http://www.taxpolicy.ird.govt.nz/ News about tax policy developments in New Zealand, including new tax legislation and Government discussion documents and publications. policy.webmaster@ird.govt.nz en-nz Inland Revenue Department weekly 2 http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=719 The annual amount of the minimum family tax credit that guarantees a family's after-tax income rises from $20,540 to $20,800 from 1 April 2010. The increase was approved by Order in Council yesterday. For more information, see the media statement. start=2009-11-24 20091124-719-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=718 The prescribed rate used to calculate fringe benefit tax on low-interest, employment-related loans has been set at 6.00%, down from 6.41%, from 1 October. For more information see the media statement. start=2009-11-24 20091124-718-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=717 New Zealand has signed a Tax Information Exchange Agreement with the Bahamas. The new TIEA will come into force once New Zealand and the Bahamas have given legal effect to it. For more information see themedia statement and the text of the agreement. start=2009-11-24 20091124-717-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=716 The Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Bill was tabled in Parliament today. The bill introduces changes to the tax rules to allow New Zealanders returning home from Australia to bring their retirement savings with them. It also includes a number of technical changes to the rules surrounding KiwiSaver, gift duty exemptions and binding rulings to improve the way the rules work and reduce compliance costs for taxpayers. For more information see the media statement, the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Bill (PDF 900KB), the Commentary on the bill and the Regulatory Impact Statement (PDF 189KB). start=2009-11-19 20091119-716-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=715 In a speech today, Revenue Minister Peter Dunne described policy developments in areas relevant to payroll professionals, including KiwiSaver, PAYE and payroll giving. For more information see his speech to the NZ Payroll Practitioners Association Conference. start=2009-11-12 20091112-715-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=714 In a speech today to the "Accountants in Practice" conference, Revenue Minister Peter Dunne updated the audience on developments in the Government's tax policy work. For more information see the speech. start=2009-11-10 20091110-714-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=713 The Finance and Expenditure Committee has reported back to Parliament on the Taxation (Consequential Rate Alignment and Remedial Matters) Bill, which was introduced in July. The main feature of the bill is the alignment of resident withholding tax rates on interest and portfolio investment entity tax rates with personal and company income tax rates. The committee's main recommendation is that the default RWT rate for existing bank accounts should not automatically rise from 21% to 38% from 1 April 2011, as originally proposed; instead, Inland Revenue should instruct banks to change individual taxpayers' RWT rates when they are using a rate that is inconsistent with their marginal tax rates. For more information on this and other recommended changes to the proposed legislation, see the bill as reported back and the officials' report on submissions. start=2009-11-09 20091109-713-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=712 An omnibus tax bill to be introduced next month will allow retirement savings from certain Australian superannuation funds to be transferred to New Zealand KiwiSaver funds, and vice versa. The new arrangements are expected to take effect from the second half of next year, provided the necessary law changes are also made in Australia in time. For more information see the media statement. start=2009-11-05 20091105-712-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=711 Proposed changes to the GST rules on sales of land and other high-value assets, to prevent revenue loss, are the focus of a government discussion document released today for public comment. Other proposed changes include making it easier to account for the taxable and non-taxable use of assets on which GST is paid, and clarifying the boundary between residential and commercial accommodation for GST purposes. For more information see the media statement and the discussion document, "GST: accounting for land and other high-value assets". start=2009-11-05 20091105-711-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=710 The closing date for submissions on the issues paper "AIL, NRWT and the bond market" has been extended from 30 October to 30 November, in response to requests for more time to complete submissions. start=2009-10-28 20091028-710-PADIRD Policy Advice Division, Inland Revenue Department News