If National wins ...

[fungus pudding]

That statement is a blatant lie. I have been a "tax accountant" in the past and always complied with the law. Its not where people go to avoid paying taxes. Its where people go so they know how much tax they must pay. Most of my clients payed more than their fair share of tax. In fact most payed more than they received in govt benefits. (unlike vast chucks of the populace, a lot who seem to moan as well that its not enough)

eZ is clueless. Of course tax advice is sensible and necessary for many people and enterprises. Tax can be complex and that is why accountants are required to give tax advice. I doubt that any ever deliberately advise anything illegal.

[minimoke]

I asked a tax advising firm where to access a tax haven, the written reply was to go to a tax accountant. That's all I know about the situation personally. Thanks to John Key, we all know they're in nondescript offices in major cities, there for those who are informed and ruthless enough to ask about them..

I think you will find that in fact NZ's reputation as a "tax haven" can be put down to a legal loophole in trusts created by the 1988 Labour Government. Essentially a foreign trust that only had a trustee based in NZ was able to not pay tax here.

[artemis]

That's not the point I'm making FP. Or what I think. But if there is unproductive wealth sitting around, being used mostly for capital gain, and if that is a big part of the wealth in NZ, it makes sense to be even-handed about tax on eventual income at sale. I believe that doing this would encourage a bigger proportion of capital to be used on more productive assets that employ more people, export goods, etc...... .

Those 'more productive assets' will, wherever possible, be automation. When employing permanent employees becomes complex, expensive and risky, automated processes or self employed contractors look like a plan.

[minimoke]

But if there is unproductive wealth sitting around, being used mostly for capital gain, and if that is a big part of the wealth in NZ, .

What is this thing "unproductive wealth" you talk of?

[Joshuatree]

That statement is a blatant lie. I have been a "tax accountant" in the past and always complied with the law. Its not where people go to avoid paying taxes. Its where people go so they know how much tax they must pay. Most of my clients payed more than their fair share of tax. In fact most payed more than they received in govt benefits. (unlike vast chucks of the populace, a lot who seem to moan as well that its not enough)

Defending your practice with passion(?) is fine but not all accountants, that would be inaccurate. Accountants specialise in many different areas. Some do plain vanilla tax returns like you by the sounds of it;others do their darnedest to find loopholes and ways to minimalise and avoid taxes as elZ has said. The fact that most of your clients pay more than their fair share of tax is rather bizarre; would they be happy if they knew that?! More details why could be interesting.

[artemis]

What is this thing "unproductive wealth" you talk of?

Pretty sure elZorro means the paper profit from the Picassos, Rothkos and Banksies.

[minimoke]

and ways to minimalise and avoid taxes as elZ has said. .

Is tax avoidance illegal?

[Joshuatree]

Technically correct i guess.Minimalise, reduce, loopholes,interpretations etc etc.

[blackcap]

Defending your practice with passion(?) is fine but not all accountants, that would be inaccurate. Accountants specialise in many different areas. Some do plain vanilla tax returns like you by the sounds of it;others do their darnedest to find loopholes and ways to minimalise and avoid taxes as elZ has said. The fact that most of your clients pay more than their fair share of tax is rather bizarre; would they be happy if they knew that?! More details why could be interesting.

Ah no I should clarify, yes some were the plain vanilla type clients, others wanted ways to structure their affairs to best suit their needs and minimise the legal tax they had to pay. Quite a diverse lot really. No none paid more tax than they should have. Again should clarify, most paid more tax than they received in benefits from the state... so using my opinion, legally paid more than what I think is a fair share of tax. Tax minimisation is perfectly legal, avoidance is a bit of a grey area and evasion is well just illegal and ends you up in jail in many cases. I leant towards the minimisation, avoided the evasion and avoidance parts hope that helps there JT.

[minimoke]

Pretty sure elZorro means the paper profit from the Picassos, Rothkos and Banksies.

I don't think so. Those are the types of things Labour Party uses to generate funds from unnamed benefactors - so must be productive wealth: https://www.stuff.co.nz/national/politics/95891686