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New Zealand Culture, Facts & Travel

The Māori loanword Pākehā has been used to refer to New Zealanders of European descent, although some reject this name. In the 2023 census, 62.1% of residents responded as being ethnically New Zealand European, and 17.8% responded as being ethnically Māori. By 2050, the median age is projected to rise to 43 years and the percentage of people 60 years of age and older to rise from 18% to 29%. While New Zealand is experiencing sub-replacement fertility, with a total fertility rate betista casino login of 1.6 in 2020, the fertility rate is above the OECD average.

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  • The South Island is a true delight, and we will definitely be back to visit.
  • New Zealand’s geographic isolation for 80 million years and island biogeography has influenced evolution of the country’s species of animals, fungi and plants.
  • The 1923 and 1926 Imperial Conferences decided that New Zealand should be allowed to negotiate its own political treaties, and the first commercial treaty was ratified in 1928 with Japan.
  • It is also called Aotearoa or the ”Land of the Long White Cloud” in the language of the Maori (rhymes with ”dowry”), the Polynesian people who settled the islands four centuries before the first Europeans arrived.

After financial reforms in 1984, successive governments transformed New Zealand from a highly protectionist and regulated economy to a liberalized free market economy. New Zealand recorded the highest casualties per head of population of any combatant nation during World War I, when 100,000 served and 17,000 were killed. The first capital was in the Bay of Islands, in the far north, but soon moved to Auckland. The Maori called the North Island Aotearoa, a name which is now the most widely known and accepted Maori name for the entire country. Conditions vary from wet and cold on South Island’s west coast to dry and continental a short distance away across the mountains and subtropical in the northern reaches of North Island.

  • New Zealand is known for its extreme sports, adventure tourism and strong mountaineering tradition, as seen in the success of notable New Zealander Sir Edmund Hillary summiting Mount Everest first.
  • A large-scale rollout of gigabit-capable fibre to the premises, branded as Ultra-Fast Broadband, began in 2009 with a target of being available to 87% of the population by 2022.
  • New Zealand has competitive international teams in rugby union, rugby league, netball, cricket, softball, and sailing.
  • In 1642, the Dutch explorer Abel Tasman became the first European to sight and record New Zealand.
  • In the 2023 census, 62.1% of residents responded as being ethnically New Zealand European, and 17.8% responded as being ethnically Māori.
  • The two main islands (the North Island, or Te Ika-a-Māui, and the South Island, or Te Waipounamu) are separated by Cook Strait, 22 kilometres (14 mi) wide at its narrowest point.
  • In 2013update there were about 650,000 New Zealand citizens living in Australia, which is equivalent to 15% of the population of New Zealand.

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It is unknown whether Māori had a name for the whole country before the arrival of Europeans; Aotearoa originally referred to just the North Island. The next year, in 1643, Hendrik Brouwer proved that the South American land was just a small island, and Dutch cartographers subsequently renamed Tasman’s discovery Nova Zeelandia from Latin, after the Dutch province of Zeeland. New Zealand is organised into 11 regional councils and 67 territorial authorities for local government purposes. It retains visible levels of inequality, including structural disparities between its Māori and European populations. Recognised as a middle power, New Zealand ranks very highly in international measures of quality of life and human rights and has one of the lowest levels of perceived corruption in the world.
New Zealand nationality law treats all parts of the realm equally, so most people born in New Zealand, the Cook Islands, Niue, Tokelau, and the Ross Dependency are New Zealand citizens.n 8 Because of financial pressures and the desire to consolidate railways, education, land sales, and other policies, government was centralised and the provinces were abolished in 1876. According to the Ministry of Justice, Māori are overrepresented, comprising 45% of New Zealanders convicted of crimes and 53% of those imprisoned, while only being 16.5% of the population. As of 2023,update the country is ranked second in the strength of its democratic institutions, and third in government transparency and lack of corruption. The supremacy of parliament over the Crown and other government institutions was established in England by the Bill of Rights 1689 and has been ratified as law in New Zealand.
Christianity is the predominant religion in New Zealand, although nearly 40 percent of the population has no religious affiliation. Successive government policies on the relationship between Maori and non-Maori people have worsened race relations. English and Maori are the two official languages, although most visitors would find New Zealand exclusively an English-speaking country. A result of Pacific Island immigration is that South Auckland has become the world’s largest Polynesian city. About 70 percent of New Zealand’s population is of European descent, mostly English, Scottish, Welsh, Irish, and Dutch. New Zealand once had about 20 times more sheep than people; by 2001 there were only 12 times as many.

Science and technology

New Zealand is heavily dependent on international trade, particularly in agricultural products. Since 1984, successive governments engaged in major macroeconomic restructuring (known first as Rogernomics and then Ruthanasia), rapidly transforming New Zealand from a protectionist and highly regulated economy to a liberalised free-trade economy. According to the 2024 Global Peace Index, New Zealand is the 4th most peaceful country in the world. New Zealand is involved in the Pacific Islands Forum, the Pacific Community, Asia-Pacific Economic Cooperation, and the Association of Southeast Asian Nations Regional Forum (including the East Asia Summit). A large proportion of New Zealand’s aid goes to these countries, and many Pacific people migrate to New Zealand for employment. In 2013update there were about 650,000 New Zealand citizens living in Australia, which is equivalent to 15% of the population of New Zealand.
The northern and northeastern parts of the South Island are the sunniest areas of the country and receive about 2,400–2,500 hours. Elsewhere, the plate boundary involves the subduction of one plate under the other, producing the Puysegur Trench to the south, the Hikurangi Trough east of the North Island, and the Kermadec and Tonga Trenches further north. The two main islands (the North Island, or Te Ika-a-Māui, and the South Island, or Te Waipounamu) are separated by Cook Strait, 22 kilometres (14 mi) wide at its narrowest point. New Zealand is near the centre of the water hemisphere and is made up of two main islands and more than 700 smaller islands. After the 1982 UNCLOS, the islands contributed significantly to New Zealand’s exclusive economic zone. According to most Māori oral traditions, the islands were first discovered by the semi-legendary explorer Kupe while in pursuit of a giant octopus.

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In July 2023, New Zealand and the European Union entered into the EU–New Zealand Free Trade Agreement, which eliminated tariffs on several goods traded between the two regions. New Zealand’s main trading partners, as at June 2018update, are China (NZ$27.8b), Australia ($26.2b), the European Union ($22.9b), the United States ($17.6b), and Japan ($8.4b). Poverty has a disproportionately high effect in ethnic-minority households, with a quarter (23.3%) of Māori children and almost a third (28.6%) of Pacific Islander children living in poverty as of 2020update. Nearly one-quarter of highly skilled workers live overseas, mostly in Australia and Britain, which is the largest proportion from any developed nation. New Zealand has experienced a series of ”brain drains” since the 1970s that still continue today. However, the 2008 financial crisis had a major effect on New Zealand, with the GDP shrinking for five consecutive quarters, the longest recession in over thirty years, and unemployment rising back to 7% in late 2009.

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Almost all general elections between 1853 and 1993 were held under the first-past-the-post voting system. Cabinet, formed by ministers and led by the prime minister, is the highest policy-making body in government and responsible for deciding significant government actions. If no majority is formed, a minority government can be formed if support from other parties during confidence and supply votes is assured. The House of Representatives is democratically elected, and a government is formed from the party or coalition with the majority of seats. The New Zealand Parliament holds legislative power and consists of the king and the House of Representatives.
A developed country, New Zealand was the first to introduce a minimum wage and give women the right to vote. Reflecting this, New Zealand’s culture mainly derives from Māori and early British settlers but has recently broadened from increased immigration. Subsequently, a series of conflicts between the colonial government and Māori tribes resulted in the alienation and confiscation of large amounts of Māori land. The country’s varied topography and sharp mountain peaks, including the Southern Alps (Kā Tiritiri o te Moana), owe much to tectonic uplift and volcanic eruptions.
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New Zealand has been described as a middle power in the Asia-Pacific region, and an emerging power. A seasonal workers scheme for temporary migration was introduced in 2007, and in 2009 about 8,000 Pacific Islanders were employed under it. New Zealand has a strong presence among the Pacific Island countries, and enjoys strong diplomatic relations with Samoa, Fiji, and Tonga, and among smaller nations. Despite the United States’s suspension of ANZUS obligations, the treaty remained in effect between New Zealand and Australia, whose foreign policy has followed a similar historical trend. In 1951, the United Kingdom became increasingly focused on its European interests, while New Zealand joined Australia and the United States in the ANZUS security treaty. On 3 September 1939, New Zealand allied itself with Britain and declared war on Germany with Prime Minister Michael Joseph Savage proclaiming, ”Where she goes, we go; where she stands, we stand”.

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It also forms the southwestern extremity of the geographic and ethnographic region called Polynesia. New Zealand is part of Zealandia, a microcontinent nearly half the size of Australia that gradually submerged after breaking away from the Gondwanan supercontinent. The country owes its varied topography, and perhaps even its emergence above the waves, to the dynamic boundary it straddles between the Pacific and Indo-Australian Plates. The highly active Taupō Volcanic Zone has formed a large volcanic plateau, punctuated by the North Island’s highest mountain, Mount Ruapehu (2,797 metres (9,177 ft)). The closest point between any territory of both countries is between Macquarie Island (Australia) and Auckland Island (New Zealand), which are about 618 kilometers (384 miles) apart.

Māori developed a varied musical tradition around songs and chants, including ceremonial performances, laments, and love songs. Although still largely influenced by global trends (modernism) and events (the Great Depression), writers in the 1930s began to develop stories increasingly focused on their experiences in New Zealand. Most early English literature was obtained from Britain, and it was not until the 1950s when local publishing outlets increased that New Zealand literature started to become widely known. However, the local fashion industry has grown significantly since 2000, doubling exports and increasing from a handful to about 50 established labels, with some labels gaining international recognition. Standards have since relaxed and New Zealand fashion has received a reputation for being casual, practical and lacklustre.
After 1840, many issues to do with sovereignty and land ownership remained unresolved and, for a long time, invisible while Maori lived in rural communities. British migrants form the largest single group (30 percent), but new migrants are drawn from many nations, increasingly those of East Asia. Those of full or part-Maori ancestry comprise about 15 percent while most of the remainder are of Asian and Pacific Island origin. Vineyards have proliferated since the 1990s in areas of the country, with a focus on high-quality sauvignon blanc and pinot noir.

To respect artists we kindly ask that you do not post paywalled content here. If you do not include the source within 2 hours of posting, your post will be removed. Unless you are posting Original Content you should link to where you found the content to credit the creator. If you want to make a post that contains what you believe to be a fetish, don’t be afraid to ask me. Posts containing fetishes must have the fetish mentioned in the title, and the post will have the spoiler tag depending on what fetishes it contains.
In the First World War, New Zealand recorded the highest casualties per head of population of any combatant nation. Wellington is the capital city of New Zealand, and conveniently located in the centre of the country Dubbed the ’City of Sails’, Auckland is New Zealand’s largest city and boasts a harbour and a coast just 40 mins apart Welcome to New Zealand – Tourism.org.nz is your gateway to discovering the stunning beauty and vibrant culture of Aotearoa, New Zealand. What makes New Zealand a unique country to travel to? The North Island also has mountain ranges, and four volcanic peaks, including Mt. Ruapehu, which has been active (but not dangerous) since September 1995.
The country has the distinction of being the only one outside the U.S. to hold multiple America’s Cup races, but lost the cup in 2003 to a Swiss team (with a New Zealander skipper). New Zealand hosted the last two competitions for international yacht racing’s top prize, the America’s Cup (2000 and 2003), by virtue of being the home of the winning team in 1995 and 2000. British colonists brought a legal, political, and economic system that has flourished, along with the English system of agriculture that has transformed the landscape.
Because of its long isolation from the rest of the world, New Zealand has unique flora. The tallest peak on North Island is Mount Ruapehu (2,797 m), an active, cone-shaped volcano. South Island is dominated by the Southern Alps, the highest peak of which is Aoraki/Mount Cook, at 3,754 m. New Zealand aligned itself with the allied nations in World War I, World War II, and the Korean War. Maori legends describe South Island as a canoe and North Island as a fish.

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Internal Revenue Bulletin: 2024-45 Internal Revenue Service

unearned revenue

If a payee has not provided the payor of a designated distribution described in section 3405(a) or (b) with the payee’s residence address, the payor is required to withhold income tax from the distribution. Such a payee may not elect no withholding under section 3405(a)(2) or (b)(2), and any purported election of no withholding by such a payee is not valid. For purposes of this section, a payee who has provided the payor with an address for the payee’s nominee, trustee, or agent without also providing the payee’s residence address has not provided a residence address. In addition to the automatic six-month extension of time to file for certain applicable entities, this revenue procedure allows certain applicable entities to make the elective payment election on a paper-filed Form 990-T if they follow certain procedural requirements. Your child’s capital losses are taken into account in figuring their unearned income. If the capital losses are more than the capital gains, the difference (up to $3,000 ($1,500 in the case of a married individual filing a separate return)) is subtracted from your child’s interest, dividends, and other unearned income.

Examples of Unearned Revenue

This structure improves cash flow and ensures financial reports reflect ongoing rental commitments accurately. Creating and adjusting journal entries for unearned revenue will be easier if your business uses the accrual accounting method, of which the revenue recognition principle is a cornerstone. Your business needs to record unearned revenue to account for the money it’s received but not yet earned. Recording unearned revenue is important because your company can’t account for it until you’ve provided your products or services to a paying customer. Once a delivery has been completed and your business has finally provided prepaid goods or services to your customer, unearned revenue can be converted into revenue on your balance sheet. The adjusting entry for unearned revenue will depend upon the original journal entry, whether it was recorded using the liability method or income method.

Payees with a Residence Address Located Outside of the United States or Who Have not Provided a Residence Address

Under ASC 606, you can recognize breakage when you expect a portion of the prepaid value won’t be redeemed, can reasonably estimate the unused amount, and recognize it in proportion to actual redemptions. This shows how the Cash Disbursement Journal liability decreases each month as revenue is earned, while the revenue account increases by the same amount. Below are common scenarios and how the related journal entries work. Once you fulfill the obligation, your liability decreases and the payment moves onto your income statement as earned revenue. Every month, once James receives his mystery boxes, Beeker’s will remove $40 from unearned revenue and convert it to revenue instead, as James is now in possession of the goods he purchased.

unearned revenue

What Is Unearned Revenue?

Revenue is recorded when it is earned and not when the cash is received. If you have earned revenue but a client has not yet paid their bill, then you report your earned revenue in the accounts receivable journal, which is an asset. Take note that the amount has not yet been earned, thus https://fitness.fundawithjyoti.com/2024/11/06/what-is-record-to-report-r2r-process-meaning-steps/ it is proper to record it as a liability. Now, what if at the end of the month, 20% of the unearned revenue has been rendered? The business has not yet performed the service or sent the products paid for.

Which Parent’s Return To Use

  • Unearned revenue refers to the compensation or payment received by an individual or an organization for products or services that are yet to be delivered or produced.
  • If neither the child, nor the parent, nor any other child has qualified dividends, the amount of qualified dividends on line 8 is zero.
  • The exclusion is completely phased out for modified adjusted gross income of $179,250 or more for joint returns and $114,500 or more for all other returns.
  • Such applicable entity, however, may be eligible to paper file its Form 990-T as described in section 4 of this revenue procedure.
  • For taxable years beginning in 2025, the dollar limitation under § 125(i) on voluntary employee salary reductions for contributions to health flexible spending arrangements is $3,300.
  • If you are unfamiliar with ASC 606, I strongly recommend you read the related article for now and take the time to go over the entire document with your accountant at some point.
  • The rationale behind this is that despite the company receiving payment from a customer, it still owes the delivery of a product or service.

This approach can be more precise than straight line recognition, but it relies upon the accuracy of the baseline number of units that are expected to be consumed (which may be incorrect). Unearned unearned revenue revenue is money received by a or company for a service or product that has yet to be fulfilled. Unearned revenue can be thought of as a “prepayment” for goods or services that a person or company is expected to produce for the purchaser at some later date or time. As a result of this prepayment, the seller has a liability equal to the revenue earned until delivery of the good or service. Unearned revenue is the number of advance payments which the company has received for the goods or services which are still pending for the delivery and includes transactions like Amount received for the goods delivery of which is to be made on the future date etc. The pattern of recognizing $100 in revenue would repeat each month until the end of 12 months, when total revenue recognized over the period is $1,200, retained earnings are $1,200, and cash is $1,200.

unearned revenue

Most of the subscription and support services are issued with annual terms resulting in unearned sales. Let us look at a detailed example of the accounting entries a company makes when deferred revenue is created and then reversed or earned. Likewise, after the July 31 adjusting entry, the remaining balance of unearned service revenue will be $3,000 (4,500 – 1,500). This balance will be zero at the end of September 2020 when the company completes the service it owes to the client.

unearned revenue

What Is Unearned Revenue on a Balance Sheet?

The instructions for the Form 1040 series provide tables showing the amount of the earned income credit for each type of taxpayer. This revenue procedure sets forth inflation-adjusted items for 2025 for various Code provisions as in effect on October 22, 2024. The inflation adjusted items for the Code sections set forth in section 2 of this revenue procedure are generally determined by reference to § 1(f). If amendments to the Code are enacted for 2025 after October 22, 2024, taxpayers should consult additional guidance to determine whether these adjustments remain applicable for 2025. 1 Pursuant to § 433(h)(3)(A), the third segment rate determined under § 430(h)(2)(C) is used to determine the current liability of a CSEC plan (which is used to calculate the minimum amount of the full funding limitation under § 433(c)(7)(C)).

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