AUDITOR GENERAL OK’S TRUSTEES NON PAYMENT OF TAX
Added: (Tue Nov 07 2006)
Pressbox (Press Release) -
AUDITOR OK’S TRUSTEES NON PAYMENT OF TAX
TO: SCOOP-MEDIA RELEASE -PRESSBOX-
SUBJECT: INSOLVENCY & TRUSTEE SERVICE
CONTACT: 644-495-1262
BANKRUPCY NO; 808723
EMAIL Cristian.Pardo@insolvency.govt.nz
WELLINGTON NZ 8 November 2006- The failure of the Official Assignee to ensure income tax was paid by the trustees of a deceased estate has been deemed insufficient cause for Auditor-General Kevin Brady to audit the account of the Insolvency Service.
The Auditor-General has the power to audit the books of account of the Assignee in respect of any bankruptcy or any statement of financial position prepared by the Assignee under section 132 of the Insolvency Act.
Last month the bankrupt complained to the Auditor-General that proper accounts were not kept in respect of a substantial term deposit and the Assignee’s acceptance of a maintenance account inflated by $1000. Today the Assignee released a report confirming a taxation liability of $27,446, which has accrued over four years with penalties added for late filing and payment.
The bankrupt said today, “the real concern to the taxpayers is that this amount represents a fraction of the estimated $300k it could cost the Crown to recover a relatively insignificant debt of $6000, they would have been better off paying the debt & giving me on a salary of $75k !”
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