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Inland Revenue

Tax Policy

PUBLISHED 6 September 2023

Supplementary Order Paper No 423

A Supplementary Order Paper for the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill has been referred to the Finance and Expenditure Committee on 6 September 2023 for their consideration. It contains proposals to: 

  • ensure that the main home exclusion from the bright-line test is not affected by a property owner needing to vacate their North Island flood/cyclone damaged home for more than 12 months so it can be remediated/repaired
  • ensure that the bright-line and other land-based timing tests in the Income Tax Act 2007 are not triggered when local authorities or the Crown buy-out properties impacted by the 2023 Auckland flood events and/or Cyclone Gabrielle, and
  • allow Fonterra to deduct certain distributions to its shareholders, consistent with the treatment that applied under the previous constitution.

Minister's media statement

Supplementary Order Paper No 423

Commentary to the Supplementary Order Paper