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  • Service: Tax
  • Type: Business and industry issue
  • Date: 7/06/2013

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John Cantin

John Cantin

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Taxmail - September 2012 Tax Bill reported back 

Issue 1 - June 2013 

 

The Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Bill (the Tax Bill) has been reported back by the Finance and Expenditure Committee (FEC), which considered the Bill and submissions on it. 

 

The FEC has recommended some significant changes to the mixed-use asset proposals. The changes should result in a more targeted regime which deals with the greatest proportion of potential “over-deductions”.

 

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This particular Tax Bill had two parts:

  • The original September 2012 Bill, which contained new deductibility rules for property used both privately and to derive income (mixed-use assets).


  • A December 2012 Supplementary Order Paper to tax car parks and certain other non-cash benefits provided as salary trade-offs, as well as new rules for taxing certain lease-related payments.

The Tax Bill, as reported back by the FEC, contains a number of changes to both parts.

Taxmail analyses the FEC’s changes to the Tax Bill. In the main, these are useful improvements and clarifications.
Taxmail - Comment on topical tax issues from KPMG NZ Tax. 
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