Tax Dept prepares for new schemes

Press, Volume CXIII, Issue 33413, 20 December 1973, Page 16

Tax Dept prepares for new schemes

The Inland Revenue Department is fully committed during the lull in processing income tax returns to setting up the machinery for accident compensation and superannuation payments.

I The department has been made responsible for collecting accident compensation fund payments from employers and self-employed people. It will also be required to collect superannuation funds when the New Zealand scheme comes into force in April 1975. Anticipating many inquiries from employers and self-employed people regarding the accident compensation fund, the department [will produce a special jinformation bulletin early next year. I The bulletin will give de-! [tails of how much money employers and the selfI employed should pay and (how often. All payments will! [be handed to the Accident! 'Compensation Commission.! j which will control a special; [account. Claims will be. [handled by the State Insurance Office. The Inland Revenue Department expects a considerable increase in staff to cope with the additional work involved in handling the accident compensation and superannuation payments. It will have to have records of about two million people who earn

money for the superannuation fund. There will be a separate account for every person. The department has already coded the names of employers and self-employed and will have to do the same for employees.

This will be done next year after the processing of tax returns from salary and wage earners.

The department cannot set up too much machinery for the superannuation scheme because of likely amendments to the bill which is now (before a Select Committee