coalition’s economic plan was not working.

“They’ve built their whole narrative around lower interest rates and fixing the economy. They haven’t fixed the economy; unemployment’s gone up, business liquidation’s are up, people in hardship are up, house building has slowed down, the list could go on.

“I think this highlights the problem with the government’s overall economic strategy here. They’re waiting for the Reserve Bank to save them because they haven’t got a plan to tackle the cost of living or to grow the economy.

“Nicola Willis has made this problem for herself. She actually said the Reserve Bank’s one job is to keep inflation within the target plan. They don’t have a remit around employment anymore. They don’t have a remit to grow the economy. That’s the government’s job and they haven’t got a plan to do that.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

One of New Zealand’s major apple growers won’t be sending any shipments to the US as tariffs bite into its profits.

Tariffs on a range of New Zealand exports including apples were first introduced in April at 10 percent, and increased to 15 percent in August.

Whike tariffs were lifted last month on some exports, including beef and kiwifruit, they remain for apples where exports were worth close to $70 million in 2023.

Fifth generation grower, Paul Paynter from Yummy Fruit in Hawke’s Bay, said the 15 percent tariff essentially cancelled out his margins on any exports to the US.

Hawke’s Bay is the largest producer, contributing 64 percent of New Zealand’s total apple volumes.

“Fruit we shipped to the US this year returned probably a dollar less than the costs, so regrettably we have no plans to ship to the US in this current season. Until the tariffs are gone it will be difficult to make a dollar.”

Paynter said the US market was also oversupplied and prices were not good anyway. He was shifting to focus on other markets instead, though there are other challenges.

The other main market for bigger fruit is Taiwan though it is still relatively small and can be oversupplied by rival exporters.

Local AgFirst horticulture consultant, Jonathan Brookes said most growers were busy thinning fruit at the moment.

He said there was some market fluidity at the moment.

“The US market has tended to be overflowing a bit with its own supply. There’s key people in there and doing really well but they’re quite specific.

“A lot of the markets around Asia and beyond are actually doing quite well.”

Brookes said while it was “very variety specific”, for the most parts the markets were “pretty good”

He said harvest was still a long way to go but things were looking good.

Despite the export challenges, Paynter was also optimistic about the coming harvest, with near perfect growing conditions and fruit quality looking good.

He said it had been an even better growing season than the last which was one of the best in many growers’ memory, and was expecting a big crop of large, clean apples from his nearly 600-hectares of orchards in Hawke’s Bay.

In some blocks it was the largest fruit grown in 20 years of record keeping.

“Probably the warmest spring conditions we’ve ever experienced here in Hawke’s Bay and that early heat is what really sets the trajectory for fruit size.”

Paynter expected the coming harvest would start on time early next year.

He said growers had had a rough time since Cyclone Gabrielle but with two strong harvests back to back, growers can graduate from a ‘swimming pool of red ink’ to a bucket and hopefully would be back in black next year.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Financial technology firm Hnry has secured more than $30 million in an oversubscribed raise.

The accounting software firm, which focused on sole traders, said the raise was led by Movac, while long-time backer Icehouse also increased its stake.

The Wellington-based firm had now raised almost $100m since 2018, and Hnry said it now processes nearly 1 percent of the country’s tax take – highlighting its strength in the New Zealand market.

The company was founded by Claire and James Fuller in 2017.

“Hnry is now in New Zealand, Australia and the UK, and in every market we’ve experienced rapid growth,” co-founder James Fuller said.

“In Australia, our market share has grown sevenfold since 2020, and Hnry UK is growing six times faster than our combined Australasian market since launching earlier this year,” he said.

Fuller said the latest funding round would accelerate international growth, support new development across all markets, and the company was “just getting started”.

“Sole traders don’t want to spend hours on admin or be stuck in accounting software each week; they want to focus on growing their business and enjoying work-life balance,” he said.

The raise also marked Movac’s first investment in Hnry.

“We’re excited to support their rapid expansion in Australia and the UK, especially with the UK’s shift to digital taxation presenting a major opportunity to scale,” Movac general partner Jason Graham said.

Graham would join Hnry’s board as part of the round.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Superannuitants are being warned not to fall for a scam that claims they’re in for a pre-Christmas bonus.

A hoax circulating online claims that people who are on NZ Super are to receive a “one-off December bonus” a few weeks before Christmas.

The payment is alleged to be $350 for single people and $560 for couples, as well as an extra $50 for people in Auckland, Wellington and Christchurch and $40 for people with disabilities.

The websites seem to be intended to funnel advertising and possibly collect identity details.

The Ministry of Social Development confirmed that the offer was not real.

“We are aware of fake information being targeted at MSD clients and older people about December bonuses, benefit increases, or changes to NZ Super,” group general manager of client service delivery Graham Allpress said.

“We want to assure people these claims are not true. If you want up-to-date information on your benefit or NZ Super, check the Work and Income website or MyMSD.

“These posts and websites are created by dishonest actors for dishonest reasons, and are always best avoided.”

‘It’s sad when it affects grandparents’

Financial adviser Rachelle Bland, of Cliffe Consulting, said she became aware of it when she had clients get in touch, excited about the possibility of extra money for Christmas.

She said it was disappointing that people were being targeted by the hoaxes.

“It’s sad when it affects grandparents, people trying to make ends meet.”

Meanwhile, BNZ said half of the country’s small to medium businesses had responded to a scam attempt in the past year. For those that suffered an actual breach, the average loss was just over $5000.

BNZ head of fraud operations Margaret Miller said scammers would always find ways to exploit gaps.

“Business owners are alert to the danger, but they are also time-poor and juggling multiple priorities. The reality is that scammers are becoming increasingly sophisticated in their tactics.

“Scammers know that breaking through technical security is difficult, so in many cases they’re bypassing the technology entirely and targeting the person sitting at the keyboard.

“Business owners are generally doing well with technical defences like antivirus software and firewalls, but criminals are going around that, targeting the busy human at the desk who is clearing invoices or answering the phone.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Half of small and medium sized businesses (SMEs) have been targeted by scams over the past year, costing victims an average of $5000 each time.

BNZ said its latest survey indicates a concerning gap in scam defences deployed in SMEs, as nearly half struggled to prioritise scam education and cyber training for staff.

Nearly two-thirds (64 percent) of SMEs said scam activity had increased in the last 12 months, though 45 percent did not consider cyber education a key priority.

“Technology is a vital layer of defence, but an educated team is just as important. When staff feel confident spotting the signs, they become the business’s best asset against scams and fraud,” BNZ head of fraud operations Margaret Miller said.

She said scammers were good at exploiting security gaps. Security could be breached by clicking an email link and opening a message, about 50 percent of the time.

“Business owners are alert to the danger, but they are also time-poor and juggling multiple priorities. The reality is that scammers are becoming increasingly sophisticated in their tactics.”

She said 53 percent of business owners rated themselves as “prepared” for a scam, while the data showed 49 percent of that same group still engaged with a scam attempt.

“Scammers know that breaking through technical security is difficult, so in many cases they’re bypassing the technology entirely and targeting the person sitting at the keyboard . . . targeting the busy human at the desk who is clearing invoices or answering the phone.”

She said the costs to businesses averaged $5000, but the consequences could be more significant.

“Of the SMEs that fell victim to an online scam, 21 percent suffered a business financial loss and 26 percent a personal financial loss, while 30 percent suffered data loss.

“Scammers aren’t just after your business accounts. The data shows they are often successful in targeting personal finances or the business’s data, even if they don’t manage to steal money directly from the company accounts.”

Cold calls and fake invoices on the rise

Miller said the data also indicated businesses were far more likely to be targeted by “old school” deception than high-tech hacks.

While only 2 percent of businesses were targeted by ransomware, traditional deception and social engineering scams were much more prevalent:

• 27% of businesses were targeted by cold calls requesting sensitive company information
• 17% faced bank impersonation attempts
• 10% encountered invoice scams involving altered bank details

“Scammers prey on the fact that when we’re rushed, distracted, or juggling multiple things we’re more likely to act first and think later,” she said, adding there were tools available for businesses to use, such as two-step authentication for logins, and the ability to require two separate approvals for any payment.

“We encourage all business owners to use free resources to upskill their teams – whether that is through the Own Your Online platform operated by the National Cyber Security Centre, Netsafe, or the tailored scam information for businesses available on the BNZ website.

“It is one of the most effective ways to protect your business from financial loss.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Central Wellington has the cheapest homes in the country, property data firm Cotality says, but Newmarket has had the biggest fall in values over the past five years.

It has released its end-of-year data, which it said showed a year of stagnation, with lower mortgage rates helping improve sales volumes but a sluggish economy and weak labour market keeping values down.

Chief property economist Kelvin Davidson said despite an extended “flat patch” for values, there had been activity happening.

“First-home buyers have remained very strong, hovering as high as 28 percent to 29 percent of overall purchasing activity, while 2025 has also seen a comeback by mortgaged multiple property owners.”

The data showed that Herne Bay remained the most expensive suburb in the country, with a median value of $2.6 million. It was followed by nearby Westmere and Ponsonby, at $2.2m, and Remuera at $2m.

Arrowtown and Tamahere, Waikato, were the only suburbs outside Auckland in the top 10 most expensive.

Greymouth had the biggest increase in prices over five years, up nearly 60 percent.

This was closely followed by Somerfield, Christchurch, and Hokitika, both experiencing increases of nearly 50 percent over the same five-year period.

Davidson said most of the places where prices had risen strongly were more affordable to start with, including rural locations, small towns, or lower-priced suburbs within larger main centres.

“There are two outliers, however, which are Jacks Point and Lake Hayes; both high-end suburbs in Queenstown, whose popularity among affluent buyers may have contributed to their stronger growth in 2025,” he said.

“Nowhere is booming but it’s all relative… Invercargill is a good example of that, too. Property has been moving quickly in Invercargill. There’s certainly a degree of resilience around Invercargill and that wider southern area.”

The biggest price fall in a year was in Oneroa, Auckland, down 7.9 percent in a year. It was followed by Omaha down 5.7 percent. Atawhai, Nelson was the only non-Auckland suburb in the top 10 lowest value movements.

Newmarket had the biggest fall in prices over five years, down 15.8 percent, followed by Te Aro down 15 percent and Petone down 13.2 percent.

Wellington central was the most affordable area this year, with a median value of $318,706, followed by $353,942 in Taumarunui, $365,347 in Westport and $365,657 in Auckland Central.

Davidson said Wellington central was affected by being an “apartment market”. “Apartments just carry lower values than standalone houses. I’d put most of it down to the composition of the market … but there is a role to play for the downturn in Wellington.

“Wellington central was priced a lot higher four or five years ago. Wellington, let’s face it, has been a pretty soft market.”

He said the only suburbs included were those with at least 1000 dwellings so there could be smaller parts of the country with lower values again.

He said Auckland was notable in that it had most of the highest-value suburbs but was also home to some of the weaker performing areas.

“There is still an affordability challenge in Auckland and the fact that housing is still a bit of a stretch. You’ve had a sluggish sort of economy and economic confidence around Auckland, as well as a decent supply pipeline still coming through.

“All those things are consistent with each other. So you can have high value real estate, but of course, the flip side of that is that affordability is still a challenge, and that’s been a handbrake on growth this year.”

He said the question now would be what happened next year.

“There seem to be those fundamentals coming together for a bit more growth in prices, but maybe not a fresh Covid-style boom.”

Rents had generally been soft through the year, he said.

“Given the continued decline in net migration, we’ve also seen rents have weakened this year. There have been outright falls in markets such as Auckland, Wellington, and Christchurch which don’t happen often, so it’s been a tricky period for any investor looking to boost their income. Of course, it’s been a more favourable period for tenants.”

Renters in Gladstone, Invercargill, had the biggest increase in rents in the year, up 18 percent, followed by 17.3 percent in Waipawa, and 16.9 percent in Timaru. Long Bay in Auckland had the biggest rent drop, down 17.1 percent, followed by Hilltop in Taupō down 13.8 percent and Ngaio in Wellington down 13 percent.

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Source: Radio New Zealand

[xh ]Inland Revenue accused of ‘behind closed doors’ push for tax

Inland Revenue is pushing ahead with consultation on a plan that would see organisations that charge membership fees having to pay tax on that income.

In May, accountants expressed concerns about IR plans to make some societies’ and associations’ membership fees subject to tax.

Federated Farmers and Chartered Accountants Australia New Zealand also objected.

But in November, IR pushed ahead with the next stage, with a consultation document circulated to 50 organisations, not for public consultation.

The Taxpayers Union pointed to a Federated Farmers release in June that indicated the organisation had been told a potential change had been paused or stopped.

“Yet IRD was instructed to continue the work behind closed doors, consulting only with insiders while shutting out critics. It is a blatant breach of New Zealand’s open tax-policy process.”

A spokesperson for Inland Revenue said the latest consultation was with people and groups who gave feedback on the February consultation.

“Targeted consultation is a method of consultation on detailed design issues we often use with tax professionals and affected parties. It allows us to explore technical detail without first having to cover background. It is for this reason that we contacted groups who had shown particular interest in the topics canvassed.

“Consultation will occur over the period November 2025 to 24 December. If need be, we will clarify points from submitters in the new year. Final decisions can then be made in early 2026.”

He said anyone who wanted a copy of the document could request one.

Angus Ogilvie, managing director of Generate Accounting and NZ division councillor for CPA Australia, expressed concern about the potential change earlier in the year.

He said he was still worried. “The original proposal received a very significant amount of feedback. CPA Australia highlighted that the Australian case used by IRD to justify the removal of the mutuality principle for membership fees was ultimate[ly] overturned by the Federal Parliament.

“There was such a backlash at the High Court ruling that the government of the day moved legislation to restore the mutuality principle. We remain opposed to allowing membership fees to enter the tax net. It is a legitimate way to pool members funds to meet the overheads of an organisation. It has the potential to impact many incorporated societies at a time when the for-purpose sector is under such strain.

“The government backed away from tax changes to charities but seems intent on imposing changes to incorporated societies. That seems at best inconsistent. Even more worrying is the fact that only a select number of interested parties, presumably hand picked by the department, are being asked to respond to the proposal. This seems to fly in the face of the Generic Tax Policy Process.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand