Date posted: 13/07/2020 2 min read

Have your say: open New Zealand consultation items

Help shape NZ tax policy and guidance. Submissions are open on theTaxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill

In brief

  • Current Tax Bill

Bills and Legislation

Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill

Between COVID-19 measures and our proximity to the election, there has been very little public consultation on tax items recently. However, a jam-packed omnibus tax Bill makes up for that. 

The Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill includes several important proposed changes to feasibility expenditure, purchase price allocation and habitual buying and selling of land. There is also a wide range of other tax issues and remedial items in this Bill, including:

  • The income tax treatment of leases subject to NZ IFRS 16
  • M. bovis tax issues
  • An amendment to the definition of eligible R&D expenditure and,
  • An amendment to clarify that a cash dividend is allocated to the income year in which the person receives it

Submissions to Parliament are due on 12 August and members are welcome to provide feedback to the tax team before the end of July, or otherwise can make a submission to Parliament directly.

CA ANZ will be appearing before the Finance and Expenditure committee on this bill, however this is likely to be after the election.

Read our summary of the Tax Bill

The long-awaited Tax Bill has been introduced in parliament after a significant delay from our usual tax timetable due to COVID-19.

Read more

Contact the CA ANZ Tax Team NZ

Throughout the year we ask for member’s thoughts and feedback on submissions and consultation items. If an item is of interest to you or your clients let us know your thoughts.

we’d love to hear from you.