Tax policy news
An Amendment Paper for the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill has been released by the Minister of Revenue. It contains proposals to:
- Restore the ability to claim interest deductions for residential investment properties
- Repeal the current ten and five-year bright-line tests and replace with a two-year bright-line test
- Remove the ability to depreciate commercial buildings
- Improve the tax treatment of the disposal of trading stock at below market value
- Introduce a new gaming duty Introduce a transitional rule relating to platform economy rules
Commentary to the Amendment Paper No 20
Regulatory Impact Statements relating to Amendment Paper No 20
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill, introduced on 18 May 2023, was reported back to Parliament on 11 March 2024.
For more information see:
- the Bill as reported back
- the Finance and Expenditure Committee’s report on the Bill, and
- the Departmental Report on submissions received on the Bill.
Following the repeal in December 2023 of the Taxation Principles Reporting Act, the following documents are being made available:
The Taxation Principles Reporting Act Repeal Bill introduced on 19 December has been passed by Parliament. The Bill which will repeal the Taxation Principles Reporting Act 2023 now awaits Royal assent.
The Government has announced two tax proposals as part of its mini-Budget:
- Returning the bright-line test to a two-year period from 1 July 2024.
- Removing depreciation deductions for commercial and industrial buildings from 1 April 2024.
These two measures will be included in a taxation Bill currently being considered by the Finance and Expenditure Committee.
For more information, see the Minister of Finance’s press release.
Information releases
View the latest information releases available (includes Cabinet papers, minutes, and key supporting papers for tax policy related decisions).
Tax Working Group (2017–2019)
For the terms of reference, news, reports, and other information see the Tax Working Group website. (This site is now archived.)