New Zealand

Details

  • Service: Tax
  • Type: Business and industry issue
  • Date: 4/09/2012

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 Ross McKinley

Ross McKinley

Partner, Tax

+64 9 367 5904 

rdmckinley@kpmg.co.nz

Tax

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Submission - Taxation of lease inducement payments 

Our key practical concerns with the lease inducement tax proposals:

 

  • The proposed 26 July application date, which has resulted in significant uncertainty and is unworkable as taxpayers are effectively being asked to take tax positions now without legislative authority or knowing the full detail of the proposals.

 

  • Any reform in this area needs to be coherent and comprehensive. This is currently missing from the proposals. If the changes proceed, at a minimum, the explicit codification of a deduction for the inducement to the payer and consistent treatment of payments to surrender (or terminate) a lease also need consideration.
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For further information and to discuss the possible implications, please contact Ross McKinley.
Tax submissions - Submissions on draft tax legislation, Government discussion documents and issues papers, & various tax interpretation statements released by the New Zealand Inland Revenue.