The commentary on the proposed changes is available at: www.taxpolicy.ird.govt.nz.
A copy of the draft legislative amendments is available on request from Inland Revenue, or:
Draft legislative amendments [PDF: 2MB]
Feedback on the proposals is requested by 16 August.
The new rules reflect the recommendations of the GST Advisory Panel, which was set up to ensure the transition ran smoothly.
The Advisory Panel has made these recommendations as a result of submissions from the public, business and tax advisors.
KPMG welcomes the changes, which should help businesses to better transition to the new GST rate in the short timeframe imposed.
However, some of the concessions may still create problems for businesses to grapple with.
If you have any questions on the above, please speak to your usual KPMG advisor or contact: