Tax policy news
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.
An Order in Council made on 29 November 2023 increases the Family Tax Credit and Best Start Tax Credit amounts in line with inflation. This will take effect from 1 April 2024.
A special report has been published providing details of the change. Coverage will be included in an upcoming edition of the Tax Information Bulletin.
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.)