Contents
Overview of the Bill
Modernising tax administration – Individuals’ income tax
- Overview
- Proactive actions
- Tailored (special) tax codes
- The year-end income tax obligations of /publications/2018/2018-commentary-armtarm-bill/individuals
- Refunds of tax and amounts of tax to pay
- Repeal of income statement rules and other consequential amendments
- The administration of donation tax credits
Modernising tax administration – Core aspects of the Tax Administration Act
- Overview
- Information collection, use and disclosure
- Rulings and amending assessments
- Third party providers and intermediaries
- Commissioner of Inland Revenue’s care and management role
Modernising tax administration – Other items
- Overpaid PAYE income not repaid
- Overpayments and employment related loans
- Mid year entry to the accounting income method
- Amending the payment allocation rules
- Correction of unintended change in the provisional tax and use-of-money interest rules
- Update of obsolete cross-references
Other policy matters
- Annual setting of income tax rates
- KiwiSaver enhancements
- Tax status of public purpose crown controlled companies and public authorities
- Schedule 32 overseas donee status
- Fringe benefit tax on employment related loans – market interest rate
- Securitisations
- Land tainting and Housing New Zealand Corporation
- Amendment to the bank account requirement – application date
- Noise mitigation expenditure
- Repeal of adverse event scheme
Remedial items
- PIE and unit trust remedials
- Working for Families abatement rates and thresholds
- Interaction between Best Start and paid parental leave
- Parental tax credit clarification
- GST remedial amendments
- Financial arrangement rules – treatment of foreign currency agreements for the supply of goods and services
- Residential and main home exclusions
- FIF cost method
- Resettlements of trusts
- Binding rulings and record-keeping requirements
- Trust rules
- Tax rules for deregistered charities
- Not-for-profits remedials