How much is really in the account?

Yesterday I posted an email from someone questioning how much is actually in the secret offshore account of David Shearer’s that he just forgot all about but managed to file tax returns for.

David Shearer has admitted it has more than $100,000 in it. He has to declare it if it has over $50,000. But IRD rules suggest that the account may in fact have over $500,000 in that account.

Why?

Well because Chase Manhattan interest rates are only 0.2%: 

chase

If his balance was less than $500,000 then he wouldn’t meet the IRD declaration thresholds…and we all know that he filed this account with his returns because he told us he did.

So I ask, once again…how much is in David Shearer’s offshore bank account?

I mean, clearly everyone hinks it is completely understandable that someone could forget an offshore account with $50,000 in it…but could they really just forget about one with more than $500,000 in it.

Perhaps Mr Shearer might like to be like US politicians in a similar predicament and publish his IRD returns so we can see if he is being truthy or not.

  • williamabong

    Dear Cam,
    I am sorry to see this story getting legs and starting to run, this could lead to the unseating of David as leader, which would be a real shame.
    Things are going swimmingly here, as you would have seen I am in the process of installing my pets throughout the UN, all part of my master plan, and having access to to pay office here has been a real bonus.
    Signed
    H Clark
    World Leader in Waiting

    P.S. If you need any more dirt you just have to ask,lol

  • DavidW

    The other side which has gone a bit under the radar but needs clarifying lies in the IRD requirement to account for exchange rate effects in tax returns. There is a threshhold of value held offshore over which the balance must be revalued annually on balance date and tax paid on exchange gains (exchange losses deductible). I’m not sure what this threshhold currently is but it is significantly more than $50,000 I’m sure.

    It may well be that it is this revaluuation which has caused Shearer to consider the tax effects of this account.

    • Rat

      $1 million, and $100k in income and a difference between cash and accrued income of $40 k. $50k in shares or similar would expose him to the FDR/CV rules

      • JC

        $50 odd thousand brought back to NZ four years ago would have damn near doubled via the exchange rate but still wouldn’t have raised eyebrows here.. after all, we already knew his salary at the UN. But maybe he didn’t want the UN to know about this bank account?

        JC

        • Patrick

          That is a point that needs exploring – the UN is as corrupt as they come. Was Shearer receiving backhanders for favours?

      • DavidW

        So you are suggesting that his overseas holdings are “probably” greater than $1 million?
        I have a feeling that instructions went out quickly to split the funds into lots of less than $50,000 into separate accounts named “David Shearer No1 Account” – “David Shearer No 50 Account” which would in theory keep him outside the declaration compulsion of Parliament but would maintain the status quo with IRD

        • sheppy

          What’s the betting this was done in the early days of his parliamentary career and now its far enough in the past for the transfers to be easily lost….

        • Rat

          no..I’m answering your question about taxing unrealised fx gains(losses) under the Financial Arrangements rules. And its in total, not in isolation, and also his mortgage ( if in his name ) would count as an absolute investment in regards to the FA rulings

  • Sym Gardiner

    He’s gone. Pity. If the Nats had kept him in there until just before the election they would have been home and hosed.

    • unsol

      But would they? It’s a numbers game and unless the Nats win outright MMP will be their noose around their neck.

    • Dave

      The Nats should keep Shearer……. Who the hell else does labour have to lead them.

      Cunnliffe Not a chance for mr Lookatme!

      Jacinda the filly, nope, she has more chance in the 5th at TeRapa on a soft track.

      Um, there is no one else, a bunch of has beens, never be, and no hopers………. then there is the smiling counterpart Wee Russ Norman.

  • Whafe

    It doesn’t really matter what um um um um Shearer has in his account, he signed up to the rules of being a politician, so in turn must adhere to them…

    The old saying, don’t throw stones in glass houses, is so so true here…. Shearer you mate have shit in your own nest…..

  • minarchist_kiwi

    The last thing anyone wants in David Shearer to go – thats why the Nats have not got stuck into him for a week. Leave him where he is until election day

    • unsol

      I agree although the problem for Labour is that they have no one competent, credible and/or intelligent enough to unseat the Nats. The only reason why they might be a problem is because of voters continuing to vote for wastrels like Dr of Nothing but Stupidity Norman et al.

      What we need is something like this against the Greens. I wont add taliban as that is giving their so-called strategy far too much credit.

    • David

      Exactly. National winning the next election is sure if um… er… um Shearer is leading Labour. Shearer is a bumbling oaf with the charisma of a cucumber and no public speaking skills.

      • unsol

        But is it a sure thing? We can be certain National as a party will get the most votes again, but the problem is their lack of viable coalition partners. We need a right wing version of the left that isnt contentious & divisive (like Colin Craig or Don Brash) & appeals to a good proportion of right wing voters. Middle NZ & semi conservatives will now always go for National over Labour as I think that Labour have had their time, but there is a growing number of people who really do like more extreme left, especially with real wages not keeping up with the cost of living (something Labour bare a lot of the responsibility for in terms of poor fiscal policy & expanding WFF).

        • StupidDisqus

          We can be certain National as a party will get the most votes again

          Right. Which is where whale, National, and everyone from the GG on down must be bloody clear: the largest party must form government.

          If the judges or GG don’t agree with this: replace them.

    • Sir Cullen’s Sidekick

      Well said. Without Sheep in play, Naked Emperor has no chance of winning 2014 election

  • Jimmie

    I’ve got a feeling the Shearer’s election slogan about him saving 50 million lives might come back to haunt him.

    It sounds like he was furiously amassing a large sum of coin quickly as John Key did.

    But at least John Key was open about it and earned it in the private sector. Shearer on the other hand did it by sucking on the UN public tit until he choked and then tried to hide it by making out that he was a simple mango munching humanitarian.

    Dunno but its starting to smell like hypocrisy to me.

    Besides that I don’t believe that one mango skin could feed 50 million Africans. Two maybe but one mango skin – never.

    Besides Shearer had already eaten all the main mango fruit so how could 50 million share an empty mango skin? Nah just not credible!

    • Joe Bloggs

      That election slogan about saving 50 million lives was actually a misquote that Labour never corrected.

      It’s a closely guarded secret that Shearer really said “I’ve saved 50 million liras; anyone know a good bank?”

  • Rat

    If Shearer didnt have trusts, then this story may have legs, but there are two he has disclosed. I’m sure the writer who advises ‘high wealth ‘ people would have pointed this out first.

    For all we know, Shearer may have 10 million in a Trust, its certainly not unusual to have investments in a Trust, especially when the investments have a high value.

    But it is certainly unusual to NOT have them in trusts

  • nzd.gbp

    Please keep this in the bank until just before the next election, then go for your life.
    Until then, shhhh.

  • cows4me

    What does one have to do to get the big A in this country. Obviously Mr Mumbles has been lying through his back teeth. Gees he’s the bloody leader of the so called opposition in this country, he should be on the rack and should be gone. If some poor jerk in a government department pushes the wrong button all hell breaks lose and heads must roll, talk about double standards. Those calling for Mr Mumbles to get a free pass are wrong, screw him, the dropkick that replaces him will only sink that idiot party further into the shit, Mr Mumbles alone does not share that ability. Let the bastards devour each other they deserve it.

    • StupidDisqus

      The Speaker has to call him on it.
      The PM has to make it a matter of confidence.

      If they’d done that, he’d be out, and probably facing jail time for fraud.

      But Key has actually done nothing

  • island time

    Just wait for NBR to add him to the “rich list”

    • StupidDisqus

      10M or so doesn’t get you on a rich list. You can get a few mil from troughing at the UN, but that doesn’t make you anywhere near “rich”.

      Hell, if you’re worth less than a few mil in NZ zlotys, I don’t think you’re middle class these days.

  • AnonWgtn

    Can hear Robertson and his homosexual cohorts in Shearer’s office chuckling (like Muldoon used to do).

  • Sir Cullen’s Sidekick

    You guys may not know, Sheep will donate this money for Christchurch Earthquake fund before the election

  • fozzie2

    Your graphic attached to this post is very very sick – your posts are often on the fringe of decency – but posting a graphic insinuating suicide shows a very sick side to your personality. I don’t usually swear Whale but you sir are an absolute fuckwit !

  • pukakidon

    Liarbour hates rich pricks. Shearer is a gonna

  • Mr_V4

    I think people misunderstand, isn’t it 100,000 mango skins?

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