Revenue

The Government has confirmed details of the tax changes to the bright-line test for cyclone-damaged properties, with the release of the required legislative amendments.

New Zealand is taking the next step towards a fairer tax system with the introduction of legislation that would enable a digital services tax (DST) on large multinational companies.

A Bill that makes New Zealand’s tax system more open and transparent has passed third reading.

The Government is ensuring that owners of flood and cyclone-damaged properties who take up voluntary buy-out offers are not inadvertently caught by tax rules.

A new law enabling sole parents on a benefit to receive child support payments for their tamariki was passed in Parliament today.

A Bill requiring facts about the fairness and efficiency of New Zealand’s tax system to be reported and published annually has been tabled in Parliament today.

Several measures in a tax bill introduced today will lead to fairer outcomes for taxpayers here and overseas, Revenue Minister David Parker said today.

The trustee tax rate will be aligned with the top personal tax rate of 39 percent from April 2024, improving the fairness of the tax system and reducing opportunities for high-income taxpayers to circumvent the top personal tax rate.

North Island businesses hit by recent flood damage will not have to pay tax on insurance or compensation they might receive for their damaged buildings, plant and equipment.

Speech: IRD High Wealth Individuals Research Project launch, Victoria University 26 April 2023

Inland Revenue research released today reveals a large differential between the tax rates ordinary New Zealanders pay on their full income compared with the super-wealthy.

A law passed by Parliament today exempts employers from paying fringe benefit tax on certain low emission commuting options they provide or subsidise for their staff.

Up to 14,000 Kiwi kids could be lifted out of poverty as the Government delivers on its promise to change child support rules this week.

Bikes, electric bikes and scooters will be added to the types of transport exempted from fringe benefit tax under changes proposed today.

The Government is providing a $5 million package of emergency support to help businesses significantly affected by the recent flooding in Auckland.

More than four million Cost of Living payments have now been made to provide timely support for low and middle income New Zealanders and soften the impact of inflation pressures.

The annual tax rates and remedial matters Bill has been re-introduced today.

The Government will not proceed with a proposal to standardise the application of GST to fees and services of managed fund providers.

Public transport will be exempt from fringe benefit tax under proposals in an annual tax Bill introduced today.

Inland Revenue is refining the screening tests for eligibility for the Cost of Living Payments ahead of the second payment being made from 1 September.

From 1 August an estimated 2.1 million New Zealanders will be eligible to receive the first targeted Cost of Living Payment as part of the Government’s plan to help soften the impact of rising global inflationary pressures affecting New Zealanders.