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Inland Revenue

Tax Policy

PUBLISHED 30 March 2022

Tax Bill passed

On 29 March 2022, Parliament passed the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Bill, which was introduced on 8 September 2021.

The Bill includes measures aimed at limiting the deductibility of interest incurred for residential property investments and updates to the residential property bright-line test. The Bill also contains a range of proposed improvements and maintenance measures to ensure the smooth functioning of the tax system, including to:

  • modernise the GST invoicing rules
  • introduce specific rules for the GST treatment of cryptoassets
  • set penalties for the sale and acquisition of sales suppression software, and
  • set the annual income tax rates for the 2021–22 tax year.

The Bill now awaits the Royal assent.