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Use of money interest rates amended

May 14th, 2020

Chris Lynch, Managing Director

Dear all,

The Taxation (Use of Money Interest Rates) Amendment Regulations 2020 (LI 2020/76) amend the Taxation (Use of Money Interest Rates) Regulations 1998 to:

• decrease the taxpayer’s paying rate of interest on unpaid tax from 8.35% to 7.00% pa, and

• decrease the Commissioner’s paying rate of interest on overpaid tax from 0.81% to 0.0% pa.

The Regulations were notified in the New Zealand Gazette on 7 May 2020 and came into force on 8 May 2020.

Source document: Inland Revenue

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Chris Lynch, CA

Managing Director, Lynch & Associates Limited

Get in touch by Email or Phone: +64 9 366 6008

Chris is the founding Director of Lynch & Associates Limited.

He qualified as a CA in 1973 and is a full member of the College of NZICA now merged with CAANZ. His expertise is in the areas of tax, accounting, business development, forecasting, and auditing. He has a clear focus on adding value to his clients lives and businesses and seeing the people behind the numbers.

Chris experience includes working as a CFO and company secretary for some of New Zealand’s leading companies before starting his own CA firm in 1999. In his previous roles Chris has worked in the wool, dairy, engineering FCG, banking and investment banking and stock broking industries.

Today he uses this vast experience to assist his clients add value to their businesses and personal lives.