Residential care subsidy:
What is it?
Residential care subsidy is a programme to help people aged 50 and over who need long-term residential care in a rest home or hospital to afford for the cost of care. You may be able to get the Residential Care subsidy if you:
IRD has recently launched an audit campaign on traders of Trademe. Together with Trademe, they are seeking and exchanging information of trademe traders who are ignoring their tax obligations. The most common problem we have seen is that traders started as a hobby, but with regular pattern of selling this was transformed into a business.
The Government will give extra $29million to the IRD in Budget 2015 for the property tax compliance activities. This is mainly to ensure property speculators also pay their fair share of tax, which is currently by enlarge being avoided.
A tax audit is an examination of your financial affairs to check you have paid the correct amount of tax and you are complying with the tax laws. It could be a small check of GST or a full audit check on your business. IRD may choose random business to start the audit and in the audit, there are some certain rights of a taxpayer.
The National Party planned to introduce a stable tax system, without making drastic changes to the minimum wage. The level of minimum wage impacts the level of unemploymen in the economy. National considers a number of issues non-negotiable. Among them are (a) No Capital Gain Tax (b) No change in GST (c) Reduction in Company Tax Rate in the long run.Loss-making start-up companies are supported by new tax rules that help them to cash out all or part of their tax losses from R&D expenditure. Inland Revenue Department (IRD) has larger outlay to target property speculators and others avoiding tax, making the system become fairer for everyone.
Companies going into voluntary or forced liquidation may have limited liability (the extent of the money invested) but such limitations do not cover the taxes due to the Inland Revenue Department (IRD).
For instance, if a Company with $1000 as capital collapses, the liability of its Directors would be limited to $1000.
However, such limitations would not apply to IRD.
Minimum family tax credits are mainly available to low income earners. Minimum family tax credit is a payment made to families with dependent children aged 18 or younger, so they have a minimum income of $438 a week after tax ($22,776 p.a. from 1-4-2014).
In this article we will introduce a time management tool called priority matrix. You can have try and see whether it is the right one for you.
Some people set up a family trust to receive residential care subsidy when they get old. By setting up a trust they dispose their interest in an asset to be eligible to receive subsidy. With changing rules of social security it is getting harder to get residential care subsidy.
With the abolition of gift duty you can gift as much as you want and there will not be any tax duty. However, for residential care subsidy there still is a maximum level of gift per couple is $26,000.
What is residential care subsidy?
Residential care subsidy is paid to rest homes or hospitals directly for entitled people by the Ministry of Health.
