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Revenue

Associated Ministers

8 December, 2015

Tax bill tackles offshore property speculators and online GST

A bill that will see offshore property speculators pay a withholding tax on profits from property transactions under the ‘Bright-line test’, and GST applied to online purchases of services and intangibles from overseas suppliers has passed its first reading.

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26 November, 2015

Lower rate for calculating FBT on low-interest loans

Revenue Minister Todd McClay today announced that the new prescribed interest rate used to calculate fringe benefit tax on low-interest loans provided by employers to their employees will be 5.99%.

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26 November, 2015

Minimum family tax credit to rise

Low-income working families who are eligible for the minimum family tax credit (MFTC) will receive an increase for the 2016–17 tax year, Revenue Minister Todd McClay has announced.

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19 November, 2015

Speech to New Zealand Payroll Practitioners Association (NZPPA) Conference

Thank you for inviting me to join you once again. Over the last few years it has always been my great pleasure to come and speak to you. Your role as payroll professionals and mine as Revenue Minister have a common interest in the smooth running of the tax system. If it works well for you, then it’s working for me.

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19 November, 2015

Speech to Chartered Accountants Australia and New Zealand (CAANZ) Annual Conference

First I want to say thank you. We have had an extremely busy year in the tax community. It has been a year of heavy lifting. In just this year we’ve put out 14 consultation papers on policy, seen the introduction or passing of seven bills, and have been involved in the development of other legislation.

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16 November, 2015

Tax bill completes property investment rule changes

A tax bill introduced today proposes a new withholding tax on sales of residential property by people who live overseas and go on to sell the property within two years of purchase.

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16 November, 2015

Student Loan info to be shared with Australia

A tax bill introduced to Parliament today will allow information on student loan borrowers living in Australia to be shared between Inland Revenue and the Australian Taxation Office, ensuring defaulters pay their outstanding loan balances.

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16 November, 2015

GST on online services - levelling the playing field

Revenue Minister Todd McClay says measures proposed in a tax bill introduced today are about fairness and equity.

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12 November, 2015

Bright-line Bill passes third reading

Revenue Minister Todd McClay says the passing of the bright-line legislation in Parliament today is an important tool to ensure property speculators pay their fair share of tax.

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11 November, 2015

Making tax simpler: Speech to Trans-Tasman Business Circle

While our tax system is among the best in the world, and is internationally recognised for that, I know that we can do better. The reality is that as the world becomes more and more connected, and more digital, we need to keep looking at what we can do to improve.

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11 November, 2015

Business Transformation: Less time, lower cost, more benefits

Revenue Minister Todd McClay says Inland Revenue’s Business Transformation programme is likely to take less time, cost less, and deliver more benefits than the original projections.

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11 November, 2015

Business Transformation: IRD cooperates with Xero and MYOB to simplify GST

Revenue Minister Todd McClay says New Zealand and international companies are reaping the benefits of the billion dollar programme to modernise and simplify New Zealand’s tax administration.

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8 November, 2015

NZ welcomes Cook Islands measures to tackle tax avoidance

Minister of Revenue Todd McClay has welcomed a decision by the Cook Islands government to implement the 'Automatic Exchange of Financial Account Information in Tax Matters Agreement' (AEOI) and says the Cooks Islands and New Zealand will play their part to target international tax avoidance.

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3 November, 2015

Bright-line Bill passes second reading

The Taxation (Bright-line Test for Residential Land) Bill passed its second reading in Parliament tonight.

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27 October, 2015

Online services save hours of taxpayers’ time

Revenue Minister Todd McClay says many hours of taxpayers’ time is being saved by Inland Revenue’s innovative changes to online and phone services.

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22 October, 2015

Simplifying money matters for small businesses

Revenue Minister Todd McClay and Small Business Minister Craig Foss have welcomed a new initiative dedicated to helping small businesses better understand tax and finance.

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22 October, 2015

Online tax filing results in big savings

The increase in customers filing tax online has meant big savings in postage and printing.

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21 October, 2015

Innovation encouraged through tax bill

Revenue Minister Todd McClay says the Government’s aims to broaden New Zealand's economic base means ensuring that the tax system does not discourage innovation.

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21 October, 2015

Businesses say paying tax is getting easier

Doing business with Inland Revenue is 23 per cent easier than it was last year, says Revenue Minister Todd McClay.

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20 October, 2015

Bill on Child Support debt passes 2nd reading

Revenue Minister Todd McClay says measures aimed at encouraging liable parents to meet their child support obligations and reduce unreasonable levels of long-term child support debt are a step closer, following the second reading of an omnibus tax bill in Parliament today.

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13 October, 2015

Business Transformation: Bill to simplify tax system passes first reading

A bill aimed at preparing the way for a simpler and more modern tax administration system passed its first reading in Parliament today.

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6 October, 2015

OECD releases full BEPS action plan

The OECD last night released its final package of actions to address base erosion and profit shifting (BEPS). The Minister of Finance Bill English, and Minister of Revenue, Todd McClay say that the plan, representing two years of intensive work by the OECD and G20 nations will be a significant step forward in the fight against BEPS.

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1 October, 2015

Gains on property sales targeted from today

Revenue Minister Todd McClay says the new bright-line test, which comes into force today, will improve compliance with the current residential land sale rules and help to ensure that people pay their fair share of tax on gains from property sales.

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24 September, 2015

Labour hypocritical over bright-line criticism

Revenue Minister Todd McClay says Labour finance spokesman Grant Roberson is trying to have his cake and everyone else's too over his position on fair property taxation legislation currently before parliament.

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17 September, 2015

Feedback sought on GST rule fixes

Revenue Minister Todd McClay has welcomed the release today of an issues paper that provides options to improve the way certain GST-related rules operate in practice.

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15 September, 2015

Paper addresses loss grouping tax issues

Revenue Minister Todd McClay says that a consultation paper released today focusing on the question of loss grouping and imputation credits could remove obstacles to business growth and provide greater investment opportunities for mum and dad investors.

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10 September, 2015

Property rules strengthened by Taxation Bill

Revenue Minister Todd McClay and Land Information Minister Louise Upston say people buying and selling property for profit will now be unable to avoid paying their fair share of tax.

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8 September, 2015

Bright-line Bill passes first reading

The Taxation (Bright-line Test for Residential Land) Bill, which contains proposals to improve compliance with the tax rules on the sale of residential land, has passed its first reading in Parliament.

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8 September, 2015

Closely held companies tax rules examined

Revenue Minister Todd McClay says a paper released today for public feedback aims to make the current tax rules for closely held companies more workable.

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3 September, 2015

Debt remission changes get green light

Revenue Minister Todd McClay announced today that Cabinet has given its approval to a set of proposals intended to address the current inequitable situation where debt remission between related parties can, under certain circumstances, result in an incorrect taxation outcome.

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