Contents
Making tax simpler – employment and investment income information
- Overview
- Employment income information
- Record keeping (PAYE)
- Payday provision of employment income information
- Employment income information and threshold amendments to the Income Tax Act 2007
- Tax codes
- Penalties
- Consequential changes to employer reporting of employee share scheme benefit information
- Employment income information consequential amendments
- Transitional provisions
- Repealing the subsidy for listed PAYE intermediaries
- Investment income information
- Detail and frequency of investment income information
- Bringing forward due dates for provision of information by PIEs
- Measures to encourage provision of IRD numbers
- Encouraging electronic filing
- Improving the administration of RWT exempt status
- Removing some requirements to provide end-of-year withholding tax certificates
- Correction of errors in information provided
Other making tax simpler items
- Setting a new due date for default assessments
- The date interest starts
- The date an excess credit arises
- Tax treatment of advance payments of holiday pay or salary or wages
- Application of legislated rate and threshold changes
- Tax treatment of a retrospective increase in salary or wages
- Electronic filing requirement for GST returns
Employee share schemes
- Overview
- Scope of the new rules
- Timing and amount of employees’ income
- Timing and amount of employers’ deduction
- Effect of deduction and payments on available subscribed capital
- Exempt schemes
- Technical, consequential and transitional matters
Other policy matters
- Annual setting of income tax rates
- Demergers – company splits by Australian ASX-listed companies
- Bank account requirement for IRD numbers
- Petroleum mining decommissioning
- Schedule 32 overseas donee status
- Trustee capacity
- Pharmac rebates and GST
- Lloyd’s of London – tax simplification
Remedial items
- Employee meal allowances and definition of “employer’s workplace”
- PIE remedials
- Donation tax credits for donations to community housing entities
- The use of part-year accounts for the accounting standards test
- Availability of foreign tax credits
- Insurance business CFCs
- Updating the state-owned enterprises schedule
- Trading gains of non-resident investment funds
- Preventing unintended deductions for consolidated groups
- Child support (prison work income)
- Tax on net assets of deregistered charities – remedial amendments
- Local authorities and consolidated groups
- Losses from specified activities
- Tax rate for extra pays paid to non-resident seasonal workers and employees on non-notified tax codes
- Multiple payments of salary or wages
- RWT from non-cash dividends clarified
- Memorandum accounts: opening balances
Rewrite remedials
- Available capital distribution amount and disregarded dividends
- Imputation credit accounts and use of pre-consolidation imputation credits
- Eligibility requirements to form or join a consolidated group
- Reciprocal shipping exemption