Category: Inland Revenue Department

Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: SOP to tax bill released

<p>The Minister of Revenue has released a Supplementary Order Paper to the <a href=”/bills/52-273″>Taxation (Annual Rates for 2020&ndash;21, Feasibility Expenditure, and Remedial Matters) Bill</a>.</p>
<p>The SOP includes two of the proposed property changes <a href=”/news/2021/2021-03-23-government-property-announcements”>announced by the Government</a> earlier today:</p>
<ul>
<li>an extension of the bright-line test for residential properties from five to ten years, and</li>
<li>a &lsquo;change-of-use&rsquo; rule which will apply where the property was not used as the main home for more than 12 months at a time.</li>
</ul>
<p>Also included in the SOP are proposals to loosen the loss continuity rules, address the taxation of donated trading stock, and to allow Mycoplasma bovis-affected farmers to reconsider previous income equalisation deposits.</p>
<p>For more information see:</p>
<ul>
<li><a href=”https://www.legislation.govt.nz/sop/government/2021/0023/latest/whole.html”>Supplementary Order Paper No 23</a></li>
<li>the <a href=”http://disclosure.legislation.govt.nz/sop/government/2021/23/”>supplementary departmental disclosure statement</a></li>
<li>a <a href=”/publications/2021/2021-commentary-arferm-bill-supplementary”>commentary on the Supplementary Order Paper</a>, and</li>
<li><a href=”/publications/2021/2021-ria-sop-23-arferm-bill”>regulatory impact assessments</a>.</li>
</ul>

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Government property announcements

<p>Today the Government announced a range of measures addressing the supply and demand for residential properties. For the tax system, the Government announced:</p>
<ul>
<li>an extension of the bright-line test for residential properties from five to ten years, and</li>
<li>a &lsquo;change-of-use&rsquo; rule which will apply where the property was not used as the main home for more than 12 months at a time.</li>
</ul>
<p>These two proposed changes will be included in a Supplementary Order Paper to the <a href=”/bills/52-273″>Taxation (Annual Rates for 2020&ndash;21, Feasibility Expenditure, and Remedial Matters) Bill</a> that will be released today.</p>
<p>The Government also announced that it intends to remove interest deductions on residential properties (except for new builds), and will consult on the details of this measure.</p>
<p>For more information see the Government’s <a href=”/news/2021/2021-03-23-government-property-announcements#statement”>media statement</a> and fact sheets on the <a href=”/publications/2021/2021-other-fact-sheet-bright-line-test”>bright-line test</a> and <a href=”/publications/2021/2021-other-fact-sheet-interest-deductions”>interest deductions</a>.</p>

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Child Support Bill passed

<p>On Thursday, 18 March, Parliament passed the <a href=”/bills/52-228″>Child Support Amendment Bill.</a> The Bill contains a range of measures to simplify and improve administration of Child Support. The Bill now awaits Royal Assent.</p>
<p>For more information see the Minister of Revenue&rsquo;s <a href=”/news/2021/2021-03-22-child-support-bill-passed#statement”>press release</a>.</p>

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Feedback sought on foreign trust remedials

<p>Feedback is sought on 10 proposed remedial changes to the foreign trust disclosure rules, which were enacted in the <a href=”/bills/51-149″>Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017</a>.</p>
<p>For more information see the <a href=”/publications/2021/2021-ip-foreign-trust-remedials”>consultation document</a>. Submissions close on <strong>23 March 2021</strong>.</p>

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Resurgence Support Payments Bill passed

<p>The <a href=”/bills/53-8″>Taxation (COVID-19 Resurgence Support Payments and Other Matters) Bill</a>, which was introduced today, has passed through all stages and now awaits Royal assent.</p>

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Resurgence Support Payments Bill introduced

<p>The Taxation (COVID-19 Resurgence Support Payments and Other Matters) Bill was introduced to Parliament today, and is expected to be passed under urgency.<br />
<br />
The Bill enables Inland Revenue to administer the new COVID-19 resurgence support payments (CRSP) scheme, which is a one-off support payment to businesses in the form of a grant. The payment would consist of a base amount of $1,500 per applicant plus $400 per full-time equivalent (FTE) up to a cap of 50 FTEs.<br />
<br />
The Bill also increases the minimum family tax credit (MFTC) threshold for the 2021&ndash;22 and later tax years from $29,432 to $30,576 per annum.<br />
<br />
For more information see:</p>
<ul>
<li>the Minister of Finance’s <a href=”/news/2021/2021-02-16-resurgence-support-payments-bill-introduced#statement”>media statement</a></li>
<li>the Bill as introduced and departmental disclosure statement</li>
<li>the <a href=”/publications/2021/2021-ria-crspom-bill”>regulatory impact assessments</a> and</li>
<li>the <a href=”/publications/2021/2021-commentary-crspom-bill”>commentary</a> on the Bill.</li>
</ul>

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Minister addresses CA ANZ

In his address last week to the Chartered Accountants Australia and New Zealand, Minister of Revenue, David Parker discussed the Government’s tax priorities over the short term.

For more information, see the Minister’s speech.

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Repeal of child support incremental penalties proposed

A Supplementary Order Paper (SOP) to the Child Support Amendment Bill was released today by the Hon Stuart Nash, Minister of Revenue. The proposed changes in the SOP would repeal child support incremental penalties and simplify the penalty write-off provisions.

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Application date for loan scheme extended

The Government has announced that the application date for the Small Business Cashflow Scheme has been extended to 31 December 2020.

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Guidance on recent COVID-19 tax legislation is now available

Guidance on recent COVID-19-related legislation is now available. It covers the loss carry-back scheme, administrative flexibility for Inland Revenue, the Small Business Cashflow Scheme, and the tax treatment of payments to New Zealanders stranded overseas.

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