Nothing sums up the madness of our failed 30 year neo-liberal experiment quite like the fact that we have handed over vital infrastructure like oil refinery to private companies whose interests are served by paying as little as possible for that infrastructure.
The recent disruption of supply because a digger severed the oil pipe while hunting Kauri would be hilarious enough, but a recent report into the threat of a tsunami wiping out our refinery infrastructure must demand more attention and intervention…
Tsunami threat to fuel supplies greater than previously thought
The threat from a massive tsunami to New Zealand’s fuel supply is much greater than previously thought, says a report to a government review of infrastructure.
Tsunami waves of up to 7.5m high hitting exposed parts of the east coast of the country — knocking out the refinery at Marsden Pt, tanks at other ports and other fuel infrastructure — are judged as more likely than when petroleum supply security was reviewed for the Ministry of Business Innovation and Employment five years ago.
…Refining New Zealand is the industry funded pretence to pay for infrastructure so that the Government don’t wise up and demand more serious oversight, thankfully Resources Minister Megan Woods has ordered an inquiry into the fiasco last year and fingers crossed she extends the focus to whether or not this joke is fit for purpose.
For 30 years we have subcontracted vital physical and social infrastructure off to the free market and had a lowest cost service provided with zero vision.
It’s time that we were better than this.
And we’re worse off because of it.
You know, when you or others over at the standard do write ups about Bitcoin. You guys should add disclaimers stating that you guys are not tax advisors or financial advisors and have just learnt to say the write things and haven’t actually implement professional strategy or made money from it.
But real quick so you don’t get aggrieved. In Australia crypto is currently, and certainly, considered an ‘intangible asset.’ Intangible Assets are defined in the International Accounting Standards (IAS) alongside things such as goodwill, intellectual property, etc. A very dank way to try to fit 0’s and 1’s into a currently existing regulatory framework for accounting purposes, but that is what it is – at least in Australia. You normies should research and find out about the tax treatment of crypto as it pertains to New Zealand or any other country– you will notice similarities of various countries tax laws and much of this information guides trading strategies across all asset classes.
Additionally, the Anti-Money Laundering and Counter Terrorism Financing Bill going through Australian parliament right now in late 2017 is likely to take effect in 2018 and affect many Australian crypto users. This first wave of regulation, amongst many others, starts to form an increasing trend toward regulation, and you should start to consider the importance.
But crypto is treated as an intangible asset, and thus, is subject to capital gains tax. And CGT is very weak in New Zealand. In Australia the current regulatory framework for which guidelines have been stipulated by the Australian Taxation Office (ATO) since 2014 should be adhered to strictly if you are to invest in crypto. https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies- in-Australia—specifically-bitcoin/.
It is of note that after the epic rise of Bitcoin in 2013, the Financial Year (FY) 2014 ATO Tax Assessment contained a section requiring the declaration of any cryptocurrency Wallet Addresses on your Tax return. This was not repeated in 2015FY, and 2016FY, but I expect that it is likely to appear in the FY 2018 or FY 2019 Tax Assessment which you complete through your myTax portal. It is also of note that tax evasion is a crime and brings with it harsh penalties. So, if you are unsure of the tax implications of your newly acquired and unquantifiable crypto endeavours, ignore the advice in this document, and go see a large entity professional accounting firm if you are so compelled.
The tax treatment of Bitcoin and other cryptocurrencies as an “Intangible Asset” at least gives us much to work with in terms of quantifying and legitimising our tax obligations as individuals.
Im just so sick of reading about you charlatan educators claiming to have found the golden rule and every one must now obey the cults of normie identity and personality. When all you’re doing is taking the national IQ down to lower lvls a little slower than Kiwi Blog or Whale oil.
Wasn’t it so thrilling to see the “well heeled” crying on TV tonight about their fancy “beachfront house” being inandated with sea water today, as they felt as though their world was ripped apart eh!
Well you rich pricks, – now you feel like we have for the last 9 yrs!!!!
While you engaged in the highly speculative property bubble that your’e mate john key talked you into borrowing so much for your over priced flooded beach palace, that now will be worth much less due to becoming now rezoned as “in a cosatal hazard zone”
I feel sorry for your greed.
I couldn’t give a flying fuck one way or t’other. My old Dutch bicycle still works regardless of the state of Marsden Pt or indeed Auckland traffic.
The old ideas are long dead.
Get over it…
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