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McLEAN AND CO.
Options for People in Financial Trouble
Family Assistance has been renamed Working for Families Tax Credits. Go to Start above to register with IRD to receive Working for Families Tax Credits payments. You can register for weekly or fortnightly payments, or payment at the end of the tax year.
Use this service, if you think you meet the criteria to be eligible for Working for Families Tax Credits
You do NOT need to complete this form if:
If you have registered for Working for Families Tax Credits in the past, and think you may be eligible to begin receiving Working for Families Tax Credits payments again, please call IRD on 0800 227 773.
Please Note: you cannot claim Working for Families Tax Credits for any child you receive a Parent's allowance for (only in relation to war pensions and war allowances).
The following situations will require you to send IRD further information:
Residence: You will need to provide your and/or your child/ren's original residence permit or returning visa if you meet the residence requirements for Working for Families Tax Credits (this can be shown at verification by an IR appointed verifier) if:
Business income: If you and/or your partner have business income you may need to send to IRD evidence to support your income estimate. The evidence can be one of the following:
Children's IRD number: If any of your children don't have an IRD number, you must fill in an IR595 IRD Number Application - Individual . You can get this form from "Forms and Guides" on www.ird.govt.nz or by calling IRD INFOexpress on 0800 257 773. IRD will still pay you Working for Families Tax Credits for that child for eight weeks without an IRD number. After that time your Working for Families Tax Credits for that child will be stopped.
When you have submitted this form print it out, sign it, send it to IRD and keep it for your records.
Are you a New Zealander living in Australia who owes tax debt to New Zealand Inland Revenue? Or an Australian living in New Zealand who owes tax debt to the Australian Tax Office?
Under a new Article in New Zealand's tax treaty with Australia, IRD can now send tax debt cases to the Australian Tax Office to collect on our behalf, and vice versa.
If you have a tax debt and are planning on moving overseas or are already living overseas, contact IRD to discuss options for paying your debt.
You can find more information and contact details under Leaving
New Zealand long term
Insolvency means either or both of the following:
Do you know how much you owe?
The insolvency options available to you depend on your total debts. You should gather together all documentation such as statements, invoices, and contracts so the Official Assignee can confirm your financial position and determine your eligibility.
If you do not have documentation the creditor is required, by law, to send you copies.
To work out your total debts, use
the handy budget calculator found on this website.
Which of these options are available to you depend on:
To view or print this brochure you will need PDF viewing software such as Adobe Acrobat Reader.
This is an informal agreement with creditors that you will pay some (if not all) the money owed. It is not administered by the Official Assignee or Court but a budget advisor, lawyer or accountant would be able to help.
Summary instalment orders (SIOs)
This is a formal agreement with creditors that you will pay some (if
not all) the money owed. It lasts for 3 years (or 5 years in some
circumstances) and means you have to pay agreed instalments. How much
you pay is negotiated with the creditors who cannot take further action as
long as you follow the agreement exactly. Application for entry is
made to the Official Assignee. Management is by an Approved
You or any of your creditors (with your consent) may apply for your entry into an SIO. The Official Assignee may grant an SIO if:
Before granting an SIO, the Official Assignee will allow you and your
creditors to make representations about the making of the order.
Bankruptcy is a legal proceeding which allows people who cannot pay their bills to get a fresh financial start. The right to file for bankruptcy is provided by law. Filing for bankruptcy immediately stops all of your creditors from seeking to collect debts from you.
In some cases a creditor will apply to the Court to have you
adjudicated bankrupt. If you have not paid the outstanding amount by a
specific date, you may have committed an ‘act of bankruptcy’ and the
creditor can ask the judge to make you bankrupt. You will be served
with a notice of hearings and can attend Court and make representations.
You are entitled to have legal representation at the hearing. If you
do not attend, the bankruptcy proceedings will proceed in your absence.
Once you are bankrupt an Insolvency Officer from the Insolvency and Trustee
Service will administer the estate.
During bankruptcy you must:
During bankruptcy if required you must:
During bankruptcy you may not:
During bankruptcy you may not without consent:
Failure to adhere to these responsibilities and restrictions can result in a fine, imprisonment, or both.
This is a new option available since December 2007 and is not formal bankruptcy. Application for entry is made to the Official Assignee who then administers the No Asset Procedure in much the same way as a bankruptcy. You can only use the No Asset Procedure ONCE – ever!
Applications are made to the Official Assignee, either electronically or manually. An application and Statement of Affairs must be completed to a standard acceptable to the Official Assignee.
To qualify for entry you must:
The Official Assignee can refuse entry into the NAP if:
The Official Assignee can only assess one application for you at a time, so ensure only one application (No Asset Procedure, Bankruptcy or Summary Instalment Order) is completed and sent to the Insolvency and Trustee Service.
You may complete Insolvency and Trustee applications, forms and
statement of affairs on line, or in person with telephone assistance from
ITS. Before you begin, it is suggested that you gather together all
relevant documentation. The following is a list of information for
your guidance that you may find necessary to have at hand when completing a
form or statement of affairs:
Background to Insolvency – Details of:
Financial Circumstances – Details of:
Business Details – Details of:
If you do not have any of the information, contact the appropriate bodies for copies. Failure to provide any information may delay your application.
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If we can assist further, please email McLean and Co as follows: