- 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.