Date posted: 13/02/2018 5 min read

New Zealand Tax Update - February 2018

Recent developments in New Zealand tax

Tax working group announced

Ministers of Finance and Revenue, Grant Robertson and Stuart Nash, announced the members of the Tax Working Group shortly before Christmas. The members have come from a range of backgrounds and represent the academic, union, corporate, private sector and Māori community sectors. Three of the appointed members are also current or past members of CA ANZ’s Tax Advisory Group which advocates for tax policy and legislation taking a best public interest approach.

Want to know more about the working group?

Further information about the Tax Working Group including the member’s profiles, terms of reference and contact details can be found here.

Learn more

BEPS Bill

CA ANZ filed an extensive detailed submission on the Taxation (Neutralising Base Erosion and Profit Shifting) Bill on 8 February. The Bill proposes changes to the rules on interest limitation, transfer pricing, permanent establishments and hybrid and branch structures. New Zealand Tax Leader, John Cuthbertson, and Chair of the Tax Advisory Group, Paul Dunne, will be appearing before the Finance and Expenditure Committee (FEC) shortly to deliver oral submissions.  A copy of our written submission will be made available following this appearance.

Inland Revenue has released a further note amending therestricted transfer pricing rule proposal. Submissions to the FEC on this amendment close on 2 March 2018.

Read the written submission

A copy of our written submission will be made available on our website following this appearance

Read more

Trusts Bill

The intent of the Bill is to clarify and simplify trust law and trustee obligations and will replace the Trustee Act 1956 and the Perpetuities Act 1964.

Submissions close soon

Submissions on the Trusts Bill close 5 March so visit Parliament's website for more details.

Access here

CA ANZ Tax Policy Submissions

Our website is regularly updated with CA ANZ’s recent public submissions on tax policy, rulings and legislation.
Recent submissions include: 

Draft interpretation statement:  donee organisations meaning of "wholly or mainly" PUB00295

CA ANZ’s key submissions included the need to address the definition of “wholly or mainly” in a legislative amendment; and for the Commissioner to issue operational or standard practice statements to establish her approach to practical issues that may arise on transition to the Commissioner’s revised view.

Draft QWBA:  when is income from a cash dividend paid on ordinary shares derived?  PUB00296

CA ANZ does not support the position of the item and recommends a legislative change to support current practice.

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