Date posted: 11/02/2019

NZ Bills and Legislation

Help shape NZ tax policy and guidance.

In brief

  • Items open for consultation
  • Recent items: watch this space
  • View our latest submissions

Open for consultation

Taxation (Annual Rates 2019-20, GST Offshore Supplier Registration, and Remedial Matters) Bill

Members can make a submission on the most recent tax bill before 28 February. The Bill contains two main changes, as well as several remedial items. Firstly, as a measure to level the playing field between local ‘brick and mortar’ businesses and offshore suppliers, it is proposed that from 1 October 2019 a framework will apply to collect GST on low-value imported goods (goods less than $1000) from offshore investors. Secondly, the Bill proposes changes intended to stop investors from deducting expenditure relating to loss-making residential properties from their other income to reduce tax liability.  While the changes to GST registration complements the earlier GST on remote services policy (known as the Netflix tax) which took effect in 2016, it’s yet to be seen how the changes to ring-fencing of rental losses will apply if some form of extension to capital gains taxes are implemented following the Tax Working Group recommendations. 

A copy of Chartered Accountants ANZ’s submission will be available on our website following our oral submission before the Finance and Expenditure Committee.

 


Our submissions

Parliamentary appearance on Research and Development Tax Credits Bill

NZ Tax and Financial Services Leader, John Cuthbertson, and Greg Haddon, Chair of the CA ANZ Tax Advisory Group appeared before the Finance and Expenditure Committee on 14 February do discuss our key submissions.   We raised concerns that administrative requirements and compliance costs may erode the value of the scheme to smaller businesses and recommended a simplified, lower cost regime be designed and developed for the smaller R&D participants to increase net R&D benefit.  

View our submission

on the Research and Development Tax Credits Bill

Download here

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.

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