Cabinet paper CAB-23-SUB-0465: Order in Council – Increase in Working for Families tax credit rates

Source: Inland Revenue Department –

Cabinet paper and supporting documents covering the order in council adjusting the family tax credit and best start tax credit rates in line with inflation.

Documents in this information release
  1. IR2023-267 – Policy report: Order in Council – CPI indexation of Family Tax Credit and Best Start Tax Credit (28 November 2023) (7 pages)
  2. CAB-23-SUB-0465 – Cabinet paper: Order in Council – Increase in Working for Families tax credit rates (29 November 2023) (4 pages)
  3. CAB-23-MIN-0465 – Minute: Order in Council – Increase in Working for Families tax credit rates (29 November 2023) (1 page)
Additional information

The Cabinet paper was considered and confirmed by Cabinet on 29 November 2023.

One attachment to the Cabinet paper is not included in this information release as it is publicly available:

Mini Budget 2023

Source: Inland Revenue Department –

The Government has announced two tax proposals as part of its mini-Budget:

  • Returning the bright-line test to a two-year period from 1 July 2024.
  • Removing depreciation deductions for commercial and industrial buildings from 1 April 2024.

These two measures will be included in a taxation Bill currently being considered by the Finance and Expenditure Committee.

For more information, see the Minister of Finance’s press release.

RIS: A reporting framework informed by tax principles

Source: Inland Revenue Department –

A full regulatory impact assessment was not required for the Taxation Principles Reporting Act Repeal Bill. However, an updated coversheet was produced by Inland Revenue and should be read alongside the original Regulatory Impact Statement prepared for the original Act.

Special report on Income Tax (Tax Credit) Order 2023

Source: Inland Revenue Department –

This special report provides details of the change made by Order in Council to increase the family tax credit and best start tax credit amounts in line with inflation.

This will take effect from 1 April 2024.

Order in Council SL2023/288

 

DEV-23-SUB-0186 – Deductibility of co-operative company dividends

Source: Inland Revenue Department –

This information release covers the cabinet paper and minute seeking agreement to release a supplementary order paper in relation to the deductibility of co-operative company dividends.

Documents in this information release
  1. DEV-23-SUB-0186 – Cabinet paper: Deductibility of co-operative company dividends (23 August 2023) (8 pages)
  2. DEV-23-MIN-0186 – Minute: Deductibility of co-operative company dividends (23 August 2023) (2 pages)
Additional information

The Cabinet paper was considered by the Cabinet Economic Development Committee on 23 August 2023 and confirmed by Cabinet on 28 August 2023.

Two attachments to the Cabinet paper are not included in this information release as they are publicly available:

Regulatory stewardship review of the donations tax credit regime

Source: Inland Revenue Department –

Inland Revenue is reviewing the rules relating to the donation tax credit. The review will assess whether the donations tax credit regime is operating effectively, efficiently, is achieving its intended outcomes and remains fit for purpose and the future.

This review is part of the regulatory stewardship programme required of all state agencies for the rules they administer. The review is expected to be completed by mid-2024.

For more information: 

About this review

DEV-23-SUB-0146 – Disposals of trading stock at below market value: an officials’ issues paper

Source: Inland Revenue Department –

This information release covers the cabinet paper and minute associated with the officials’ issues paper on the disposals of trading stock at below market value.

Documents in this information release
  1. DEV-23-SUB-0146 – Cabinet paper: Disposals of trading stock at below market value: an officials’ issues paper (19 July 2023) (4 pages)
  2. DEV-23-MIN-0146 – Minute: Disposals of trading stock at below market value: an officials’ issues paper (19 July 2023) (1 page)
Additional information

The Cabinet paper was considered by the Cabinet Economic Development Committee on 19 July 2023 and confirmed by Cabinet on 24 July 2023.

One attachment to the Cabinet paper is not included in this information release as it is publicly available on Inland Revenue’s Policy website:

  •  Disposals of trading stock at below market value: an officials’ issues paper

Submissions – Policy framework for debt to government

Source: Inland Revenue Department –

Submissions received from targeted external consultation on the draft debt to government framework.

Publication information

Documents in this information release
  1. Citizens Advice Bureaux New Zealand
  2. Family Finances Service Trust
  3. Financial Services Federation
  4. National Building Financial Capability Trust (FinCap)
  5. The Methodist Alliance
  6. National Collective of Independent Women’s Refuges Inc
  7. Ngapuhi Iwi Social Servies
  8. The Salvation Army
  9. SuperGrans Charitable Trust
Additional information Targeted external consultation on the debt to government framework ran from 28 February to 6 April 2023. 

SWC-23-SUB-0092: Policy framework for Debt to Government

Source: Inland Revenue Department –

Information release of the cabinet paper covering the policy framework for debt to government.

Publication information

Documents in this information release
  1. SWC-23-SUB-0092 – Cabinet paper: Policy framework for debt to government (26 July 2023)
  2. SWC-23-MIN-0092 – Minute: Policy framework for debt to government (26 July 2023)
Additional information The cabinet paper was considered by the Cabinet Social Wellbeing Committee on 26 July 2023 and confirmed by Cabinet on 31 July 2023.              
Related publication

Policy framework for debt to government

Submissions received

LEG-23-SUB-0129: Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2023

Source: Inland Revenue Department –

This information release covers the cabinet paper and report relating to the Order in Council for the Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2023.

Documents in this information release
  1. IR2023/194 – Policy report: Increase in FBT prescribed rate of interest (27 June 2023)
  2. LEG-23-SUB-0129 – Cabinet paper: Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2023 (27 July 2023)
  3. LEG-23-MIN-0129  Minute: Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2023 (27 July 2023)
Additional information The Cabinet paper was considered by the Cabinet Legislation Committe on 27 July 2023 and confirmed by Cabinet on 31 July 2023

One attachment to the Cabinet paper is not included in this information release as it is publicly available: 

  • Order in Council:  Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2023