LEG-19-MIN-0087 – Minute: Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill: Approval for introduction

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Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill: Approval for Introduction

Portfolio Revenue

On 18 June 2019, the Cabinet Legislation Committee:

1 noted that in:

1.1 March 2019, the Cabinet Social Wellbeing Committee agreed to amend the Student Loan Scheme Act 2011 to make it easier for borrowers to meet their obligations and enhance the administration of the student loan scheme [SWC-19-MIN-0014];

1.2 March 2019, the Cabinet Economic Development Committee (DEV) agreed to:

1.2.1 the Crown funding the payment of employer contribution amounts passed to KiwiSaver scheme providers until these amounts are received from the employer;

1.2.2 a number of measures to increase the administrative efficiency of KiwiSaver and enhance members’ experience with the scheme;

1.2.3 reduce the period within which a KiwiSaver scheme provider must provide member information and transfer funds to a new provider upon a member changing schemes from 35 days to 10 days;

[DEV-19-MIN-0038.01]

1.3 April 2019, DEV agreed that four charities be granted overseas done status [DEV-19-MIN-0058];

1.4 May 2019, DEV agreed to extend the refundability of Research and Development tax credits [DEV-19-MIN-0119];

2 agreed to amend the decision in paragraph 1.2.3 above so that that the period a scheme provider has to share member information and transfer funds to a new provider when a member transfers schemes is reduced from 35 days to 10 working days;

3 noted that the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill (the Bill):

3.1 gives effect to the decisions set out above;

3.2 holds a category 3 priority on the 2019 Legislation Programme (to be passed if possible in the year);

4 noted that the Bill also sets out a number of remedial amendments;

5 approved for introduction the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill [IRD 21910/1.57], subject to the final approval of the government caucuses and sufficient support in the House of Representatives;

6 agreed that the Bill be introduced on or after 26 June 2019;

7 agreed that the government proposes that the Bill:

7.1 be referred to the Finance and Expenditure Committee;

7.2 passed no later than February 2020.

Vivien Meek
Committee Secretary

Present:
Rt Hon Winston Peters
Hon Chris Hipkins (Chair)
Hon David Parker
Hon Nanaia Mahuta
Hon Stuart Nash
Hon Jenny Salesa
Hon Tracey Martin
Hon Eugenie Sage
Hon Ruth Dyson (Senior Government Whip)

Officials present from:
Office of the Prime Minister
fficials Committee for LEG

Hard-copy distribution:
Minister of Revenue