Lawyers and accountants were delighted with the official announcement of Labour’s tax package.
Principal for legal tax specialists Grabbit and Grabmore, Ms Finda Loophole, said the complexity of the proposed tax changes would provide a welcome fillip for tax professionals.
“The average punter might think no tax is a good tax and simple taxes are better, but for us the more complex and the more exemptions there are the better,” she said.
“We’ve been having a lean time since National lowered tax rates and simplified the system and there’s no doubt Labour’s policy would provide a welcome boost to our business.
“Where there’s complexity in law there’s an opportunity for us to interpret it; where there’s an exemption there’s an invitation for us to assist our clients to qualify for it.
“Show me the tiniest gap and we’re duty bound to turn it into a loophole through which our clients will cruise.”
Tax accountant Ms Fairly Numbered said her practice also welcomed the announcement.
“If they’ve got complexity and exemptions, we’ve got business,” she said.
Homepaddock 
Who said “you can’t make a silk purse from a sows ear”.
Phil Goff made a Hot Air Balloon.
LikeLike
Lawyers, accountants … and these guys:
The Dominion Post
NBR
Herald on Sunday
Gisborne Herald
Waikato Times
The Greens
The IMF
The OECD
and columnists
Paul Little
Gordon Campbell
Anthony Hubbard
Patrick Smellie
Vernon Small
Corin Dann
Andrea Vance
John Hartvell
Matthew Hooten
John Roughan
Duncan Garner
John Armstrong plus Academic tax experts, economists and Treasury .
LikeLike
Is this the best that Labour can do?
Play the envy card.
All this will achieve is the creation of more apparatchiks to shuffle more bits of paper. Of course this being of course the only real growth industry in New Zealand.
As Ele says and as I said a few days ago the only real beneficiaries will be tax lawyers and accountants.
It certainly wont be the poor on New Zealand who get royally screwed by whichever party holds the treasury benches as do those who try and make real and tangible things and whose life blood is sucked by the parasite class at every opportunity
LikeLike
labour had the opportunity to redefine tax in nz.instead we got this. epic fail
LikeLike
And accepting the actual people speaking for the deadtree press and the IMF, Robert who among them actually creates any wealth for taxing and subsequent redistribution other than an income that is ultimately from real growth in wealth creation.
An impressive list numerically but otherwise entirely predictable.
I could start walking towards the city and would struggle to find any support on the way as I pass by. Have a little squiz at the current herald poll, 3300 when I last looked and only 31% see it as a vote changer, which way we do not know.
Then my community has a vast number of people working long and in many cases broken hours in primary industry and hospitallity services who will try to build a retirement fund, buy a home and create wealth.
Phil Gof and his thieving mates just want to take more of the fruits of their work to finance their last desperate grab for relevance.
LikeLike
I’m not so sure if the OECD is a good guide to anything any more as it includes stars such as Greece, Italy, Spain, Portugal, Ireland and the US whose economic problems put ours into the shade.
Sadly, this lawyer won’t be a beneficary of any increase in work should a, labor win the next election and b, bring into effect their policy as his practice focus is entirely different.
Even if i could be bothered going back to university for the post graduate study that understanding the present taxation regime requires my real problem is that the various tax acts are the most effective soporific i know.
LikeLike
I appreciate the insights shared in your article regarding the impact of Labour’s tax package on accountants and lawyers. The discussion about how these changes could influence the professional landscape is particularly relevant, especially considering the evolving regulatory environment. One point to consider is the potential for increased compliance requirements that may arise from these tax adjustments, which could significantly affect the bottom line for many firms. For instance, accountants may need to invest in new software to ensure adherence to the latest tax regulations, and this could lead to increased costs for clients. Additionally, the shift towards more stringent reporting could create opportunities for lawyers to offer invaluable advisory services in navigating this changing landscape, focusing on tax law and compliance. Furthermore, just as highlighted in the discussion about the writ of mandamus in the linked article, where legal practitioners need to understand procedural mechanisms to advocate effectively for their clients, accountants also face similar challenges in adapting to complex tax frameworks. Engaging in proactive communication with clients regarding these changes could strengthen professional relationships amidst such transformations. Considering these dynamics, how do you see the role of legal and accounting professionals evolving in response to increased regulatory developments in the future?
LikeLike