New Zealand

Details

  • Service: Tax
  • Type: Business and industry issue
  • Date: 7/12/2010

Tax

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Taxmail - Further changes to GST and Remedial Matters Bill 

Issue 2, December 2010

 

The Government today announced further changes to be added to the Taxation (GST and Remedial Matters) Bill by way of a Supplementary Order Paper. 

 

The changes relate to measures announced in Budget 2010 and include the following

 

  • Broadening the definition of income for social assistance purposes (e.g. Working for Families) to prevent people structuring their income to increase entitlements.
  • Wide-ranging changes to the qualifying companies rules, including removing the ability to attribute losses from loss attributing qualifying companies and introduction of a new look-through company option.
  • Confirming that non-residential building fit-out is still depreciable and accompanying consequential amendments.
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The taxmail discusses these changes in greater detail.

 

These changes have been through a truncated consultative process as a result of being Budget 2010 measures. 

 

Taxpayers and officials will need to be wary of unintended consequences.

 

If you have any questions on the above, please speak to your usual KPMG advisor or contact:

 

Paul Dunne
Partner - Tax
KPMG
Phone: +64 9 367 5991

pfdunne@kpmg.co.nz

John Cantin
Partner - Tax
KPMG
Phone: +64 4 816 4518

jfcantin@kpmg.co.nz


Taxmail - Comment on topical tax issues from KPMG NZ Tax. 

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