IR is a wholly owned entity of the Crown. The Government significantly influences the role of IR as well as being its major source of revenue.
Related party disclosures have not been made for transactions with related parties that are within a normal supplier or client/recipient relationship on terms and conditions no more or less favourable than those where it is reasonable to expect that IR would have adopted in dealing with the party at arm’s length in the same circumstances. Further, transactions with other government agencies (for example, government departments and Crown entities) are not disclosed as related party transactions when they are consistent with the normal operating arrangements between government agencies and undertaken on the normal terms and conditions for such transactions. IR has no related party transactions that are required to be disclosed in 2024 (2023: nil).
Remuneration of key management personnel
The remuneration of key management personnel during the year was as follows:
| Leadership team, including the Commissioner (Chief Executive) | 2023 | 2024 |
|---|---|---|
| Remuneration ($000) | $3,547 | $2,960 |
| Full-time equivalent staff | 8.12 | 7.11 |
The key management personnel remuneration disclosure includes the Chief Executive (Commissioner), 5 Deputy Commissioners, the Chief Tax Counsel and those formally acting in those positions during the financial year. The Commissioner’s remuneration is determined and paid by PSC and invoiced to IR.
The remuneration disclosure excludes the Minister of Revenue. The Minister’s remuneration and other benefits, as set by the Remuneration Authority, are received for more than the Minister’s role as a member of key management personnel of IR, and are not paid by IR.