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Inland Revenue

Welcome to Tax Policy

This website contains the latest tax policy updates, including announcements, publications and details on tax-related bills. It also provides information on tax treaties, such as double tax agreements and exchange agreements. Read more
This website contains the latest tax policy updates, including announcements. Read more

Tax policy news

Special Report - Deemed Rate of Return for the 2023-24 income year set
06 June 2024
The deemed rate of return for taxing foreign investment fund interests has been set at 8.63% for the 2023-24 income year. The rate came into effect on the 6th of June 2024. For more information, see the Special Report.
Budget Bill passes
31 May 2024

The Taxation (Budget Measures) Bill was passed today in the House. The Bill contains measures announced in the Government’s 2024 Budget, including changes to personal income tax thresholds, adjustments to tax credits, Family Boost and an increase to the student loan interest rate for overseas based borrowers.

The new legislation now awaits Royal assent. Inland Revenue will provide detailed coverage of the new measures in an upcoming Tax Information Bulletin.

Budget Bill introduced
30 May 2024

The Minister of Finance today introduced the Taxation (Budget Measures) Bill into the House. The Bill contains measures announced in today’s Budget, including changes to personal income tax thresholds, adjustments to tax credits, Family Boost and an increase to the student loan interest rate for overseas based borrowers. For details, on these, see:

Budget 2024
30 May 2024

The Government’s Budget for 2024 includes the following proposed measures:

  • increasing the personal income tax thresholds for the bottom three income tax rates
  • extending the Independent Earner Tax Credit
  • increasing the In-Work Tax Credit and the Minimum Family Tax Credit
  • introducing FamilyBoost which supports households with the cost of early childhood education, and
  • temporarily increasing the interest rate charged on overseas-based borrowers’ student loans and for late repayments

For further information about these measures, see the information available on the Budget website.

Legislation has been introduced into the House to implement these measures: Taxation (Budget Measures) Bill

Special Reports on new measures
02 April 2024

Inland Revenue has produced Special Reports on three of the measures in the newly enacted Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 to provide early guidance.

 

Trustee tax rate

The trustee tax rate has been aligned with the top personal tax rate of 39%. A $10,000 threshold has been introduced to help prevent the over-taxation of lower-income trusts. 

Special report: 39% Trustee tax rate

 

Further changes to the rules for the platform economy

In March 2023, new GST rules for marketplace operators involved in the supply of ride-sharing/ride-hailing and delivery services for food and beverages, as well as for marketplace operators and listing intermediaries involved in the supply of accommodation services. Additional changes have been made to those rules to ensure the rules are workable and consistent with the policy intent.

Special report: GST on accommodation and transportation services supplied through online marketplaces 

 

Offshore gambling duty

The new legislation also introduces a new gaming duty. From 1 July 2024, offshore operators will be required to pay a 12% gaming duty,

Special report: Offshore gambling duty

 

These will be included in full coverage of the new legislation in an upcoming Tax Information Bulletin.

More News

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.)

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