Fri, 07 Jul 2017 11:25:53 +1200WeeblyWed, 05 Aug 2015 21:57:36 GMThttp://www.nobiloandco.co.nz/blog/ird-looking-to-arrest-top-20-student-loan-defaultersIRD is monitoring and considering the arrest of 20 students who have kept defaulting on payments.

Recently, there were more than 730,000 student loan borrowers of which 15% live overseas estimated to owe around 3.1 billion.
Education minister Seven Joyce says "these people can run but they can't hide."

"Just because people have left New Zealand, it does not mean they can leave behind their debt" he says. 
He adds the NZ taxpayer helped fund their education and they have an obligation to repay it so the scheme can continue to support future generations of students.

In the 12 months to June 2015, $185 million was collected from overseas-based borrowers, including 79 million directly as a result of the overseas-based borrowers initiative.

Revenue minister Todd McClay says this investment by IRD in following up defaulting borrowers is paying significant dividends.
"For those defaulting borrowers who don't call IRD, their contact details will start coming in from next year and IRD will follow these up" Mr. McClay says.

]]>Fri, 24 Oct 2014 22:52:23 GMThttp://www.nobiloandco.co.nz/blog/could-your-accounting-software-provider-hold-your-accounts-hostageBased on some recent court cases, it would pay you to ensure your accounting software provider cannot hold your accounting data hostage, if they so choose.

In Australia, Skincare retailer Oscar de Vries says his Xero account has been 'held hostage' in a dispute with Xero over a $20,000 bill. He wants to change accountants, but is being blocked from his own Xero account.

With another case in Auckland, ISP Vibe Communications could not get Xero to let its remaining 2 directors to have access to the companys own Xero account; after the director who setup the account left, Xero would not intervene to give the company control over its own account.

These cases have highlighted the necessity to ensure you maintain propriety when using online services.

MYOB says its cloud accounts could never be 'held to ransom' in the way of the 2 cases declined by its Xero rival.

MYOB recommends that the client sets up the account in their own name and invites the accountant as an administrator of the account. This ensures that the client can't be locked out of their own account, with their data held to ransom.

Xero is working on guidelines to clarify the issue of who controls an account.

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