2009 media releases
High wealth individuals pay an extra $81 million
23 November 2009
An additional $81 million tax has been recovered in the past year as a result of the work of Inland Revenue's High Wealth Individuals Unit.
"We're pleased we achieved such a significant return and it adds to our earlier success," said Group Manager Assurance, Martin Scott.
"Since the unit was set up in 2003, more than $300 million in extra tax has been paid by high wealth individuals. We're simply making sure they pay their fair share of tax."
High wealth individuals either have, or are in control of, wealth in excess of $50 million and often have complex tax affairs. Sources of income include property development, investment, retailing, agriculture, tourism and manufacturing.
Mr Scott said there are 250 high wealth individuals, with 7,500 associated entities, and in the year to 30 June 2009, 161 individuals were selected for review.
"As a result we've closed cases that have brought in another $81 million in tax revenue, while there are cases in progress involving another $53 million. A further $178 million is under dispute."
Mr Scott said as with all taxpayers, the focus with the high wealth group is encouraging understanding of their tax obligations and helping them to meet them.
"Generally they do register, file and pay on time, but the complex nature of their business structures and entities mean accurate reporting can be an issue."
"Of course it's also really important that they understand the consequences if they choose not to comply," he said.
For further information:
Catherine Delore
(04) 890 1698
(029) 890 1698
catherine.delore@ird.govt.nz
Other media releases this year
- Structured finance cases settled
- Inland Revenue warns of party plan pitfalls
- Tax fraudster breached worker trust
- Residential rental property and depreciable items
- Lower Hutt man sentenced for tax evasion
- Two jailed for multi-million dollar tax fraud
- High Court ruling on Westpac case
- Christchurch man jailed for GST fraud
- Tsunami donations tax credits
- Former Queenstown man jailed on tax evasion charges
- Jail for $5 million tax fraud
- Tiler jailed for $1.6 million tax evasion
- Online service makes tax refunds easier
- Inland Revenue welcomes High Court decision
- Auckland property consultant jailed for tax fraud
- Te Kuiti accountant jailed for 12 months for tax evasion
- Property developer sentenced for GST fraud
- Wellington man sentenced for tax fraud
- Man jailed for GST fraud
- Helping you get it right
- Last day for tax returns fast approaching
- Auckland man sentenced on GST fraud charges
- GST fraudster convicted again
- New Plymouth woman jailed for fraud
- Christchurch man sentenced on tax offences
- Extradited tax fraudster sentenced to home detention
- Jail for multimillion dollar tax fraud
- Thousands of people eligible for unclaimed millions
- Inland Revenue appeals High Court decision
- Inland Revenue considers voluntary redundancies
- Talk to us, says Commissioner of Inland Revenue
- Apply now for the provisional tax ratio option
- Keep IRD numbers confidential
- Wellington accountant sentenced on tax fraud charges
- Avoid unexpected GST bills on apartment sales
- Nelson man jailed for tax evasion
- Stay informed about KiwiSaver changes
- Tax payment date fast approaching
- Former tax agent employee sentenced for fraud
Corporate Affairs
Inland Revenue
To make a media query:
Phone 04 890 1698 or email mediaqueries@ird.govt.nz
Please note, the email address is only for enquiries from the news media. It is monitored during normal business hours 8am - 5pm Monday to Friday.
P O Box 2198
Wellington 6140
New Zealand
Date published: 23 Nov 2009
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