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Australian Superannuation Reforms

Do you have an Australian Superannuation fund? Are you up to speed with the reforms? The Treasury has issued a series of fact sheets, however given the importance of superannuaiton, you may wish to seek advice that is specfic to you. We work alongside Tony Pitara at Pitara Partners http://www.treasury.gov.au/Policy-Topics/SuperannuationAndRetirement/Sup... If you want to understand the...
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IRS Now Accepting ITIN Renewal Applications

Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, any ITIN not used on a federal tax return at least once in the last three years will no longer be valid for use on a tax return as of Jan. 1, 2017. If a taxpayer has an ITIN that is scheduled to expire and needs to file a tax return, it’s important not to delay. By submitting the application package in the next few weeks ITIN...
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Charles Schwab accounts

We understand that Charles Schwab are reaching out to their clients in a select few countries (inclluding New Zealand) and advising them that they may need to 'adjust' their banking realtionship, and in some cases, they may need to close their brokerage accounts (including IRA accounts). There are potential US and NZ tax consequences of any such action. We further understand that in some...
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Update on voluntary disclosure programmes

The Internal Revenue Service today reminded taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full compliance with their federal tax obligations. For more detail see the 16 October notification https://www.irs.gov/uac/News-Releases-for-Current-Month Taxpayers who are deliberating about making use of the various disclosure...
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IRD Audit activity on pension transfers

Inland Revenue have begun their long-anticipated audits of individuals who transferred a pension to New Zealand between 2000 and 2014 (and who did not pay tax). In a statement released in May 2014 Inland Revenue advised individuals who have transferred a pension since 2000 (and before the ‘new rules’ that came in on 1 April 2014) that they are interested in them. http://www.ird.govt.nz/resources/...
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